业绩评估CorporatePerformanceMeasurementppt课件.ppt
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1、Author: Patrick Cote,Contributors: Kate McGreevy Julian Critchlow,bc,Corporate Performance Measurement,April 1999,Copyright 1999 Bain Invested capital = All debt equity invested in format at book value; WACC = Weighted average cost of capital ROIC = Return on invested capital = (NOPAT / invested cap
2、ital) also known as: Return on Net Assets (RONA) or Return on Capital employed (ROCE),EP can be calculated beginning with either profits, NOPAT, or returns, ROIC, depending on the availability of data. The NOPAT method is more commonly used,EP Calculation,Using ROIC,Using NOPAT,EP = NOPAT - Capital
3、Charge,EP = (ROIC - WACC) * Invested Capital,Spread between what is achieved and what is required,Invested Capital * WACC,Discount Rates - Framework,Economic Profit,楞乒山株契癌郭财蛰制掉铂邯喧锰榷攫肯牌唬迷搁散初缺练娘靡墒耙芒华业绩评估CorporatePerformanceMeasurementppt课件业绩评估CorporatePerformanceMeasurementppt课件,60,CorporatePerformanc
4、eMeasurement,* May be referred to as Return on Capital (ROC) or Return on Investment (ROI),There are two different frames of reference for calculating the “economic value” of any business - analogous to the perspectives used in ROI and ROE analysis,Total Capital Perspective,Equity Capital Perspectiv
5、e,Banks and Shareholders,Shareholders,EP = NOPAT - (Assets x WACC),. the profitability of the business from the frame of reference of the debt and equity holders,. profitability of the business from the frame of reference of the equity holders,Opportunity cost of the (blended) debt and equity capita
6、l,Opportunity cost of the equity capital,Profitability is measured as income earned less the opportunity cost of total capital invested,Profitability is measured as income earned less the opportunity cost of equity capital invested,Stakeholder:,EP definition:,Perspective:,. . . given that, what is t
7、he frame of reference?,Accordingly:,Performance Measurement Linkages: - Ratio: - EP:,Total Capital Spread = ROA - WACC EP = Total Capital * (ROC-WACC),Equity Capital Spread = ROC - Ke EP = Equity Capital * (ROC-Ke),Return on Assets (ROA)*,Return on Equity (ROE),Key Ratio:,Discount Rates - Two Differ
8、ent Definitions of EP,Economic Profit,魂推浦言均载始梅镑娇迸萄攫要胯盼韩民秽渐紧易挣伊珠恼他蝉车变嚏顿业绩评估CorporatePerformanceMeasurementppt课件业绩评估CorporatePerformanceMeasurementppt课件,61,CorporatePerformanceMeasurement,Discount Rates,Note: * Since invested capital is calculated based on book value of debt + equity, WACC can be calc
9、ulated for EVA purposes with book value weighting,*Bu = Unlevered Beta = BL 1 + (1 tax rate) (market value of debt market value of equity),Economic Profit,咳秸羡至腔桩默翘孜帝湖薪操夕哨阶秃沸萍屏携制主葵勺坛纫狡龋某氧听业绩评估CorporatePerformanceMeasurementppt课件业绩评估CorporatePerformanceMeasurementppt课件,62,CorporatePerformanceMeasureme
10、nt,EVA and MVA measures differ from other more standard Economic Profit and Market/Book measures primarily due to adjustments to book capital and earnings advocated by Stern/Stewart .,Source: The Quest for Value,Stern Stewarts Stated Objective,Key Adjustments,Make NOPAT a more realistic measure of t
11、he actual cash yield from recurring business activities Turn capital into a more accurate measure of the base upon which investors expect returns,Convert from accrual accounting to cash accounting Reserves, deferred taxes Convert from successful efforts to full-cost accounting Cumulative unusual ite
12、ms Do not discriminate between tangible and intangible assets Capitalize R the period-to-period change flows through the income statement,Note: NOPAT is net of depreciation; depreciation is considered a true conomic expense because assets need to be replenished Source: The Quest for Value,Additions
13、to Book Capital: Equity equivalents,Additions to NOPAT: Change in Equity Equivalents,Deferred Tax Reserve LIFO Reserve Other Reserves Cumulative Goodwill Amortisation Unrecorded Goodwill (Net) Capitalised Intangibles Full-Cost Reserve Cumulative Unusual Loss (Gain) after Tax,Increase (decrease) in R
14、eserves,Eliminate Goodwill Amortisation,Increase in (net) capitalised intangibles,Increase in full-cost reserve,Unusual loss (gain) after tax,Non-capitalised leases are capitalised and form debt equivalents; the interest expense is added back to NOPAT,Accounting Adjustments - Stern Stewarts Mechanic
15、s,Economic Profit,刁腥烬第锗貉坝楚减驾毒快豁眷肪奸音驯家芜撮疑碗昧妨谅箭卷摹匆攘鳞业绩评估CorporatePerformanceMeasurementppt课件业绩评估CorporatePerformanceMeasurementppt课件,65,CorporatePerformanceMeasurement,Source: INSEAD,Is it likely to have a material impact on EP? Can managers influence the outcome? Can operating managers understand it?
16、 Is the required information relatively easy to track or derive? If the adjustment is made, will manager behaviour improve ?,The following five criteria should be used to determine whether an adjustment should be made,Basic Principle: Eliminate distortions to the extent that it is practical to do so
17、,Economic Profit,Accounting Adjustments - Selection Criteria,雨群吹帕车汇貉窟戌剿激敛宛誓接壁既祖丰及拈艘粒您码普颂荫饺殴漂坝业绩评估CorporatePerformanceMeasurementppt课件业绩评估CorporatePerformanceMeasurementppt课件,66,CorporatePerformanceMeasurement,The following short-cut approach provides a quick means of calculating EP, but does not inc
18、lude the appropriate adjustments,Operating Income (EBIT) +Interest Income +Equity Income (or - equity loss) +Other Investment Income -Cash operating taxes -Tax shield on interest* =Net Operating Profit After Tax (NOPAT) Total Assets -Short-Term Non-Interest Bearing Liabilities (ST NIBL)* =Invested C
19、apital (IC) Average IC = (IC Beginning + IC End) 2 Note: Sometimes IC Beginning, not IC Average used NOPAT -Capital Charges (Average IC * Cost of Capital) =EP,* Operating income x marginal statutory tax rate (gives no credit for tax shield on interest) * STNIBL = Current liabilities less all interes
20、t bearing liabilities, such as short-term notes payable Source: INSEAD,Economic Profit,Short-Cut Approach (Excludes Adjustments),耍揪踢制尽扼钎云堰畏婴舒咽狱家畴嵌陪婴键匆愁阶农资党缎擂拒鹿稀筹业绩评估CorporatePerformanceMeasurementppt课件业绩评估CorporatePerformanceMeasurementppt课件,67,CorporatePerformanceMeasurement,Agenda,Economic Profit,
21、Definition Advantages/Disadvantages Framework Use in Strategy Work,愤鲤馁矛腊沼诀外解栽滞责骗麻鼎让萎介蛇榴际狄啪那署镇固其握慌点置业绩评估CorporatePerformanceMeasurementppt课件业绩评估CorporatePerformanceMeasurementppt课件,68,CorporatePerformanceMeasurement,Use in Strategy Work,EP works effectively for manufacturing companies, but is general
22、ly not appropriate for service firms,Manufacturing Sector,Service Sector,Use of EP/MVA,Capital - intensive industries benefit most from EP forces managers to consider capital invested in business e.g. Coca-Cola spinning off bottlers UDV spinning off wine production assets to focus on blending,EP gen
23、erally not appropriate due to difficulty in measuring human capital (typically most valuable asset) Structure of balance sheet precludes use of EP in Financial Services sector,Economic Profit,沮沧览汤盖硼蝶惨罐忻毁绊漠僻鼠惕懊雄阻征既映雌颂廓叹扶臻确埠陷世业绩评估CorporatePerformanceMeasurementppt课件业绩评估CorporatePerformanceMeasurementp
24、pt课件,69,CorporatePerformanceMeasurement,An organisation needs to establish the optimum level of information complexity in order to create the most value,Optimum level of adjustment and analysis will be determined by:,Absolute sensitivity of value measures to adjustments Level of the organisation tha
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