价值为基础的管理

,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Click to edit Master title style,Value Based Management,Hewitt Associates,August 2001,Creating Shareholder Value is Gaining Importance Due to a Variety of Factors,Regional/Capital Markets Perspective,Greater Focus on,Shareholder Value,Integration of,Organizational,Structures,Deregulation,Privatization,Integration,of Capital Markets,WTO,Capital Market,Investment,Objectives,Mergers and,Acquisitions,Globalization,Corporate Specific/TopManagement Perspective,Traditional accounting measures are not reliably linked to,shareholder value,Growing recognition,of the need to align,management actions,and rewards to long-term,value creation,Increasing publicity of,shareholder value creation,rankings(e.g.,FT.Fortune),Possibility of takeover,by investors seeking,“under”managed assets,“,Buy in”by Corporate leaders,What is Value Based Management?,A consistent framework that aligns management action and strategic objectives with shareholder value creation,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,VBM,Enables,A consistent approach to management planning,resource allocation,performance assessment,and communication,Management to focus and prioritize on“value”,Alignment of management action with strategic objectives and shareholder value,VBM is,Not,Solely a question of choosing a performance metric,Limited to implementation within the corporate planning and finance division,Easy to implement,HR Alignment Facilitates the Success of VBM Implementation,16.6%,6.7%,8.6%,7.1%,10.0%,3.0%,0%,2%,4%,6%,8%,10%,12%,14%,16%,18%,5-,year Average%,TSR,CFROI,Sales Growth,Companies aligned to VBM objectives,Companies not aligned,VBM measures used for planning and compensation,VBM goal setting,Performance system,Training,Business unit and corporate incentives,Empirical Results Show a Link Between Organizational Implementation and Value Creation,Companies with business unit specific long-term incentives tied to shareholder value creation outperform companies without these incentives,Companies with Corporateand Business unit incentives,Companies with solely,Corporate VBM incentives,3-,year TSR%,23.3,20.5,22.8,25.5,22.5,25.4,20,21,22,23,24,25,26,1997-2000,1994-97,1991-94,Value-Creating Behaviors,Priorities,Decisions,and Measurement,Linking HR to VBM,VBM-Aligned,Management Processes,Corporate StructureAlignment,Corporate CultureVBM-Alignment,Desired Value-Creating Behaviors and Competencies,Employment Relationship,Personal Needs,Goals,and Strategies,Individual Priorities,and Skills,HR Policies,and Management,Personal Vision,Organization,People Requirements,“,Ownership”Culture,Decision-making,Priorities,Reports,An HR Perspective on Value Management,Investor Scorecard,Total Shareholder Return(TSR),Market Value Added(MVA),Management Track RecordGrowth/Return Profile,Business Strategy,Investments in Future Growth,Economic Value Improvement,Intellectual Capital,Investor Expectations of,future earnings&risk,Financial Performance Objectives,Client Satisfaction Indicators,Employee Engagement&Productivity,Product Offering&,Innovation,People Strategy,SHORT TERM INDICATORS(Illustrative),Decision Process and Organizational Structure,Performance Management and Incentives,Internal Resource Allocation,Staffing and Recruitment,Values and Culture,Communications,Training,Internal Process,“Alignment to,Value”,Internal,Scorecard,Long Term Goals,and performance,targets anchored,to Investor,Expectations,What is Value in the Business Context?,Time,Today,Business Value:What future cash flows are worth today,$,$,$,$,$,Competing Perspectives:,Look back at what,has,happened,Look forward at what,will,happen,Spread costs smoothly over time,Look at the,timing,of when cash comes and goes,Only count what can be measured,Count,everything,that affects value,Value Perspective,Accounting Perspective,Bridging the Gap,Accounting,Results,Returns,Growth,Margins,Market share,Product quality,Strategy,Management team,Plan for the future,Innovation,Competitive position/investment,Market Valuation,Stock Price,Total Shareholder Return(TSR),Expectations of Value,Likelihood of success,Degree of improvement,Economic environment,Measurement of Value,Measurement of value is,not,a neutral act-it is a choice which signifies managements priorities and dictates the organizations view of itself,Selecting a performance measure aligned with enhancement of value influences not only that measure but also all those measures not selected,Measurement of Value,Return on Equity(ROE),Return on Assets(ROA),Return on Capital(ROC),Return on Net Assets(RONA),Return Measures,Revenue growth,Asset growth,Investment growth,Market share,Volume,Growth Measures,Total Shareholder Return,Market Value Added(MVA),Economic Value Added(EVA),Cash Value Added(CVA),Cash Flow Return on Investment(CFROI),Combined Measures,Dri