绩效评价模型建筑公司：以埃及为例[文献翻译]

原文：PerformanceEvaluatingModelforConstructionCompanies:EgyptianCaseStudyAbstract:Thedynamicnatureoftoday’sconstructionindustrycompelsconstructionpartnerstoseekstrategiesinordertoimproveperformance.Currentresearchintroducesaperformanceevaluationmodelforconstructioncompaniesinordertoprovideapropertoolforacompany’smanagers,owners,shareholders,andfundingagenciestoevaluatetheperformanceofconstructioncompanies.Themodeldevelopedhelpsacompany’smanagementtomaketherightdecisions.Financial,economical,andindustrialdataarecollectedfromEgyptianconstructioncompaniesfornineconsecutiveyears_1992–2000_.Fiveindices_models_aredeveloped:companyperformancescore,economyperformancescore,industryperformancescore,performanceindex,andperformancegrade.Themodelsdevelopedconsidercompaniesinfourconstructionsectors:generalbuilding,heavy,specialtrade,andrealestate.Thesemodelsaccommodatetheeffectofmacroeconomicandindustryrelatedfactorsandcompanysizeontheperformanceevaluation.Thefinaloutcomeofcurrentresearchisaperformancegrade,whichprovidestheperformanceofaconstructioncompany.Thedevelopedmodelisvalidated,whichshowsrobustresults.CEDatabasesubjectheadings:Constructionindustry;Performancecharacteristics;Egypt;Constructionfirms;Evaluation;CaseReportsIntroductionPerformanceevaluationofconstructioncompaniesgainsitsimportancefromthefactthattoday’sworldismovingrapidlytowardglobalization,whichmeanstheinternationalGeneralAgreementonTariffsandTrade_GATT_.TheconceptofGATTistoconductbusinessanywhere,anytime,andanyhow.Inthisenvironment,manymultinationalcompaniesareawardedbusinessinothercountriesinwhichtheyarecompetingwithlocalcompanies.Bothmultinationalandlocalconstructioncompaniesshouldseriouslylookforwardtoimprovingtheirperformanceinordertomaintaintheirinternationalreputation.Thecurrentstudydevelopsperformanceevaluationofconstructioncompaniesthatshowsthepositionofsuchacompanyamongothers.Thisevaluationisdeemedessentialforowners,shareholders,andfundingagenciesofacompanybecauseitclearlydrawsthecorrectpositionofthecompany.Ifthecompanypositionisgood,thiswillincreasetheagencies’interestinthecompanyandviceversa.Manymodelsweredevelopedtoevaluatecompanies’performance,butfewofthemconsidereconomicalandindustrialchangesintheirmodels.Therefore,themajorobjectiveofthecurrentstudyistodesignaperformanceindexthatevaluatesacompany’sfinancialsituationwithintheconstructionindustry.Thismodelwillconsidertheeconomicalandindustrialchangesandtheireffectonthecompany.Thecurrentstudypresentsaperformanceevaluationmodelbasedonfinancialratiosaswellaseconomicandindustryfactors.Themodeldevelopedconsidersfourconstructioncategories_basedontheEgyptiancontractorunion:(1)generalbuilding;(2)heavy;(3)specialtrade;and(4)realestate.Itconsiderstheeffectofcompanysizeandeconomicalandindustrialvariablesonitsperformance.CompaniesthatperformbusinessacrosscategoriesarenotconsideredinthecurrentstudyBackgroundAnumberofconstructioncompanies’performanceevaluationmodelshavebeendevelopedalongtheprevious5decades.Theyaredealingwiththisproblematthreedifferentlevels:(1)constructionindustry;(2)company;and(3)project.Modelsattheconstructionindustrylevelareusedtomeasuretheeffectofeconomical,political,andsocialchangesontheperformanceoftheconstructionindustryasawhole.Kangari(1988)relatesthechangesinconstructionindustryfailureratetosomemacrocosmicfactors:averageprimeinterestrates,amountofconstructionactivity,inflation,andnewbusinessenteringtheconstructionindustry.Mostperformanceevaluationmodelsforconstructioncompaniesarebasedontheirannualfinancialstatementsorreports.Differentanalyticaltechniqueshavebeenusedtodeveloptheseratios:(1)financialstatementtrendanalysis;(2)financialstatementstructuralanalysis;and(3)financialstatementratioanalysis.Themostimportantvariablesthatcouldbeusedinfinancialstatementtrendanalysistodifferentiatebetweenfailedandnonfailedcompaniesare:accountsreceivable,under-belling,accountspayable,notespayable,totallong-termdebts,stockandretainedearnings,costofsales,andgrossprofit(BashaandHassanein1988;Seversonetal.1994).Financialstatementstructuralanalysisdeterminestheproportionthateachcompany’sgrouporsubgrouprepresentsinthefinancialstatement(Hasabo1996).Adecompositionratioisusedtodeterminechangesinthepercentageofthecompany’sassetcomponentsintwoconsecutiveyears(Hasabo1996).ThefirststatisticalevaluationmodelstopredictfinancialfailureweredevelopedbyBeaver_1966_buttheywerenottargetingtheconstructionindustry.Companiesweredividedintotwomaingroups:failedandnonfailedcompanieswithsimilarassetsize.Statisticalmodelsthatarebasedonfinancialratiosoffailedandnonfailedcompaniesrepresentfinancialstatementratioanalysis.Beaver_1966_comparedthesetwogroupsbasedupon30financialratiosinwhichthereweredifferencesinthemeanvaluesofthesetwogroupsforatleast5consecutiveyearsbeforefailure,withdifferencesincreasingastheyearoffailureapproached.ManystudiesfollowedBeaver(1966)thatinvestigatedmultivariatetechniquestodistinguishfailedfromnonfailedcompanies.TheZscore(discriminatemodel)dealtwithcompaniesthatbecamelegallybankrupt(Altman1968).Deak