基于企业财务目标的双重绩效评价指标研究

企业财务目标体系（狭义）可以表现为“利润——经济增加值——社会责任增加值”的递阶结构,而这也正是企业进行业绩评价的载体。作为企业经济绩效评价的BSC和EVA在一定程度上起着很重要的作用,而二者的融合,将更加有效地进行企业业绩评价。为了适应我国经济社会可持续发展的需要,在考虑企业经济绩效评价的同时,对企业社会责任绩效的评价也是大势所趋,绩效棱柱业绩评价法就为我们从企业利益相关者或企业社会责任的角度来研究和评价企业社会责任业绩提供了一种新的思路和方法。     

EVA一种有效的业绩评价方法

代理关系的存在,使股东和管理者分开。股东作为企业的最终所有者,希望管理者努力的为企业创造价值,实现企业价值最大化。如何评估本企业的价值,股东需要对管理者的业绩进行有效评价。而现实当中,传统的业绩评价指标由于存在种种缺陷始终无法有效的衡量管理者的业绩。EVA的出现,     

EVA一种有效的业绩评价方法

代理关系的存在,使股东和管理者分开.股东作为企业的最终所有者,希望管理者努力的为企业创造价值,实现企业价值最大化.如何评估本企业的价值,股东需要对管理者的业绩进行有效评价.而现实当中,传统的业绩评价指标由于存在种种缺陷始终无法有效的衡量管理者的业绩.EVA的出现,解决了这些问题.     

试论企业财务预算目标与企业业绩评价

财务管理工作是企业发展过程中非常重要的工作内容,加强财务预算管,实现财务预算的预期目标,对企业业绩的提升具有十分重要的作用。但是在企业实际的发展过程中,对于财务预算管理工作存在一定的问题,因此必须加强对财务预算的管理,为企业业绩的提升带来实质性的帮助是非常有必要的。本文中,笔者阐述了企业财务预算和企业业绩评价,然后分析了强化预算管理及业绩评价的意义,紧接着又对企业财务预算管理与业绩评价的问题进行了分析,最后在前文的基础上详细探讨了企业强化预算管理与业绩评价的对策,希望能够为今后相关内容的研究提供一定的参考依据。     

基于风险视角的企业业绩评价主体确定探讨

企业业绩评价是激励机制的基础,是股东投资、经营者决策的指南.而风险机制已成为现代经济中的一个重要因素,它对企业的生存和发展有着重要的影响.文章从风险角度对企业业绩评价主体进行研究,以确定科学合理的业绩评价主体.     

经济增加值——一种全新的经营理念

由于传统的基于会计考4润和相关指标为主的业绩评价模式没有考虑股权资本成本的缺陷，使我国企业的业绩评价存在许多问题。本文旨在介绍一种较为先进的业绩评价体系——EVA，从而形成一种全新的经营理念。为改善我国的业绩评价体系提供些许启发和参考。     

业绩考核指标中EVA的运用

EVA——经济增加值,是企业作为业绩评价的一种全新的指标。它不同于以往的财务指标,仅仅局限于企业的利润,它更着重于企业的经济增加值,将企业管理者和股东的利益紧紧联系起来。这种理念已在西方商业银行中得到了广泛的应用,并成为这些商业银行业绩评价的核心指标。本文就EVA的概念,以及它在商业银行业绩考核中的运用进行简要探讨,并运用实例证实EVA如何驱动商业银行创造价值。     

业绩考核指标中EVA的运用

EVA——经济增加值,是企业作为业绩评价的一种全新的指标。它不同于以往的财务指标,仅仅局限于企业的利润,它更着重于企业的经济增加值,将企业管理者和股东的利益紧紧联系起来。这种理念已在西方商业银行中得到了广泛的应用,并成为这些商业银行业绩评价的核心指标。本文就EVA的概念,以及它在商业银行业绩考核中的运用进行简要探讨,并运用实例证实EVA如何驱动商业银行创造价值。     

基于BSC的EVA、ABC相融合的企业业绩评价体系

文章先定义了企业业绩评价、企业战略业绩评价及企业战略成本业绩;又对之前的企业业绩评价体系平衡计分卡、经济增加值和作业成本管理分别进行了阐述;最后,对所述内容进行融合,构建了基于BSC的EVA、ABC相融合的企业业绩评价体系。     

浅析经济增加值业绩评价体系在我国的应用

经济增加值是基于价值创造的业绩评价体系,相对于传统业绩评价指标有其创新之处。但是,它在实际应用中存在许多问题。因此,在我国推行EVA业绩评价体系,必须在实施过程中改进该业绩评价指标;完善公司治理结构;充分考虑企业所处的生命周期。     

Does Shari’ah Screening Cause Abnormal Returns? Empirical Evidence from Islamic Equity Indices

Islamic equity funds are subject to the screening criteria for stock selection imposed by the principles of Islamic jurisprudence (Shari’ah). Equities must pass three basic screens: revenue source, business activity, and financial factors to be included in an Islamic fund. However, screening criteria are not universal especially for the financial factors. One can use financial ratios based on either the book-value of total assets or the market-value of equity for screening of stocks. This may not only result in a different portfolio composition but also entail diverse rebalancing and monitoring costs. The performance of 29 Islamic equity indices (IEIs) versus conventional indices from four major international index providers using different Shari’ah screening criteria are analyzed in a single as well as in a multi-equation framework. The use of a multi-equation framework has the added advantage of utilizing the information content of different screening criteria adopted by different index providers. The empirical findings suggest that the difference in screening criteria does not significantly affect the performance of IEIs. Returns deviation, if any, stems from the relative riskiness of the IEI as compared with the relevant benchmark. Work needs to done to streamline the quantitative screening criteria to avoid confusion among the investing public.     

Does socially responsible investment equity indexes in emerging markets pay off? Evidence from Brazil

This paper explores the financial performance of a mainstream socially responsible investment equity index in emerging markets: the Brazilian Corporate Sustainability Index. The results indicate that investors in emerging markets could accommodate their ethical values while at the same time not scarifying their overall portfolio performance in bullish market periods. However, the financial crisis led ethical investors to take a riskier and less profitable portfolio. These results seem to be due to socially responsible investment in Brazil that, as with other emerging markets, is highly influenced by social and institutional factors.     

股权激励存在持续性的激励效应吗？--基于倾向得分匹配法的实证分析

为克服样本选择偏误,本文采用倾向得分匹配法,在六年的时间框架内检验了股权激励效应的持续性问题。研究发现：整体而言,激励组的ROE和Tobin’s Q值均显著高于控制组,说明股权激励能有效地提高企业的财务绩效和市场价值;激励组的ROE在股权激励计划实施后的三年时间里均显著高于控制组,三年之后逐渐与控制组无显著差异,表明股权激励对企业财务绩效的提升作用能持续三年时间;激励组的Tobin’s Q值在实施的第一年与控制组无显著差异,但在随后的四年时间里均显著高于控制组,表明股权激励对企业市场价值存在长达四年的持续提升作用,但存在为期一年的时滞效应。     

Does Sustainability Investment Provide Adaptive Resilience to Ethical Investors? Evidence from Spain

Although sustainable and responsible investment (SRI) has quite recently become a hot research topic, scarcely any systematic research has been paid to the performance of this non-conventional approach to investment during the financial crisis that emerged in mid-2008 when the resilience of the financial markets was sorely tested. Such real-world resilience in practice is the subject of the current research which tests whether environmental, social and governance screens provides ethical investors with adaptive resilience in bull and bear market conditions by focussing on the SRI equity index of one of the most active markets in Europe in terms of ethical investment, the FTSE4Good-Ibex in Spain. Multivariate Generalized Autoregressive Conditional Heteroskedasticity (M-GARCH) analysis indicates that ethical investors in the equity market examined with evidence that greater resilience in severe business cycle shocks could be attributable to SRI by companies. Although limited to a single country study, the results have implications for investors seeking resilience in crisis: when individual values and beliefs towards sustainability tie with personal investment strategy, the end result is adaptive financial resilience, social well-being and environmental defence.     

The impact of B Corp certification on financial stability: Evidence from a multi-country sample

B Corps are firms certified by the non-profit B Lab for pursuing both economic and non-economic goals. Whether B Corps realize a higher financial performance has met mixed evidence. Drawing on the stability-change framework, we ask whether B Corp certification is associated with the level and volatility of financial performance. Also, expecting a greater focus on non-economic activities after certification, equity ratio may decline as shareholders may question the increased non-economic focus. Using nearest neighbor propensity score matched pair method, we draw on a multi-country sample of 355 B Corps and 623 non-B Corps. Our findings are not encouraging. B Corp certification does not provide financial gains nor financial stability, and equity ratio declines and becomes more volatile following certification. Our findings paint a gloomy picture of limited economic benefits and declining participation of equity holders following B Corp certification.     

Contractual Discrimination in Franchise Relationships

Franchisors often modify the contract terms offered to prospective (new) franchisees – to incentivize growth in the number of franchisees, to access capital, or to improve their financial performance. We argue that changes in contract terms offered to new franchisees (contractual discrimination across franchisees) can alter existing franchisees’ perceived equity in their relationship with the franchisor, and affect their freeriding. Specifically, we hypothesize, and show, that positive (negative) discrimination towards new franchisees reduces (maintains) existing franchisees’ perceived equity in their relationship with the franchisor, motivating existing franchisees to increase (eschew) freeriding – with impact on franchisors’ performance. To do so, we first take advantage of an exogenous event (the great recession of 2007-09) to study how 120 restaurant franchisors changed their contract terms to new franchisees and how that affected their post-recession net income (Study 1). We show that changes in contracts for new franchisees impact franchisors’ post-crisis performance, as a function of the number of existing franchisees. Second, with two experiments (Studies 2 and 3) with entrepreneurs and franchisees, we document that the observed changes in performance occur because contractual discrimination affects existing franchisees’ perceived equity and their intentions to free-ride. Thus, we contribute to the literature on equity in franchising relationships, on contract evolution in franchising, and its impact on financial performance.     

Changes in the Covalence Ethical Quote,Financial Performance and Financial Reporting Quality

We examine the equity valuation effect of press releases of upgrades or downgrades reflected in the Covalence Ethical Quote (CEQ), an index ranking the ethical performance of multinational firms. The index is updated quarterly and is comprehensive enough to include 45 criteria reflecting working conditions, impact of product, impact of production, and company institutional impact. Thus, it captures many dimensions of firms’ ethical performance that are not accounted for in previous research. Our research encompasses a joint test of the value relevance of the index itself and the impact of ethical reputation on a firm’s value. We find first a significant causal relationship between stock market reactions and changes in the CEQ. Specifically, disclosures of positive (negative) changes in firm ethical performance cause increases (decreases) in firm value. Second, cross-sectional analysis indicates a positive association between changes in firm ethical performance and both its financial performance and its financial reporting quality. Collectively, these results suggest that the CEQ conveys information that is useful to investors. Further, corporate measures taken to increase ethical performance are associated with positive benefits to shareholders. Finally, investors have concluded that good news about their firms’ efforts to be ethical is worth the cost.     

平衡记分卡在业绩评价中的应用

在我国,企业普遍以财务指标作为业绩评价的主要手段。这种传统的业绩评价方法,仅仅以财务指标为依据,已经不能满足现代企业的需要。应该使用平衡记分卡进行业绩评价,从财务指标、顾客角度、内部流程、学习和成长等角度,将企业的使命和战略转变为具体的目标和评测指标。以实现企业战略和业绩的有机结合。     

The Dynamic Relationship Between Investments in Brand Equity and Firm Profitability: Evidence Using Trademark Registrations

Abstract

Most marketing practitioners and scholars agree that marketing assets such as brand equity significantly contribute to a firm’s financial performance. In this paper, we model brand equity as an unobservable stock that results from up to 30 years of past brand-related investment flows. Using firm-specific trademarks as investment proxies, our results show a significant long-run impact on financial performance. The dynamic profile of brand-related investments has an inverted-U shape that reaches its peak after 11 years. On average, it takes four years before brand-related investments show a positive return, and investments older than 19 years show no significant impact. For the median trademarking firm, brand equity contributes €265,000 to annual profits.     

Organizational capital,production factor resources,and relative firm size in strategic equity alliances

Access to complementary resources through strategic equity alliance networks is an important activity for both smaller and larger firms. In the literature, there is an intensive debate on the impact of alliance resources for smaller firms. We submit that the effect of alliance resources on the smaller firm financial performance depends on the attributes of these resources. Specifically, we argue that the attributes of partner organizational capital are negatively related and the attributes of partner production factor resources are positively related to the smaller firm financial performance. We test our theoretical framework by applying a longitudinal analysis to a dataset of 1730 firm-year observations of strategic equity alliances in the software industry in 25 countries over an 11-year period. We find support for our hypotheses, highlighting the critical importance of resource attributes for smaller firms in strategic equity alliance networks.