探究最佳的财务业绩估量方法【外文翻译】

《探究最佳的财务业绩估量方法【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、外文翻译原文TheSearchfortheBestFinancialPerformanceMeasureMaterialSource:http://web.Author:Bacidore.JeffreyM.ebscohost.com/ehost/pdfviewerBoquist.JohnA.Milbourn.ToddT.Thakor.AnjanV.Refinedeconomicvalueadded(REVA)providesananalyticalframeworkforevaluatingoperatingperforman

2、cemeasuresinthecontextofshareholdervaluecreation.Economicvalueadded(EVA)performsquitewellintermsofitscorrelationwithshareholdervaluecreation,butREVAisatheoreticallysuperiormeasureforassessingwhetherafirm'soperatingperformanceisadequatefromthestandpointofcompensating

3、thefirm'sfinanciersfortherisktotheircapital.Inthisarticle,comprehensivestatisticalanalysisofbothREVAandEVAisusedtoestimatetheircorrelationwithandtheirabilitytopredictshareholdervaluecreation.REVAstatisticallyoutperformsEVAinthisregard.Moreover,therealizedreturnsfort

4、he1988-92periodforthetop25REVAfirmswerehigherthantherealizedreturnsforthetop25EVAfirms.Inthe1980s,shareholderactivismreachedunprecedentedlevelsandledtoincreasedpressureonfirmstomaximizeshareholdervalueconsistently.Forexample,Timemagazinesummarizedthisactivismas"Angr

5、yinvestorsclosedouttheDecadeofGreedwithdemandsthatexecutivecompensationshouldbetiedtocompanyperformance"(Smolowe1996).Thebasicideaisthatifmanagersareofferedcompensationcontractsthataretiedtoshareholderwealthchanges,theirincentiveswillbebetteralignedwiththoseofshareh

6、oldersthanisthecaseforothertypesofcontracts.Indesigningsuchcontracts,however,animportantissueiswhichmeasureofshareholderperformancetouseindesigningthecontract.Theobviousmetricforjudgingfirmperformanceisthestockpriceitself(see,e.g.,JensenandMurphy1990andMilbourn1996)

7、.Stockprice,however(orreturnsbasedonstockprice),maynotbeanefficientcontractingparameterbecauseitisdrivenbymanyfactorsbeyondthecontrolofthefirm'sexecutives.Moreover,asonemovesdowntheorganizationalranks,theinefficienciesofstock-basedcompensationasameansofaligningmanag

8、erialinterestswiththoseofstockholdersbecomeevenmoreevidentbecausemanagersatlowerlevelshaveevenlessimpactonthestockpricethantheCEO.Tyingman