BEST METRICS FOR CORPORATE PERFORMANCE DETERMINATION AND EVALUATION
By Phuong Hoai Tran
留学生人力资源论文代写 Poorly chosen performance measures routinely develop the wrong signals for managers resulting to poor decisions and undesirable outcomes.
Organizational performance measurement and corresponding metrics have recently received courtesy from the underlying researchers and the practitioners (Rajiv, 2013, 90).The performance measurement and metricspossess a significant role in the process of setting goals,assessing performance and determination of prospects courses of engagements. Companies normally focus on the measuring of the returns on invested capital (ROIC) at the expense ofmeasuring the individuals’ contributions. Numerous modern companies such as Wal-Mart, Intel, General Motors, and Mobil normally gauge their performance via application and utilization of systems that mainly measure internal financial outcomes systems (Epstein, 2008, 50-51).
组织绩效衡量和相应的指标最近得到了基础研究人员和从业人员的礼貌（Rajiv，2013，90）。 绩效衡量和指标在设定目标、评估绩效和确定参与前景的过程中发挥着重要作用。 公司通常以衡量个人贡献为代价来衡量投资资本回报 (ROIC)。 许多现代公司，例如 Wal-Mart、Intel、General Motors 和 Mobil，通常通过应用和使用主要衡量内部财务结果系统的系统来衡量他们的业绩（Epstein，2008，50-51）。
These systems are mainly based on the metrics does not take intoconsideration adequate notice of the actual enginesof the wealth creation such as knowledge, associations, reputations and other supplementary intangibles developed by talented populace (Gordon, 2008, 62).
Increasingly, companies develop wealth by converting raw intangibles into the corresponding organized skills,copyrights,brands, software, buyer bases, knowledgeable capital and modern networks that advance profit for every worker and ROIC. These intangibles represent real capital in regard to the delivering cash returnsthough the prevailing sources of the returns are normally intangible. 留学生人力资源论文代写
Most of the appreciated capital that companies own today is exactly intangible rather financial. Companies have resorted redesign in their financial performance metrics for the present metrics for this new age. Moreover, companies that are incapable to measure theunderlying performance of their underlying product advancement procedures have littlecoincidental of efficaciously competing with today’s best-in-class product makers (Nambiar & Poess, 2009, 258). Metricdriven development programs distinguish industry leaders from the rest of the underlying pack. Companies must thus be in the position to comprehend theirperformance and the corresponding performance impacts on their financial bottom most line incase their development initiatives delivering an expressive return on the investment (Gordon, 2008, 88).
这些系统主要基于度量标准，并未考虑对创造财富的实际引擎的充分通知，例如知识、协会、声誉和其他 20 调查、调查 20 建议 20 相关建议。
越来越多的公司通过将原始无形资产转化为相应的有组织的技能、版权、品牌、软件、买方基础、知识渊博的资本和现代网络来发展财富，从而为每个工人和 ROIC 增加利润。尽管主要的回报来源通常是无形的，但这些无形资产代表了与交付现金回报相关的实际资本。
公司今天拥有的大部分增值资本完全是无形的，而是金融的。公司已经针对这个新时代的当前指标重新设计了财务绩效指标。此外，无法衡量其基础产品改进程序的基础性能的公司几乎没有巧合地与当今一流的产品制造商进行有效竞争（Nambiar & Poess，2009，258）。指标驱动的开发计划将行业领导者与其他基础包区分开来。因此，公司必须能够理解他们的表现以及相应的表现对其财务底线的影响，以防他们的发展计划为投资带来了富有表现力的回报 (Gordon, 2008, 88)。
Most companieshave a problem of gearing away in the measurement of the financial performance that isfundamental in earlier industrial stage when the corresponding capital is enjoyed by the strategists and investors (Rajiv, 2013, 96).
Black Dust Software is presently experiencing with the old method of performance measurement as the system is mainly measure internal financial outcomes. Moreover, this kind of system that is utilized within the Black Dust Software company is based on the metrics that does not take into consideration adequate notice of the actual engines of the wealth creation such as knowledge, associations, reputations and other supplementary intangibles developed by talented populace (Gordon, 2008, 62). Conversely, General Motors modern metrics in measuring of performance that mainly
develop wealth by converting raw intangibles intothe corresponding organized skills, copyrights,brands, software, buyer bases, knowledgeable capital and modern networks that advance profit for every worker and ROIC.Nevertheless, companies normally fill their yearly reports within the underlying information concerning the utilization of the capital but failing to reflect adequately on theirprevailing utilization of escalated drive wealth generation within the current digital economy. The advancement of the external financial reports in regard to the generally accepted accounting principles (GAAP) ranks amidst the existing principle foundations of the modern global capital marketplace (Nambiar & Poess, 2009, 265).
大多数公司在财务业绩的衡量方面都存在一个问题，而财务业绩的衡量是早期工业阶段的基础，当时相应的资本在 10 年和 3 年 4 月 3 日受惠。
Black Dust Software 目前正在体验旧的绩效衡量方法，因为该系统主要衡量内部财务结果。此外，这种在 Black Dust Software 公司内部使用的系统所基于的指标并未充分考虑财富创造的实际引擎，例如知识、关联、声誉和其他由有才华的人开发的补充无形资产。大众 (Gordon, 2008, 62)。相反，通用汽车在衡量性能方面的现代指标主要是
通过将原始无形资产转化为相应的有组织的技能、版权、品牌、软件、买家基础、知识渊博的资本和现代网络，从而为每个工人和投资回报率增加利润来发展财富。然而，公司通常会在年度报告中使用他们的信息资本，但未能充分反映他们在当前数字经济中普遍利用不断升级的驱动财富生成。与普遍接受的会计原则 (GAAP) 相关的外部财务报告的进展在现代全球资本市场的现有原则基础中排名靠前 (Nambiar & Poess, 2009, 265)。
Literature Review 留学生人力资源论文代写
Performance measurement systems were mainly advanced as the sole means of monitoring and maintaining organizational control, which is the process of ensuring that an organization aims at strategies that result to the accomplishment of its entire objectives and aims (Gordon, 2008, 80-82). Performance measures, the chief tools for performance measurement systems, play a vital role in each organization as they frequently viewed as forward looking indicators that aid management to predict a company’s economic performance, and numerous times depicts the need for probable alterations within operations (Epstein, 2008, 58).
Nevertheless, the choice of performance measures is one of the most fundamental challengesencrustation organizations. Poorly chosen performance measures routinely develop the wrong signals for managers resulting to poor decisions and undesirable outcomes. There are massive concealed costs in incorrect method of performance measures. Stakeholders pay the underlying bill in the form of the overinvestment and acquisitionsthat are not profitable (Rajiv, 2013, 102). Moreover, it is not the amateurmanagement but the incorrect chosen performance measures, which in turn push management to take inappropriate decisions. Performance measures might be characterized as the financial and corresponding non-financial. The study mainly concerns the financial performance measures.
绩效衡量系统主要是作为监控和维护组织控制的唯一手段而发展起来的，这是确保组织旨在实现其整个目标和目标的策略的过程 (Gordon, 80-200)。绩效衡量指标是绩效衡量系统的主要工具，在每个组织中都发挥着至关重要的作用，因为它们经常被视为有助于管理层预测公司经济绩效的前瞻性指标，并且多次描述了可能的运营需求（Epstein 2008 年，58）。
The perceived inadequacies within the traditional accounting performance measures haverecently motivated a variety of the measurement innovations, which mainly entails economic value measures (Epstein, 2008, 86-88).
In the last past years,an accounting number of theunderlying consultants, corporate executives, institutional investorsand corresponding scholarshave taken part in regard to the debate on most suitable means of measuring performance. Prevailing consultants are normally willing to demonstrate mastery of their existing recommended performance models. Moreover, corporate managers depict distinctly that the performance models approved by the underlying companies are the most suitable and successful (Gordon, 2008, 75-76). Institutional investors debate the recompenses of alternative performance models for transmission underperforming companies within their portfolios. The development of performance measurement models and corresponding test the required degree towhich the prevailing performance examination and incentive reimbursement systems that stimulate management pronouncements and the performance itself. 留学生人力资源论文代写
Traditional performance measurement systems were developed at the period when decision making wasfocused at the center of the organization coupled with responsibilities for decision making were extremely undoubtedly defined (Rajiv, 2013, 155-157). These performance measurement systems were mainly designed to measure accountability to confirm with people’s budget. Nevertheless, during the last dual decades it was extensively depicts that the majority of the performance systems disastrous to capture and enhance a corporation’spolicy, producing underprivileged information resulting to mistaken decisions. VBM approach is mainly based on the NPV techniques, FCF, and corresponding cost of capital has its main impartial the intensification of the shareholder value. In the past years, SHV approach and corresponding VBM approach have become extremely popular in bothdecision making tool coupled with enticement compensation system (Gordon, 2008, 92-94). Therefore, value-based performance measures such as Economic Value Management have recently spread in the entire Europe gaining acceptance by numerous companies.
传统会计绩效衡量标准中被认为存在的不足之处最近推动了各种衡量创新，这主要涉及经济价值衡量 (EPSTEIN, 80, 200)。
在过去的几年里，有相当数量的基础顾问、企业高管、机构投资者和相应的学者参与了关于最合适的衡量绩效方法的辩论。主流顾问通常愿意展示他们对现有推荐性能模型的掌握程度。此外，企业经理清楚地描述了基础公司批准的绩效模型是最合适和最成功的 (Gordon, 2008, 75-76)。机构投资者就其投资组合中表现不佳的公司的替代绩效模型的回报展开辩论。绩效衡量模型的开发和相应的测试所需的程度，现行绩效考核和激励报销系统刺激管理公告和绩效本身。
传统的绩效衡量系统是在决策以组织的中心为中心，加上决策制定的责任非常明确的时期开发的（Rajiv，2013，155-157）。这些绩效衡量系统主要旨在衡量问责制以确认人们的预算。然而，在过去的两个十年中，广泛地描述了大多数绩效系统在捕获和增强公司政策方面是灾难性的，产生了导致错误决策的弱势信息。 VBM 方法主要基于 NPV 技术、FCF，相应的资本成本主要体现在股东价值的强化上。在过去几年中，SHV 方法和相应的 VBM 方法在与诱惑补偿系统相结合的决策工具中变得非常流行（Gordon，2008，92-94）。因此，诸如经济价值管理之类的基于价值的绩效衡量标准最近在整个欧洲得到了许多公司的接受。
Empirical evidence on earnings mainly entails association amidst the capital markets and financial statements in regard to the earning and stock prices (Rajiv, 2013, 88-90).
Previously large amount of relevant research depicts that association for the international market. Utilization of diverse methodologies; a considerable number depicts that the documented from 1950 to1988 in the US market displays alterations within the earning have methodical economic determinants that are probable association with variation within the securities expected returns especially since the earning is the main accounting ROE (Nambiar & Poess, 2009, 245-246). The evaluation of the usefulness of the operating income, net income and corresponding comprehensive income, which measure the usefulness in the form of the relative information content and incremental information content. 留学生人力资源论文代写
Based on the underlying sample that averaged 922 firms annually for eighteen years the operating income feebly subjugated the net income and both of the OI and corresponding NI subjugated CI in information content German market investigated the association amidst the stock returns, earnings and a variant mainly called DVFA thus concluding that both kinds of earning relates with the stick returns with the latter being more important. Moreover, the evidence for the underlying Cyprus stock market suggest that earning levels and alteration in earnings are fundamental in the elaboration of the stock return within an emerging stock market (Gordon, 2008, 96). Assessment of accounting figures across Germany, Norway and UK suggestively associates to the present stock prices across all three countries with Germany scoring the relative and UK reaching the uppermost one (Rajiv, 2013, 152).
收益的实证证据主要涉及资本市场和财务报表中关于收益和股票价格的关联 (RAJIV, 2013, 88-90)。
以前大量的相关研究描述了该协会针对国际市场。使用不同的方法；相当多的数字表明，从 1950 年到 1988 年在美国市场上的记录显示收益内的变化具有方法经济决定因素，这些因素很可能与证券预期收益内的变化有关，特别是自 2 245-246）。营业收入、净收入和相应综合收入的有用性评估，以相关信息内容和增量信息内容的形式衡量有用性。
基于 18 年来平均每年 922 家公司的基础样本，营业收入微弱地压制了净收入，以及 OI 和相应的 NI 压制了信息内容中的 CI 德国市场调查了一种主要的股票和相关变种DVFA 因此得出结论，这两种收入都与棒回报有关，后者更为重要。此外，基础塞浦路斯股票市场的证据表明，盈利水平和盈利变化是新兴股票市场中股票回报的基础（Gordon，2008，96）。对德国、挪威和英国的会计数据的评估与所有三个国家的当前股票价格相关，其中德国得分最高，英国得分最高（Rajiv，2013，152）。
Empirical evidence on the underlying value based performance measures encompass whole results of the prevailing value relevance literature, which suggest that accounting based on the corresponding information can theoretically influence stock prices (Gordon, 2008, 86-87).
The empirical literature also depicts that earnings generally control most other measures in explaining stock returns. Nevertheless, the most recent literature suggests that the prevailing earnings ought not to be relied upon since they possess little direct association to wealth creation (Nambiar & Poess, 2009, 265). Therefore, research into the information content of other supplementary variables that entail cash flows has escalated largely for dual reasons in regard to the ostensible limitations within earnings numbers and the increased require and demand the forecasters and corresponding investors to appropriately classify the prevailing value of the companies. 留学生人力资源论文代写
Nevertheless, whilst the prevailing traditional accounting performance measures are popular measuresfor the financial performance measurement, they are frequently under theaustere critique since they do not take into contemplation the cost of the capital thus influencing the accrual based accounting agreements (Rajiv, 2013, 175). Conversely, modern value based measures are encouraged as the measures of the company’s actual productivity.
基于价值的基础绩效衡量指标的经验证据包括流行的价值相关文献的全部结果，这表明基于相应信息的会计可以在理论上影响股票价格 (Gordon, 86-8, 7)。 留学生人力资源论文代写
实证文献还描述了收益通常控制解释股票收益的大多数其他衡量标准。然而，最近的文献表明不应依赖主要收入，因为它们与财富创造几乎没有直接关联（Nambiar & Poess, 2009, 265）。因此，对涉及现金流量的其他补充变量的信息内容的研究在很大程度上是出于双重原因，即收益数字的表面限制以及增加的要求和要求预测者和投资人对相应的预测价值做出相应的评估.
然而，虽然流行的传统会计绩效衡量标准是财务绩效衡量标准的流行衡量标准，但它们经常受到严厉批评，因为它们没有考虑影响会计核算的成本（v. 10 10 3）。相反，鼓励将现代基于价值的衡量标准作为公司实际生产力的衡量标准。
Because thevalue hasbecome of principal concern to the corresponding investors, supporters of value based on the underlying measures entitlement that those measures are the solely performance measures tied unswervingly to the stock’s intrinsic value (Gordon, 2008, 98).
EVA supporters normally argue that EVA and corresponding stock prices appear to possess trend to move together. In addition, they assert that the underlying preeminence of the information contained within the EVA when compared to the traditional accounting figures (Epstein, 2008, 105-106). The claims have been empirically tested by majorly scholars but with self-contradictory and diverse outcomes. 留学生人力资源论文代写
Performance measurement systems mainly emphasis on substantial attention and realization of effective management performance of the organizations, nevertheless; it is fundamental that the underlying measure of administration systems utilized that are applicable and appropriate for the environment and approaches of the organization. With the dynamic and speedily altering of environment in most of organizations it is significant that every organization efficiently administers their measurement system in order to remains appropriate and offer vital information that is relevant to the issues that are of the present significance
The performance measurement metrics distinctly connect to the operational and individual performance to the corporate strategy and permit operations executives to accurately designate the contributions to the corresponding business objectives. The clarification enhances operations administrators to make better communicative their individual values within the C-suite or corresponding companies that offer operations services to their underlying customers (Gordon, 2008, 80-112). Moreover, the shareholders normally gain insight into the prevailing performance of the critical operations. The establishment of the all-inclusive performance measurement program that does advance performance, but permitting managers to better eloquent their value.
EVA 的支持者通常认为 EVA 和相应的股票价格似乎具有共同移动的趋势。此外，他们断言，与传统会计数据相比，EVA 中包含的信息具有潜在的优越性（爱泼斯坦，2008 年，105-106）。这些说法已经过主要学者的实证检验，但结果自相矛盾和多样化。
The performance measurement program of the corporate performance examination and evaluation mainly pertains to inclusive coupled with metric driven that aids in financial services companies that meets the encounters.
The program characteristics scorecards for every operations subdivision and encompasses fundamental financial and corresponding non-financial performances metrics, objectives and a proper map that connects every prevailing metric to an inclusive premeditated business objective (Nambiar & Poess, 2009, 245-246). Moreover, the program normally grants operations administrators’ actionable measures at their disposal to realize performance to the underlying business managers. Advancement of the best metrics of performance measurement programs for the corresponding companies operations entails numerous complex stages. The top line development program is more challenging as the underlying performance measurement within the organizations is seen as the main differentiator (Gordon, 2008, 80-82). 留学生人力资源论文代写
The most popular metrics utilized in the analysis entail activity based metrics that entail mathematical counting and corresponding reporting (Rajiv, 2013, 108). Business results such as the marketplace, share,and customer value accompanied new product implementation offer improved correlation. MPM mainly focuses on the measuring the gathered usefulness andproficiency of the marketing organization. Common categories of the particular metrics that encompass marketing’s effect on share of the reference, rate of customers achievement, mean order value, rate of new commodity and corresponding services acceptances and development within customer purchasing frequency (Epstein, 2008, 112). Moreover, MPM is utilized tomeasure the monitoring of the functioning proficiency and exterior performance (Gordon, 2008,106). Operational performance metrics principally offer the organizational with the mean tojustification marketing investments thus not correlating marketing to business stratagem and occupational performance.
每个运营细分的计划特征记分卡，包括基本的财务和相应的非财务绩效指标、目标和一个适当的地图，将每个主要指标与一个包容性的预谋业务目标联系起来 (Nambiar & Poess, 2009, 245-246)。此外，该计划通常会授予运营管理员可操作的措施，以实现基础业务经理的绩效。为相应的公司运营改进绩效衡量计划的最佳指标需要许多复杂的阶段。顶线发展计划更具挑战性，因为组织内部的基本绩效衡量被视为主要差异化因素 (Gordon, 2008, 80-82)。
分析中使用的最流行的指标需要基于活动的指标，这些指标需要数学计数和相应的报告 (Rajiv, 2013, 108)。伴随新产品实施的市场、份额和客户价值等业务结果提供了更好的相关性。 MPM 主要侧重于衡量营销组织的收集有用性和熟练程度。特定指标的常见类别，包括营销对参考份额的影响、客户达成率、平均订单价值、新商品率和客户购买频率内的相应服务接受和发展（爱泼斯坦，2008 年，112）。此外，MPM 用于衡量对功能熟练程度和外部性能的监控（Gordon，2008,106）。运营绩效指标主要为组织提供合理的营销投资，因此不会将营销与业务战略和职业绩效相关联。
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