价值为基础的管理

HewittValueBasedManagementHewittAssociatesAugust2001CreatingShareholderValueisGainingImportanceDuetoaVarietyofFactorsRegional/CapitalMarketsPerspectiveGreaterFocusonShareholderValueIntegrationofOrganizationalStructuresDeregulationPrivatizationIntegrationofCapitalMarketsWTOCapitalMarketInvestmentObjectivesMergersandAcquisitionsGlobalizationCorporateSpecific/TopManagementPerspectiveTraditionalaccountingmeasuresarenotreliablylinkedtoshareholdervalueGrowingrecognitionoftheneedtoalignmanagementactionsandrewardstolong-termvaluecreationIncreasingpublicityofshareholdervaluecreationrankings(e.g.,FT.Fortune)Possibilityoftakeoverbyinvestorsseeking“under”managedassets“Buyin”byCorporateleadersWhatisValueBasedManagement?•Aconsistentframeworkthatalignsmanagementactionandstrategicobjectiveswithshareholdervaluecreation•TheprimarygoalofvaluebasedmanagementistobuildacorporatemindsetinwhichmanagementdecisionmakingandexecutionarefocusedonthecreationofshareholdervalueVBMEnables•Aconsistentapproachtomanagementplanning,resourceallocation,performanceassessment,andcommunication•Managementtofocusandprioritizeon“value”•AlignmentofmanagementactionwithstrategicobjectivesandshareholdervalueVBMisNot•Solelyaquestionofchoosingaperformancemetric•Limitedtoimplementationwithinthecorporateplanningandfinancedivision•EasytoimplementHRAlignmentFacilitatestheSuccessofVBMImplementation16.6%6.7%8.6%7.1%10.0%3.0%0%2%4%6%8%10%12%14%16%18%5-yearAverage%TSRCFROISalesGrowthCompaniesalignedtoVBMobjectivesCompaniesnotaligned•VBMmeasuresusedforplanningandcompensation•VBMgoalsetting•Performancesystem•Training•BusinessunitandcorporateincentivesEmpiricalResultsShowaLinkBetweenOrganizationalImplementationandValueCreationCompanieswithbusinessunitspecificlong-termincentivestiedtoshareholdervaluecreationoutperformcompanieswithouttheseincentivesCompanieswithCorporateandBusinessunitincentivesCompanieswithsolelyCorporateVBMincentives3-yearTSR%23.320.522.825.522.525.4202122232425261997-20001994-971991-94Value-CreatingBehaviors,Priorities,Decisions,andMeasurementLinkingHRtoVBMVBM-AlignedManagementProcessesCorporateStructureAlignmentCorporateCultureVBM-AlignmentDesiredValue-CreatingBehaviorsandCompetenciesEmploymentRelationshipPersonalNeeds,Goals,andStrategiesIndividualPrioritiesandSkillsHRPoliciesandManagementPersonalVisionOrganizationPeopleRequirements“Ownership”Culture•Decision-making•Priorities•ReportsAnHRPerspectiveonValueManagementInvestorScorecardTotalShareholderReturn(TSR)MarketValueAdded(MVA)ManagementTrackRecordGrowth/ReturnProfileBusinessStrategyInvestmentsinFutureGrowthEconomicValueImprovementIntellectualCapitalInvestorExpectationsoffutureearnings&riskFinancialPerformanceObjectivesClientSatisfactionIndicatorsEmployeeEngagement&ProductivityProductOffering&InnovationPeopleStrategySHORTTERMINDICATORS(Illustrative)DecisionProcessandOrganizationalStructurePerformanceManagementandIncentivesInternalResourceAllocationStaffingandRecruitmentValuesandCultureCommunicationsTrainingInternalProcess“AlignmenttoValue”InternalScorecardLongTermGoalsandperformancetargetsanchoredtoInvestorExpectationsWhatisValueintheBusinessContext?TimeTodayBusinessValue:Whatfuturecashflowsareworthtoday$$$$$CompetingPerspectives:•Lookbackatwhathashappened•Lookforwardatwhatwillhappen•Spreadcostssmoothlyovertime•Lookatthetimingofwhencashcomesandgoes•Onlycountwhatcanbemeasured•CounteverythingthataffectsvalueValuePerspectiveAccountingPerspectiveBridgingtheGapAccountingResults•Returns•Growth•Margins•Marketshare•ProductqualityStrategy•Managementteam•Planforthefuture•Innovation•Competitiveposition/investmentMarketValuation•StockPrice•TotalShareholderReturn(TSR)ExpectationsofValue•Likelihoodofsuccess•Degreeofimprovement•EconomicenvironmentMeasurementofValue•Measurementofvalueisnotaneutralact-itisachoicewhichsignifiesmanagement’sprioritiesanddictatestheorganization’sviewofitself•SelectingaperformancemeasurealignedwithenhancementofvalueinfluencesnotonlythatmeasurebutalsoallthosemeasuresnotselectedMeasurementofValue•ReturnonEquity(ROE)•ReturnonAssets(ROA)•ReturnonCapital(ROC)•ReturnonNetAssets(RONA)ReturnMeasures•Revenuegrowth•Assetgrowth•Investmentgrowth•Marketshare•VolumeGrowthMeasures•TotalShareholderReturn•MarketValueAdded(MVA)•EconomicValueAdded(EVA)•CashValueAdded(CVA)•CashFlowReturnonInvestment(CFROI)CombinedMeasuresDriversofShareholderValueReturnsGrowthVALUEThetwomostfundamentaldriversofshareholdervalue:ManagingShareholderValueThebalanceofcompetingobjectives:Growth-ReturnsTrade-offFormostfirms,therelationshipbetweengrowthinCapitalEmployedandpercentchangeinROIisinitiallynegative.Correlationispositiveoverlongertimehorizons.GrowthinCapitalReturnonCapitalProfitMarginsAssetTurnoverShareholderValueDimensionsofValueShareholderValueCreationPerformancemeasuresandtargetsarecustomizedtocaptureshorttermtradeoffsinviewoflongtermvalueShort-termTradeoffsLong-termInvestmentsCapitalInvestmentforlongtermgrowthpotentialShort-termReturns:Returnsinexcessofcostofcapital-•RONA•EPspread(%)•CFROI•ROEShort-termGrowth:•NetInc