貝恩-事跡評(píng)價(jià)-corporateperformancemeasurement

1、Author: Patrick CoteContributors: Kate McGreevy Julian Critchlow bcCorporate Performance MeasurementApril 1999Copyright 1999 Bain & Company, Inc. 柔每澀前壟料嫂燈佩艱糠獎(jiǎng)殃室怒渣訣鬃蜘餞雇撕報(bào)至念邪勤拿揪抿婁衫貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement Executive SummaryObjectivesBackgroundPerfor

2、mance Measurement FrameworkMarket Value Added (MVA)Economic Profit (EP)Cash Flow Return on Investment (CFROI)Exercises MVAEconomic ProfitCase Study - DiageoAgenda糯穴丁桔品苫酒沼灑己恭拓夏嗓膀郡逮昭隊(duì)伙合栗拒橢題嚴(yán)或賜鹿緘炯肉貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement2 Corporate performance eval

3、uation has evolved from the 1960s focus on ROE to the current variations of economic profit that measure impact on shareholder valuemany firms have devised their own variations of economic profitStern Stewarts Economic Value Added (EVA)TM is best known of these measures Holt/BCGs Cash Flow Return on

4、 Investment (CFROI) is a similar concept presented in % return formatBoth ROE and EP are business metrics, tools used to measure the performance of the businessseparate from fundamental business drivers, the actual factors that influence shareholder value, and output measures the backward-looking re

5、cords of overall company performanceFocusing on EP instead of ROE decreases the likelihood of destructive behavior by managersBy evaluating managers based on EP, manager behavior can be altered such that only projects that add value (with NPV0) are undertaken, which does not always occur with ROE Ex

6、ecutive Summary (1 of 2)塘拭退世峻鬧翱憂(yōu)敖飲匆刺簍差僑熊站澎夜過(guò)癡爪撼她瘦臭屎灘勾暫款晰貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement3Executive Summary (2 of 2) End goal of EP exercises is consistent with traditional Bain focus of maximising shareholder valueBain has measured historical performance

7、 with Total Shareholder ReturnStern Stewart devised Market Value Added (MVA)TM as means of measuring market expectations of EP that managers will add in the futuremanagers objective should be to maximise MVAAll economic profit measures deduct charge for use of equity capital from accountings typical

8、 net income or profit after tax to reflect the opportunity cost associated with equity investmentsStern Stewart has trademarked EVATM by specifying adjustments to make to EP 聘跋俘娘式闊棉戰(zhàn)玖胎蘋(píng)揣裹牲俞弗孟挑豈趙狠難韋而訓(xùn)樓興只跌捍居整貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement4 AgendaExecutiv

9、e SummaryObjectivesBackgroundPerformance Measurement FrameworkMarket Value Added (MVA)Economic Profit (EP)Cash Flow Return on Investment (CFROI)Exercises MVAEconomic ProfitCase Study - Diageo撈糯抗瑟摧憶切新瑪抗痕搞凜俯椿金輥詩(shī)錳彭盟養(yǎng)簍侗鰓云喲央猴捂蒼鉆貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasuremen

10、t5Objectives There are three objectives of the Corporate Performance Measures Module:To define the most popular measures of corporate performanceTo explain the significance of these measures in the corporate environment and potential applications in Bains strategy workTo outline calculations of each

11、 performance measure奄賭律睛晌板娠府騷冀磅胃油賓寡曼愉查侶椿疥異夷熊卑導(dǎo)志豎吟謬刻鞋貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement6 AgendaExecutive SummaryObjectivesBackgroundPerformance Measurement FrameworkMarket Value Added (MVA)Economic Profit (EP)Cash Flow Return on Investment (CFROI)Exercises

12、MVAEconomic ProfitCase Study - Diageo挨銀纖屎證椎柄墾扇舀頸滓豹栽噎則宙項(xiàng)孽邑抿進(jìn)絞怎劈禁擎晤奔余怒里貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement7 With the rise of conglomerates, most companies focused on Return on Equity, or ROE, as their primary measure of performance led most managers to undert

13、ake acquisitions solely to manipulate accounting figures1960s/70s1980s/90sWith the increased focus on delivering shareholder value, managers have accepted systems that measure the change in value managers realised equity is not freeeconomic profit (EP) meets these needs by telling managers where val

14、ue has been created and where it has been destroyedAs aligning interests between owners and managers has become more important, tying management compensation to EP provided a popular solutionCorporate performance evaluation has evolved from the 1960s focus on ROE to the current variations of economi

15、c profit (EP) that measure impact on shareholder valueBackgroundCorporate Performance Evaluation膚肉烯奇摻藝痞腹咯而進(jìn)縱讓戚矩群校衣啤分沉虛刊砂稗杭暑裙贈(zèng)橙嚙客貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement8 Bain was the first of major consulting firms to focus on creating shareholder valueTo achiev

16、e this, Bain has used the output measure of Total Shareholder Return and the accounting measures of ROE and ROIModified accounting measures, such as EP, provide an alternative means of measuring the creation of shareholder valueBackgroundRelevance to Bain煽散異弗倦?yún)^(qū)贍佰檄告頤縣域駒蕭竹咎雍取墅椅色骨卞兜駕畔苫紐逮吝何貝恩-業(yè)績(jī)?cè)u(píng)估-Corpo

17、ratePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement9 To illustrate the role of corporate performance measures and resource allocation to strategy work, an examination of Marakons “program” is usefulMarakon applies the following program, which can take several years to complete, to all

18、of its clients:assess the economic profit of all customer segments and product linescompare company performance to industry performanceinvestigate three or more strategies for each business every planning cycleshift resource allocation from economically unprofitable products/customers to economicall

19、y profitableleads to yield loss for Marakon and clients since additional scenarios frequently evaluatedMarakon has made economic profit (EP) the central focus of the program they apply to every caseBackgroundLink to Strategy毀我佛四迂妖創(chuàng)皇頹赦澆賽磊蘿躁膊至渺闊樁拄困蹤碘瘦雙衡餌族醋駿蘆貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)

20、評(píng)估-CorporatePerformanceMeasurement10 EVA is a registered trademark of Stern StewartA century ago, Alfred Marshall explained that for a company to have genuine profits, the profits must be sufficient to cover the cost of capital as well as the firms operating costsStern Stewart has re-packaged the co

21、ncept into EVA, which is essentially a more palatable form of the same ideaMcKinsey has been using economic profit for many yearsBCG uses Cash Flow Return on Investment (CFROI) for a similar analysisTo avoid infringing upon Stern Stewarts trademark, many consulting firms have developed their own ter

22、ms for the same conceptHow new is Economic Value Added (EVA)?EVATM is one variation of EPBackgroundEconomic Value Added陽(yáng)三趟喧沿捧切肖煮縱彤釬哲杭撻也溝夏寇寧恫倒狄塞羚粵查毋頰勃費(fèi)詭貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement11 AgendaExecutive SummaryObjectivesBackgroundPerformance Measurement F

23、rameworkMarket Value Added (MVA)Economic Profit (EP)Cash Flow Return on Investment (CFROI)Exercises MVAEconomic ProfitCase Study - Diageo繡票面伴酶優(yōu)襪鞠演恐瓶簡(jiǎn)眼駝?shì)浥哺e瘍股岡痘確膨疼峨燴韻楞今咨翼貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement12Measures* For a discussion of WACC and discount rat

24、es, please see the Investment Appraisal Module in the BVUDescription:EVA/MVA,EP,and CFROI are modified accounting measures used to measure the performance of the businessInputs/ Measures:Fundamental Business DriversBusiness MetricsOutput MeasuresPrimary business-specific factors influencing sharehol

25、der value Tools used to measure performance of business Backward-looking measures of overall company performance as viewed by marketOperating profitsvolumepricecostsFinancial Cost of Capital Employedfixed assetsworking capitalWACC*Accounting ROEROAModified accountingEVA/MVAEPCFROICVATotal Shareholde

26、r Return (TSR)Total Business Return (TBR)Framework呸遍臀臂料淌雜族絡(luò)止廚嶄沸熊啄西蘭爬饒植圈髓奏蔡俠摧吵百剃塹是桑貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement13 The fundamental business drivers provide a framework for identifying the sources of shareholder value creation or destructionShareholder

27、Value Creation/DestructionOperating ProfitCost of CapitalVolumePriceCostsWorking CapitalWACCFixed AssetsX+XDirect costsmateriallabourIndirect costsSG & ADepreciationAverage selling price# of units soldWeighted average cost of capital based on market values of debt and equityUse after-tax cost of deb

28、tCurrent assets less current liabilitiesProperty, plant & equipmentIntangibles LIFO vs FIFODepreciation estimatesCost of equity for private firmsIntangible measurementComponents:Issues:FrameworkFundamental Business Drivers氦襄郵停裕唉呵壺寺懦咆遮嶼數(shù)锨酷婪磐謄足蓉衷裙耙桅擰灶竭幢雪鄉(xiāng)瓜貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估

29、-CorporatePerformanceMeasurement14 * Sometimes referred to as Return on Investment (ROI)ROE measures returns to shareholders, while ROA measures returns to investors of all forms of capitalFormula:Measures:ROAProfitability of all capital employed, including debtUses:Return on Assets (ROA)*Return on

30、Equity (ROE)Net IncomeAssets=ROENet IncomeEquity=Profitability of equity invested in business (net equity issued plus retained earnings)Returns of enterprise as a wholeReturns to shareholdersFrameworkAccounting Business Metrics瘦那淖嶼滲慨晚秩阻嘯咬尋矽環(huán)廁奶著娥作砸楓鯨各健泛惟岔壽辛勺架妄貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩

31、-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement15 The DuPont formula is used to separate ROE into its components in order to assess the performance of the businessROENet IncomeEquity=Net IncomeSales=SalesAssetsAssetsEquityXXROSAsset TurnoverLeverageROE=ProfitabilityAsset TurnoverLeverageXX=ROAFrameworkAccount

32、ing Business Metrics - DuPont Formula頹蛇望灸線溜刑賊氫哮蛻業(yè)達(dá)累氛夜鑷迸起阮哦孕鷗衡毛歌陀芯湃碰奇范貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement16 * EVA=EVA with depreciation added backMany consulting companies attempt to brand the modified accounting business metrics they useEconomic ProfitMeasu

33、reConsulting CompaniesBain McKinseyMarakon (through Value-Based Management)LEKEVA / MVA Stern StewartAT KearneyAccounting firmsBCGHoltBCGCash Value Added* (CVA)Cash Flow Return on Investment (CFROI)FrameworkModified Accounting Business Metrics厲諷色粒雍爺嚏逐腔察尤刊褐避嬌剛置駛陀鯨墟馮窒應(yīng)快祝區(qū)楚膜膿岔酥貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerforma

34、nceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement17 * only backward -lookingThe modified accounting business metrics, which include EP, enable relatively accurate levels of corporate performance measurement at lower levels of decision making in the organisationAccuracy as Measure of Corporate Pe

35、rformanceLevel of Decision MakingHighLowLowHighMVAModified Accounting Business MetricsTSR*ROE/ROAFundamental Business DriversEP/EVA/CFROIRole in OrganisationFramework挽擺斑定詳剩喊煌亮艷猾訊瑚阮戌某賃氨燙盧叮醫(yī)毗菊莫峽泣蛙蛛建怖唬貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement18 * Adjusted for all st

36、ock splits and assuming all dividends reinvested While TSR calculates return to shareholders for publicly-listed companies, BCGs TBR calculation estimates equivalent returns for privately-held firmsTotal Shareholder Return (TSR) in CAGR FormatMarket value of share at end of period * Market value of

37、share at beginning of period=Total Business Return (TBR)=Estimated market value of shares of privately-held company at end of period*number of years1number of years111Estimated market value of shares of privately-held company at beginning of period*FrameworkOutput Measures步防赤觸渣莊官烽它掛匠證晦吳諄啊臂娃頰帚所躥柱西驗(yàn)開(kāi)瓢

38、柜蔣彩隕槽貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement19 Bains client stock performance slide is calculated using TSR, which is used to measure the shareholder value createdFrameworkOutput Measures貯促矣盧壩移陳忱羽業(yè)憎餾眶蔣靡懈游數(shù)斜苯脊常揀嘻充痞秋踏哦庚婦晌貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-

39、業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement20 AgendaExecutive SummaryObjectivesBackgroundPerformance Measurement FrameworkMarket Value Added (MVA)Economic Profit (EP)Cash Flow Return on Investment (CFROI)Exercises MVAEconomic ProfitCase Study - Diageo題噸筐庶礫荊釘賀攙鴉逆右閨喘哪羚肆器滁抿直苛緊矯羚犀蓉鍵憲截鴕攏貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerform

40、anceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement21 Market Value Added (MVA)Invested CapitalGoal of Managers should always be to create more shareholder value, or maximise MVATotal Market Value of Firm(includes all debt and equity)Bains focus has always been to help the management of the firm t

41、o maximise shareholder value, which is equivalent to maximising MVAMarket Value AddedDefinition (1 of 2)但航墩足蘋(píng)竅姚崗發(fā)磅囂旱做系氨猜孿卸囤妄漬讕陡作澈卵敵背靴疾祥湍貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement22 MVA equals the total market value of the company less invested capital or net asset

42、s. Either the Operating or Financing Approach can be used, but Bain typically uses the Operating approachNote: *Short-term non-interest bearing liabilitiesOperating Approach (Typically used by Bain)Financing ApproachMarket Value AddedDefinition (2 of 2)狗甭湖霖海源批叉阻墊逃果綸楷徽復(fù)眩櫥港臺(tái)陽(yáng)邯秋術(shù)子耕取殊哀愚瓤匯貝恩-業(yè)績(jī)?cè)u(píng)估-Corpora

43、tePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement23 The first step required to calculate Net Assets with the Operating Approach is to identify excess cash, which is total cash less cash required in the operating cycleNote: *Short-term non-interest bearing liabilitiesAmount ($)Market Va

44、lue AddedOperating Approach - Excess Cash邪減酪肩鋤墾琶蓑氫撣驚劈存詢(xún)匯紅編嗣月畸咸歲到媳襪津拳魚(yú)閃相吮旅貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement24Next, The working capital requirements are the firms net investments in the operating cycle, or the net amount of short-term investment required to

45、 fund operationsAmount ($)WorkingCapitalRequirementsMarket Value AddedOperating Approach - Working Capital Requirements素民示斬臘貨犁鴦謅累顆扶曉套期悔熬秤續(xù)娜酮律妖貨寧廷物諄孔側(cè)敲熟貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement25When calculating MVA, Net Fixed Assets is defined as Net PP&E plus ot

46、her Investment (tangible and intangible). The third and final step to calculate Net Assets is Net PP&E, which is the amount of long-term investment required to fund operationsAmount $Net PP&EMarket Value AddedOperating Approach - Net Fixed Assets輿熒始祝丁踴砧岔填倉(cāng)雍野緘蹈繹新賃挪嘲勾般詣?wù)銚?jù)母驟吉咱繡象跺犢貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerfo

47、rmanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement26 Market value added (MVA) reflects the markets expectations of the EP managers will add in the futurePercent of TotalMVA is the markets expectation of discounted future EPsMarket Value AddedLink to EP擾瑰研峨陸恃兢拖鄭巒究跡搞矽滓氫葛珍柔北出唆宇輔線拇盈駛泊怒偷絮貝恩-業(yè)績(jī)?cè)u(píng)估-Co

48、rporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement27 After extensive work by a diligent Bain team, Acme Industries is expected to generate $25M in economic profits next year, which is expected to grow at 3% forever. If the cost of capital is 13% and the invested Capital is $100M, w

49、hat is the MVA and the market value of the company?Market Value AddedLink to EP - Example峨敝句告感礬儒練吧單突負(fù)瘤爺青哇裸震低癢謊搞縱馱胯椎靶洋晴此咬笛貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement28 After extensive work by a diligent Bain team, Acme Industries is expected to generate $25M in econ

50、omic profits next year, which is expected to grow at 3% forever. If the cost of capital is 13% and the invested Capital is $100M, what is the MVA and the market value of the company?MVA = PV of EPs = $ 25 M13% - 3%= $ 250 M= MVA + Invested Capital= $ 250 M + $100 M= $350MMarket Value of the CompanyM

51、arket Value AddedLink to EP - Solution握縮腺?gòu)涅o味殘昏督巷萄鰓姚耗灸捕踞秩嘴侮適呻挖楔侶徽喚蟹宙卞藉范貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement29 EP measures managers performance in the past, since it represents the market value added created over one yearNote: *Assumes Invested Capital Constan

52、tMarket Value AddedLink to EP (1 of 2)它佳嘗一諄舅繕得綿犢迸效哆嗜恩留酬拂你族系關(guān)隙受帛騷參揖斗繳舅撣貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement30 EP is used to evaluate manager performance because the change in MVA over a period of time is measuredGoal of companys managers should always be to m

53、aximise MVAWhen managers make any investment decisions, if the project is:value-creatingNPV 0MVA increasesvalue-destroyingNPV 0MVA decreasesReason that EP is the focus of most attention is because MVA is a stock or wealth measure, so MVA will show how much value has been added at that point in timeE

54、P measures the amount of value added over a period of time, which is far more useful when measuring manager performanceMarket Value AddedLink to EP (2 of 2)秀狙耶穆廠灶滑寇瘴靛痙秋腳轅挺卵竊惑爐憋拆誘瘩吏斯坍分階匆鍛孤齲貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement31 Which UK sectors would you expe

55、ct to have the highest market value added?and the lowest?Which UK companies would you expect to have the highest market value added?and the lowest?Market Value AddedActual Performance流倍瘩庚穿騙棉翠攬占腹伍辰橡及交逞渠餅半硫彤慌暮精司資牟陡奠材束貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement32 Bank

56、s, integrated oil and drugs were the UK sectors with the highest market value added Source: Stern Stewart, Sunday TimesSector Market Value Added (Sept 98)Market Value AddedUK Sector Performance - 10 Best位秉鉑巳輯衣炮免醒么?；郯膨?yàn)汛挺鴿傀揭阜籃梆勸試嗡籽猶洛灼粥擊謙貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerforman

57、ceMeasurement33 Distributors, print and packaging and construction had the lowest market value added in the UK Source: Stern Stewart, Sunday Times Sector Market Value Added (Sept 98)Market Value AddedUK Sector Performance - 10 Worst離靛瓜競(jìng)幾系笆梆圖澳副鋒睫鎊埔窒唆另傍己村管史淘垃政源苑惹恐蒙屜貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurem

58、ent貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement34 Shells 69.5B of market value added is the largest in the UK Source: Stern Stewart, Sunday TimesCompany Market Value Added (Sept 98)1998 EVA (B)(1.506)(0.024)n/aMarket Value AddedUK Company Performance - 10 Best技怒按鴦宙晃沼勃仗乃曲峭撞汾噴相笆僥套懦劃北勻花交散愿噶苔奠岸旱貝恩-業(yè)績(jī)?cè)u(píng)估-Corpo

59、ratePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement35 British Steels 3B of market value destroyed was the worst of Britains 200 largest companies Source: Stern Stewart, Sunday TimesCompany Market Value Added (Sept 98)1998 EVA (B)(0.071)(0.012)(0.054)(0.087)(0.050)(0.108)(0.120)(0.320)(

60、0.284)(0.352)Market Value AddedUK Company Performance - 10 Worst遮孿糕棵湛妒鄖浦袁汗撮伍過(guò)瘦鈴乏禹咕蛛臆庸匙寵讕鬧澤筑潮厭旱辯源貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement貝恩-業(yè)績(jī)?cè)u(píng)估-CorporatePerformanceMeasurement36 AgendaExecutive SummaryObjectivesBackgroundPerformance Measurement FrameworkMarket Value Added (MVA)Economic Profit (EP)Cas