9. *茅宁《公司理财》第六章*Creating Shareholder Value is Gaining Importance Due to a Variety of FactorsRegional/Capital Markets PerspectiveGreater Focus on
Shareholder ValueIntegration of
Organizational
StructuresDeregulationPrivatizationIntegration
of Capital MarketsWTO Capital Market
Investment
ObjectivesMergers and
AcquisitionsGlobalizationCorporate Specific/TopManagement PerspectiveTraditional accounting measures are not reliably linked to
shareholder valueGrowing recognition
of the need to align
management actions
and rewards to long-term
value creationIncreasing publicity of
shareholder value creation
rankings (e.g., FT. Fortune)Possibility of takeover
by investors seeking
“under” managed assets
“Buy in” by Corporate leaders
35. *茅宁《公司理财》第六章*Measurement of Value Return on Equity (ROE)
Return on Assets (ROA)
Return on Capital (ROC)
Return on Net Assets (RONA)
Return MeasuresRevenue growth
Asset growth
Investment growth
Market share
VolumeGrowth MeasuresTotal Shareholder Return
Market Value Added (MVA)
Economic Value Added (EVA)
Cash Value Added (CVA)
Cash Flow Return on Investment (CFROI)Combined Measures
47. *茅宁《公司理财》第六章*营业利润率资本周转率税收效应ROIC税后负债成本权益资本成本竞争优势市场结构经济政治环境负债资金比重权益资金比重WACC回报
率差MVA:
正回报率差
高增长率增长率
g
48. *茅宁《公司理财》第六章*Generic Value Driver TreeCommitmentCompetenciesCapabilitiesImplementation Through PeopleFinancial ResultsOperational Outcomes
Structures, processes, and experiences that enable your organization to secure competitive advantageCapabilities
Performance behaviors that are observable, measurable, and critical to successful performanceCompetencies
Factors that facilitate employee commitment to the organizationCommitmentBalanced MeasuresExampleFinancial
Margins
Cost Reduction
Project Profitability
Client
Client Satisfaction
Perceived Value of Service
Operational
On-time Completion Rates
Bidding Success Rates
Employee
Employee Survey Results
Turnover Rates
EVAPricing
Fixed Cost Contracts
Cost Plus Contracts
Currency ExposureMarket Position
Competitive Differentiation
Perceived Value of Service
Customer Relationships
Sales Force EffectivenessProject Load
Industry Sector
Geographic Penetration
Bidding Success Rates
New Ordersand Order Backlog
Funded
NonfundedProfit Margin
EBITDA/Revenues
Net Income/RevenuesTurnover
Revenues/InvestmentsOverhead/Expense Mgmt.
Marketing/Administrative
Accounts Receivable
Current Liabilities
Fixed CapitalUse of Debt Leverage
Investor Relations
Analyst CoverageGrowth
RevenuesCost of Capital
Financial Liquidity
Capital Accessibility
Market Alternative Returns
Return on Total Capital (ROTC)
Return on Gross Investment (ROGI)Return on Investment
Strategic Alliance/Joint Ventures
Market Focus
Investment Capital
Branch Office
Project Working Capital
Business Dev. CostsService Delivery
Project Execution
Overall Contract Management
Technological Capabilities
Subcontractor Mgmt. Operating Leverage
Labor ProductivityBusiness Processes
61. *茅宁《公司理财》第六章*1、什么是VBM 一套完整的体系,它使得管理的行动和战略目标定位于为股东价值创造
A consistent framework that aligns management action and strategic objectives with shareholder value creation
VBM的基本目标在于在公司上下形成统一的理念,即管理决策及其实施要聚焦于股东价值创造。
The primary goal of value based management is to build a corporate mindset in which management decision making and execution are focused on the creation of shareholder value
65. *茅宁《公司理财》第六章*3、基于价值管理的实施P. Haspeslagh, Managing For Value: it’s not just about the numbers, pp.65-73, HBR, July-August, 2001
调查了1862家大公司(年销售20亿美元以上)
响应者有271家,其中117家实行正式的VBM
英国银行Lioyds从80年代中期实行,连续15年来每三年股价翻一倍
有一半左右的企业效果一般
AT&T 从1992年开始推行,但最终在2000年彻底放弃
71. *茅宁《公司理财》第六章*HR Alignment Facilitates the Success of VBM Implementation16.6%6.7%8.6%7.1%10.0%3.0%0%2%4%6%8%10%12%14%16%18%5-year Average %TSRCFROISales GrowthCompanies aligned to VBM objectivesCompanies not aligned• VBM measures used for planning and compensation
• VBM goal setting
• Performance system
• Training
• Business unit and corporate incentives
72. *茅宁《公司理财》第六章*Empirical Results Show a Link Between Organizational Implementation and Value CreationCompanies with business unit specific long-term incentives tied to shareholder value creation outperform companies without these incentivesCompanies with Corporateand Business unit incentivesCompanies with solely
Corporate VBM incentives3-year TSR%23.320.522.825.522.525.4202122232425261997-20001994-971991-94
73. *茅宁《公司理财》第六章*Value-Creating Behaviors, Priorities, Decisions, and MeasurementLinking HR to VBMVBM-Aligned
Management ProcessesCorporate StructureAlignmentCorporate CultureVBM-AlignmentDesired Value-Creating Behaviors and CompetenciesEmployment RelationshipPersonal Needs,
Goals, and StrategiesIndividual Priorities
and SkillsHR Policies
and ManagementPersonal VisionOrganizationPeople Requirements“Ownership” Culture• Decision-making
• Priorities
• Reports
74. *茅宁《公司理财》第六章*An HR Perspective on Value ManagementInvestor ScorecardTotal Shareholder Return (TSR)
Market Value Added (MVA)Management Track RecordGrowth / Return ProfileBusiness Strategy
Investments in Future Growth
Economic Value Improvement
Intellectual CapitalInvestor Expectations of
future earnings & riskFinancial Performance ObjectivesClient Satisfaction IndicatorsEmployee Engagement & ProductivityProduct Offering &
InnovationPeople StrategySHORT TERM INDICATORS (Illustrative)Decision Process and Organizational Structure
Performance Management and Incentives
Internal Resource Allocation
Staffing and Recruitment
Values and Culture
Communications
TrainingInternal Process
“Alignment to
Value”Internal
Scorecard
Long Term Goals
and performance
targets anchored
to Investor
Expectations
77. *茅宁《公司理财》第六章*Value-Creating Behaviors, Ownership culture, Priorities, Decisions, and MeasurementLinking Organizational Systems to Value Drivers has Multi-point Linkages VBM-Aligned Management
Processes and StructureCorporate Culture
VBM-AlignmentDesired Value-Creating
Behaviors and CompetenciesHR Policies
and ManagementEmployment Relationships
(“What’s the deal?”)Organization
78. *茅宁《公司理财》第六章*An Aligned Organizational Strategy will have an Impact on Business Value DriversFinancial Value DriversOrganizational ImpactLeadershipStaffingRewardsOrganization
EffectivenessPerformanceVBM AlignmentDevelopmentIncreased
market shareRevenue
growthProfit
margins Asset
turnover Debt/ equity
ratio Risk profile Business
expansionImproved
competitivenessOperational
efficiencyOrganizational
effectivenessOptimal
capital structureGrowth Returns Cost of CapitalValue drivers