业绩评价补充

1. 业绩评价补充 北航经济管理学院会计系 周 宁 zning80@buaa.edu.cn

2. 业绩评价的演变历程 • 20世纪60年代：公司业绩评价思想萌生阶段。运用最广的指标是销售利润率，而海外子公司在“投资中心”或“利润中心”概念的应用前提下，使得ROI和剩余收益指标开始运用。 • 20世纪70年代：预算比较法、 ROI、ESP、IRR等指标的出现和运用；同时，对经理的评价也引入了非财务指标，如市场份额、质量控制、人工周转率等。 • 20世纪80年代：以财务业绩为主的、较为完善的评价体系。以投资报酬率和预算比较为核心，运用各种财务比率。 • 20世纪90年代：非财务指标的补充。关注客户时代，重点为客户满意度、R&D、质量评价、创新

3. 业绩评价系统 • 评价的四种基本功能：判断、预测、选择、导向。 • 业绩评价系统的五要素：评价目标、指标、对象、标准和业绩报告。 • 评价过程的三个环节： • 确立业绩评价系统的目的、原则和要求 — 选择评价系统； • 建立评价的参照系统 — 设置评价标准； • 获取评价信息 — 确定业绩评价指标。

4. 业绩评价系统 • 评价系统的设计原则：see p354 • 目标原则：评定企业对目标的实现性 • 沟通原则：被评价者自评+外评-双向 • 激励原则：报酬是业绩的函数 • 客观原则：客观立场+合理方法 • 比较原则：基准 VS 实际 • 责任原则：当事人的可控范围 • 时效原则：及时评估达到持续改进

5. 业绩评价系统 • 评价系统应平衡的关系：see p355 • 可控性与不可控性：一般排除非控因素 • 量化与非量化：尽可能量化 • 财务性与非财务性：两者结合保证全面 • 单一性与多重性：注重综合 • 长期性与短期性：长短并重 • 效果与效率：“doing the right things” vs. “ doing things right” • 主观与成见：避免高估或低估业绩。

6. 业绩评价系统 • 评价系统的目标： • 确保计划的如期实现； • 纠正管理上的浪费与偏差； • 重大问题的发现与解决； • 评估计划完成后的效益； • 改进管理方法与程序； • 作为事后奖励的依据； • 改进日程运营和管理； • 增进管理者的成就感。

7. 业绩评价指标计量 • 财务业绩指标Financial Performance Measures. • 非财务业绩指标Non-financial Performance measures. • 财务与非财务业绩的有机结合Balance of Financial and Non-Financial Performance Measures.

8. 财务业绩评价指标Financial Performance Measures. 财务业绩指标通常包括：Common financial performance measures include • 标准成本Standard costs • 预算差异Budget variances • 净收益 Net income • 每股收益 EPS • 投资回报Return on investment • 剩余收益Residual income • 营业现金流 Cash flow • 市盈率 Price over earnings ratio (P/E) • 净资产倍率 • 经济增加值Economic Value-added (EVA)

9. 投资回报率ROI-Measuring Performance 投资中心管理者必须作出对利润和投资资本有影响的决定Investment Center managers make decisions that affect both profit and invested capital. Corporate Headquarters 投资中心的评价 Investment CenterEvaluation ROI或RI Return oninvestment or residual income

10. 收益Income 投资资本Invested Capital 投资回报率ROI = 收益Income 销售收入Sales Revenue 销售收入Sales Revenue 投资资本Invested Capital × = 销售利润率 Sales Margin 资金周转率 CapitalTurnover 投资回报率ROI-Measuring Performance

11. 投资回报率ROI-Measuring Performance 例1 Illustration 1 Holly Company reports the following: 收益Income $ 30,000 销售收入Sales Revenue $ 500,000 投资资本Invested Capital $ 200,000 Let’s calculate ROI.

12. Income Sales Revenue Sales Revenue Invested Capital ROI = × $30,000 $500,000 $500,000 $200,000 ROI = × ROI = 6% × 2.5 =15% 投资回报率ROI-Measuring Performance

13. 提高ROI的途径Improving R0I • 降低费用 Decrease • Expenses 三种途径提高ROI Three ways to improve ROI • 提高销售价格 Increase • Sales Prices • 减少投资 Lower • Invested Capital

14. 提高ROI的途径Improving R0I • 管理者通过增加销售收入到$600,000，可提高收益至$42,000. Holly’s manager was able to increase sales revenue to $600,000 which increased income to $42,000. • 投资资本不变There was no change in invested capital. Let’s Calculate the new ROI.

15. Income Sales Revenue Sales Revenue Invested Capital ROI = × $42,000 $600,000 $600,000 $200,000 ROI = × ROI = 7% × 3.0 =21% Holly increased ROI from 15% to 21%. 财务指标-投资回报率ROI-Measuring Performance

16. ROI的主要缺陷- A Major Drawback • 作为公司的部门经理，你的报酬包括工资和奖金是与ROI挂钩的，因此，越高的ROI就会得到越高的奖金；As division manager at Winston, Inc., your compensation package includes a salary plus bonus based on your division’s ROI -- the higher your ROI, the bigger your bonus. • 公司要求的新项目的ROI是不低于15%，而你的部门目前的ROI是30%；The company requires an ROI of 15% on all new investments —your division has been producing an ROI of 30%. • 你有一个投资新项目的机会，ROI可达到25%，作为部门经理，你会投资此新项目吗？You have an opportunity to invest in a new project that will produce an ROI of 25%，As division manager would you invest in this project?

17. ROI的主要缺陷- A Major Drawback As division manager, I wouldn’t invest in that project because it would lower my pay! Gee . . . I thought we were supposed to do what was best for the company!

18. 剩余收益 Residual Income Residual incomeis the excess of investment center income over the minimum rate of return set by top management. 投资中心利润Investment center profit –投资费用Investment charge = 剩余收益Residual income 投资资本Investment capital ×应付利息利率Imputed interest rate = 投资费用Investment charge 投资中心获得投资资本的成本 Investment center’s cost of acquiring investment capital

19. 剩余收益 Residual Income 例2 Illustrations 2 • Flower公司有一个投资总额为$100,000，预计投资回报$25,000的项目机会；Flower Co. has an opportunity to invest $100,000 in a project that will return $25,000. • Flower公司20%的资金使用成本，30%的ROI。 Flower Co. has a 20 percent cost of funds and a 30 percent ROI on existing business. Let’s calculate residual income

20. 剩余收益Residual Income Investment center profit = $25,000 –Investment charge = 20,000 = Residual income = $ 5,000 Investment capital = $100,000 ×Imputed interest rate = 20% = Investment charge = $ 20,000 Investment center’s cost of acquiring investment capital

21. 剩余收益Residual Income • 使用RI进行评价，管理者愿意投资此项目吗？As a manager at Flower Co., would you invest the $100,000 if you were evaluated using residual income? • 如果用ROI进行评价，你可能会得出不同的结论？Would your decision be different if you were evaluated using ROI? （25% 30%）

22. 剩余收益 Residual Income 结论：RI鼓励管理者投资有利可图的项目，但这类项目如果用ROI的指标进行评价的话，则可能被拒绝Residual income encourages managers to make profitable investments that would be rejected by managers using ROI.

23. RI的局限性Limitation of Residual Income 当用其作为比较评价工具时，主要缺点是：Primary disadvantage of residual income method as comparative evaluation tools are: • 以绝对量的大小为单位的衡量 they measure performance in dollars, • 仅能用于比较相同规模的部门 only can be use to compare the same division or with the similar-size divisions.

24. 经济增加值Economic Value-added The Formula of EVA EVA = (Rate of Return-Cost of Capital)X Capital of Employed = (Rate of Return X Capital of Employed )– (Cost of Capital X Capital of Employed ) = Net operating profit after tax (NOPAT)-(WACC X Capital Employed) • Capital Employed=Total Assets-Current Liabilities • WACC=wErE+wD(1-TC)rD—加权平均资本成本 • wE=E/(D+E)—权益比重 • wD=D/(D+E)—负债比重 • TC=marginal corporate tax rate when interest is fully tax deductible • rE =the expected return on equity to investors-权益的市场价值 • rD =the expected return on debt to investors-负债的市场价值

25. 经济增加值Economic Value-added 例3 Illustrations 3 • Flower公司净运营收益为$2,000,000，投资为$15,000,000； Flower Co. has an net operating income of $2,000,000 and an investment base of $15,000,000. • Flower 公司的资金使用成本（WACC）10%，$1,800,000的流动负债，30%的税率。 Flower Co. has a cost of capital of 10 percent, and $1,800,000 in current liabilities, and a 30 tax rate. Let’s calculate EVA residual income

26. 经济增加值Economic Value-added EVA=(NOPAT)-(WACC X Capital Employed) = $1,400,000–$1,320,000 = $ 80,000 NOPAT = $2,000,000 ×(1-tax rate) = 70% = $ 1,400,000 WACC × Cost of Capital Employed =[($15,000,000- $1,800,000) ×0.10] = $1,320,000

27. 财务指标的局限性Limitation of Financial measures • Financial measures may have the following limitations: • ROI，RI，EVA为短期业务指标，均 鼓励短期行为 promote a short-run view. • 不一定能够实现 may not be complete. • 忽略了其它有价值的驱动因素 ignore other value drivers.

28. 财务指标的局限性 Limitation of Financial measures 其他业绩评估驱动因素：Other Issues in Performance Evaluation • 短期业绩衡量和长期业绩衡量的关系Short-run performance measures versus long-run performance measures. • 非财务信息的重要性Importance of non-financial information. • 市场份额Market position. • 产品领先Product leadership. • 生产效率Productivity. • 员工态度Employee attitudes. 详见补充材料例题几种财务指标的比较

29. 非财务业绩指标Non-financial Performance Measures. 非财务业绩指标包括： non-financial performance measures may address: • 时间优势Temporal metrics (e.g. cycle time), • 革新Innovation, • 生产效率Productivity, • 产品质量 Product quality.

30. 财务与非财务业绩的有机结合Balance of Financial and Non-Financial Performance Measures 平衡计分卡理论的应用 The integration and balancing of financial and non-financial performance measures may be achieved through the use of a “Balanced Scorecard”-BSC.

31. 财务与非财务业绩的有机结合Balance of Financial and Non-Financial Performance Measures • BSC 简介Introduction • 平衡计分卡提供了将战略转化成运行措施的框架Balanced Scorecard provide a framework for communicating strategy in operating terms. • 如果你希望战略被执行，你必须将战略转化成可运行的方式You must communicate strategy in operating terms if you expect people to execute on your strategy.

32. 平衡计分卡The Balanced Scorecard • 战略目的Strategic Goals • 平衡计分卡自战略地图中构造出Balance scorecards are constructed from strategic maps. • 贯穿整个过程，我们将回溯到战略地图，并确认每个事件之间的联系，并找出其因果关系，这对构建平衡计分卡是十分重要的Throughout the process, we will refer back to these maps, making sure everything is linked. this is very important since we want to capture a “cause and effect” relationship in building the scorecard.

33. 平衡计分卡The Balanced Scorecard • 战略目标Strategic Objectives • 一旦我们有了战略目的，我们就应该研究出一套战略目标once we establish our first anchor (goals), we can develop a set of strategic objectives. • 战略目标的定义是达到战略目的应采取的行动Strategic objectives define what actions must be taken to reach the strategic goals. • 目标的设定对将来的成功是十分关键的Objectives are critical to future success.

34. 财务角度 Financial Perspective 我们如何看待企业的所有者 How do we lookto the firm’s owners? 内部经营角度 Internal Operations Perspective 我们必须在哪些作业表现出色 In which activities must we excel? 客户角度 Customer Perspective 客户如何看待我们？ How do our customers see us? 革新与学习方面 Innovation andLearning Perspective我们如何持续改进和创造价值 How can we continuallyimprove and create value? 平衡计分卡 The Balanced Scorecard

35. 平衡计分卡The Balanced Scorecard 财务方面Financial Perspective 目标：收益、销售额、增长额 战 略 地 图 客户方面Customer Perspective 目标：顾客满意度、员工对 顾客需求的良好反映 内部经营方面 Internal Operations 目标：生产效率、产品质量 革新与学习方面 Innovation andLearning Perspective 目标：员工的竞争力和战略意识

36. 平衡计分卡The Balanced Scorecard 应用实例分析： • 盈利性企业平衡计分卡方法的使用 • 服务业和非盈利性企业平衡计分卡方法的使用 详见补充材料

37. 服务企业和政府机构对平衡计分卡的应用 • 位于明尼苏达州罗切斯特市的、世界著名医疗机构梅耶诊所需要评价其在传统财务和医疗生产率指标之外的业绩状况。梅耶诊所为不同的行政，经营部门建立了涵盖六方面的平衡计分卡： • 顾客满意度：内部顾客和外部顾客 • 内部经营过程：经营效率 • 服务质量 • 对持续改进付出的努力 • 公众责任和社会承诺 • 财务业绩

38. 服务企业和政府机构对平衡计分卡的应用 • 20世纪90年代，在酒店建造过多，酒店服务衰退的大潮中，希尔顿酒店集团寻求对其战略进行再评价，并寻求确认业绩不佳的酒店的方法。酒店选择了平衡计分卡，综合酒店经营业务的各方面，将管理者们的注意力集中到以下四个价值驱动因素（平衡计分卡内容）上： • 1、品牌管理 • 2、收入最大化 • 3、经营效果 • 4、客户忠诚度

39. 服务企业和政府机构对平衡计分卡的应用 北卡罗来纳州夏洛特市的市政管理当局选择平衡计分卡对五个主要方面进行评价： • 社区安全 • 交通 • 经济发展 • 街道和政府改组 ppt33-35资料来源：Jonathan W.Curtright,Steven C. Stolp-smith,and Eric S. Edell, “Strategic Performance Management:Development of a Performance Measurement System at the Mayo Clinic,” Journal of Healthcare Management ,January-February 2000,pp.58~68;Dieter Huckestein and Robert Duboff,”Hilton Hotels,”Cornell Hotel and Restaurant Administration Quarterly,August 1999,pp.28~38;Nancy Elliott and Lisa Schumacher,”Charlotte Adopts the Balanced Scorecard,”The American City &County, October 1998,p.32;Robert S.Kaplan and Davie P.Norton,The Strategy-Focused Organization(Boston:Harvard Business School Press,2001).