外文翻譯--績效評估、經濟增加值和管理行為

1、一、外文原文原文一： 原文一：Performance Evaluation, Economic Value AddedAnd Managerial BehaviourFor the past two decades many countries started transforming their economies from traditional protected ones to those of more liberalized

2、, globalized and market driven. This period has also seen the economies becoming more knowledge oriented and Human Resources started assuming more prominence in the growth of the economies and businesses posing a greater

3、 challenge for companies to acquire and retain talented workforce (especially at the strategic & managerial levels).The knowledge economy also started witnessing the rapid rise of the agency problem-conflict of inter

4、est between managers and owners. So it is very essential to align the interests of the mangers and shareholders or at least reduce the difference between them. In this regard Economic Value Added has been seen as better

5、alternative to the stock price and traditional performance measures.While successful EVA stories in the west are quite encouraging, Corporate India is slowly catching up the EVA adoption. Although not a panacea, EVA base

6、d compensation plans will drive managers employ a firm’s assets more productively and EVA should help reduce the difference in the interests of the managers and shareholders, if not perfectly align them.1. IntroductionFo

7、r the past two decades many countries started transforming their economies from traditional protected ones to those of more liberalized, globalised and market driven . This period has also seen the economies becoming mor

8、e knowledge oriented and Human Resources started assuming more prominence in the growth of the economies and businesses. But this has also posed a greater challenge for companies to acquire and retain talented workforce

9、(especially at the strategic & managerial levels). The knowledge economy also started witnessing the rapid rise of the agency problem- conflict of interest between managers and owners. The managers – in their An idea

10、l performance measure should ensure that the managers would bear all the consequences of their own actions, but are not exposed to the fluctuations over which they have no control. In search of such a metric–traditionall

11、y-companies are used to capture managerial performance and reward them through the operation based measures like Profits, EPS, ROCE and ROE. However these measures are not free from limitations. An appropriate performanc

12、e measure should assess how managerial actions affect the firm value. For this to happen the performance measure must incorporate at least three things (Irala, 2005).a. the amount of capital invested b. the return earne

13、d on the capital and c. cost of capital (WACC) – reflecting the risk adjusted required rate of returnIs there any measure that includes returns, capital employed and the cost of capital employed in its computation? The

14、 Stern Stewart & company, a New York City based consulting firm answers this question positively and introduces its Economic Value Added (EVA).3. What is Economic Value Added?EVA is the Adjusted Net Operating Tax Aft

15、er Tax (ANOPAT) for a period minus the capital charge (the rupee cost of capital) of the investment over that period.EVA can be expressed asEVA = Adjusted Net Operating Profit After Taxes (ANOPAT) - Capital CostWhereANOP

16、AT = Capital Employed (CE)*ROCE (as ROCE = EBIT (1-T) / CE)Capital Cost = WACCX Capital Employed (CE)ThusEVA = Capital Employed (CE) *ROCE - WACC * Capital Employed EVA = (ROCE - WACC) Capita l Employed Capital is gene