企业价值评估文献综述英文版
企业绩效评估的文献综述
企业绩效评估的文献综述企业绩效评估是指对企业在一定时期内所取得的成果、目标的完成程度以及经济效益进行评估，以便发现问题、改进管理，最终达到提高企业绩效的目的。
本文将对企业绩效评估的相关文献进行综述，以期对该领域的发展和应用情况进行了解。
关于企业绩效评估的理论基础，研究者们提出了多种评估方法和模型。
最为经典的是鲍尔斯/Baldrige模型和EFQM模型。
鲍尔斯/Baldrige模型是由美国质量管理专家鲍尔斯提出的评估模型，该模型包括7个标准和32个评估项目，分别从领导力、战略规划、顾客和市场导向、信息与分析、人力资源管理、流程管理、业绩评价等方面对企业进行评价。
EFQM模型（European Foundation for Quality Management）则是由欧洲质量管理专家联盟制定的评估模型，该模型从9个标准和32个评估项目对企业进行评估，包括领导力、政策与战略、资源管理、员工满意度、顾客满意度等。
这些模型为企业绩效评估提供了一种体系化的评估方法，对企业进行全面、系统的评估。
对企业绩效评估方法的研究也比较丰富。
研究者基于不同的角度和目的，提出了各种评估方法，如基于财务指标的绩效评估方法、基于关键绩效指标的绩效评估方法、基于综合评价指标的绩效评估方法等。
这些方法具有各自的优点和适用范围，可以根据企业的特点和目标选择合适的评估方法。
文献中还有很多关于企业绩效评估的实证研究。
这些研究主要从企业内外环境、企业管理、技术创新等方面入手，通过对企业的实际情况进行分析和评估，探索绩效评估对企业绩效的影响。
研究结果表明，通过绩效评估可以有效发现问题，指导管理决策，提高企业绩效。
影响企业绩效评估的因素也是多样化的，不同的企业在评估过程中面临着不同的挑战。
文献中还涉及到一些关于企业绩效评估的应用研究。
这些研究主要从不同角度和层面对绩效评估进行应用和探索，如基于绩效评估的薪酬管理、基于绩效评估的战略规划等。
这些研究为企业在实际运营中进行绩效评估的应用提供了一些有益的启示和借鉴。
企业价值评估文献综述英文版
企业价值评估文献综述英文版Literature Review for the Theory of Business Value measurementABSTRACTBusiness value measurement depends on expectations for the future earnings, there are many ways to assess earnings, and the mainly methods are DCF method, Residual Income valuation theory, Economic Value Added valuation method and Real Options Valuation method. This article bases on the development of domestic and foreign business value theory, and gives a brief summary of the latest research, then compares thedifferent valuation theory at home and abroad.Finally, combining with practical features of Chinese enterprise value assessment concluded that assessments of the latest theories in Chinese enterprises.KEY WORDS : Business Value, Measurement Theory, Literature Review1、 IntroductionBusiness value measurement theory rose in the United States in the earlyth1960 of the 20th century. With the 50 years’ development and application , Westerndeveloped countries have been greatly applied in practice. At present, the theory and method of enterprise value evaluation in Western developed countries have been more and more mature，and it has been used to assess in practice. In China, the application of business value measurement theory is later than western countries which is nowrelatively slowly. Therefore, arranging the present research results and analysis the theory structure have been an important aspects so as to form a tight,coherent theory system. On the guidance of the business valuation practice it can establish new methods of business valuation in China, and it is essential to promote the development of theoretical study.2、 Studies AbroadBusiness value measurement have a history of hundreds of years as an industry in Western countries. During those hundreds of years, many scholars in Western countries on business valuation have done a large number of theoretical studies.Shiller (1981) used the discounted cash flow model to describe stock prices fluctuating boundaries, and the research shows that real stock prices change significantly beyond this range. Because these uncertain information is estimated with hypothesis and data processing technology. Its disadvantage is that it required too many intuition for decision makers, but also achieving many possible distribution[1]hypothesisIn 1995, Ohlson use the conception of clean surplusin residual income valuation model based on the use of clean-surplus (clean surplus) constructing and perfecting the concept of residual income valuation model [2]. Felthan and Ohlson (1995) further developed this theory, that extraordinary income sources are twofold: first, monopoly rents, second, accounting for sound doctrine. Their mostprominent contribution is presented for the evaluation of linear information models (1inear information model) [3]. Evaluation of applying the residual income model, relates to the extraordinary income is not included in the current period in the time series estimates of future earnings, more difficult.1995年，Ohlson在剩余收益定价模型的基础上利用干净盈余(clean[2]surplus)的概念构建并完善了剩余收益估值模型。
企业绩效管理外文翻译文献综述
企业绩效管理外文翻译文献综述企业绩效管理外文翻译文献(文档含中英文对照即英文原文和中文翻译)原文：Can Performance Management Foster Intelligent Behavior?Bjarte BogsnesThe world has changed, not just in increasingly fast-changing and unpredictable ways, but also the competence and expectations of people in our organizations. Unfortunately, too few seem to understand or accept that these developments call for radically new and different ways of leading and managing. Traditional management practices do not make usthe agile organizations we need to be.The problem starts with the label, "Performance Management" implying, "If I don't manage you, there will be no performance."We need a new mindset, one that is less about managing performance and more about creating conditions for great performance to occur. We need self-regulating models, requiring less management, but more leadership from everyone.Think about traffic, where we want good performance and a safe good flow. Traffic authorities have different ways of making this happen. The traffic light is a popular choice, but those managing the process (programmers) are not in the situation; information used in their process is not fresh, which is clear as you wait in front of that red light.The roundabout is a very different alternative. Those managing are the drivers themselves. The information used isreal time, coming from own observations. While that information is also available in front of the traffic light, drivers do not have the authority to act on it. By the way, the "zipper" or "every second car through" is not a rule, but a guiding principle.The roundabout normally is more efficient than the traffic light, because of two significant differences in the decision-making process, information and authority. A third element is also required for the roundabout to be more efficient: while the traffic light is a simple-rulesbased system, the roundabout is values-based. A value-set based on, "Me first, I don't care about the rest," is not a big a problem in front of the red light, but is a serious problem in a roundabout. Here, a positive common purpose of wanting a safe and good flow is critical. Drivers must be more considerate, open about own intentions while trying to understand the intentions of peers. Instead of managing performance, traffic authorities have created conditions for self-managed performance to occur.What would the implications be for the loathed performance review? The principles and practices described at Return Path are sensible and interesting. I like the concept of horizontal commitments toward peers, instead of vertical commitments to higher management. At the same time, we need to broaden our definition of performance. In traditional performance, a commitment is too often about "hitting the number." This is too narrow. We need to ask questions such as, how are we doing compared to peers? How are we using KPIs to reflect on performance, or using hindsight and management assessment to verify results? Did we really move toward our longer-term ambitions? How sustainable are the results? Last but not least, there has to be room for values if performance systems are tofoster intelligent behavior; we need to ask, how where those results achieved?At Statoil our integrated performance management approach links ambitions to actions. Our targets reflect a broad set of ambitions,including people, health, safety, environment, operations and financial performance. Read more about our management model and how we apply a holistic and values-based approach to this broader performance agenda.The words of Dee Hock, former GEO of Visa, should guide the design of our management processes, including our performance reviews: "Simple, clear purpose and principles give rise to complex, intelligent behavior. Complex rules and regulations give rise to simple, stupid behavior."While researching my book. Talent Economics, I interviewed employees about what really motivates today's workforce. I discovered a disconnect between the performance support my interviewees wanted versus how managers recounted their contribution to these conversations.Over the last 20 years, the employee mindset has evolved faster than has the art and science of management. Nowhere is this starker than in the area of performance management practices, particularly the annual review. In both the developed and developing world, employees report that this end-of-year activity breeds stress, anxiety and mistrust. How ironic that a process aimed at improving organizational performance, is itself underperforming!It's time to "reboot" our performance management operating system, installing two specific system updates: l. The "Democracy" update. As much as we try to make theperformance appraisal a two way dialogue, we cannot run away from the fact that at its core, the conversation today is often a top-down review. My research shows that many 21st century employees are rejecting conversations that are one-way: in hot job markets today, managers must realize "who is appraising whom." With other offers readily available, many employees enter a performance dialogue privately considering if their manager is worth another year of their career. The performance management conversation now reflects a company's Employee Value Proposition, much as we learn in the lead Perspective.The Democracy update means that managers only gain the right to give feedback when they first genuinely seek the same on their own performance as leaders. Not just through 360-degree reviews, but also through authentic conversations asking, "How am I performing as your manager? " and "How can I help you succeed?" Only then can the conversation shift to, "How you can improve?"and "This is what you should focus on."2. The Success module. Greater employee autonomy and empowerment also changes the meaning of management. We have gone from a "supervisor of task and outcomes" to an "enabler of performance, innovative thinking and collective success." To make this shift, we must give up the judge's robes for the coach's uniform. If employees don't succeed, managers are on the hook, too.This is particularly relevant when coaching a team to success. People bring different skills to a team and how well they work together really matters. If team reviews work better to achieve a goal, so be it. The Return Path story illustrates how review processes can be designed and executed around what matters most, and where everyone dons the uniforms of player and coach.What if, instead of making the heart of a performance conversation the evaluation, it became a vehicle to improve success of the individual, the team and the business? What if performance feedback was paired with dialogue about transforming the business, the product or customer experience? This genuinely reboots and upgrades performance management to focus on individual and organizational success.It is indeed time to upgrade performance management practices: we can no longer manage a 21st century employee using 20th century mindsets.People & Strategy. 2013, V ol. 36 Issue 2, p12-13. 2p.译文：绩效管理能促进自我管理行为吗?Bjarte Bogsnes世界随着时间的推移而变化莫测，连那些与时变化而不可预测的通道也随之改变，与此同时组织人员的能力和期望也顺应时代潮流。
企业绩效评估英文文献
Performance evaluation usually also known as performance appraisal or "performance" is the enterprise borne by each worker in the work of the application of science and qualitative and quantitative methods, workers and the actual results of the enterprise value of the contribution or assessment and evaluation. It is an important corporate personnel management, strong corporate governance is one of the means. The purpose of performance evaluations by each individual assessment improve the efficiency, and eventually realize the goal of enterprise.In the enterprise for performance evaluation work, we need to do a lot of related work. First, the need for performance evaluation of the meaning of scientific explanation, the entire organization of a unified understanding. Performance appraisal is an integral part of modern organizational management tool. It is a periodic review and evaluation of staff performance management system, is in charge of or related personnel to staff the work of the evaluation system. Effective performance appraisal, can not only identify each employee's contribution to the organization or inadequate, but also on the whole of the management of human resources to provide decisive assessment information, so that we can improve organizational feedback function, improve staff performance, but also Motivation, could also serve as a fair and reasonable reward staff basis.Performance appraisal is the sum of a series of related concepts, which include: to the work, performance standards, evaluation, assessment interviews, in-service counselling. Performance Assessment and Application PerformanceTrue performance management system is not just a simple set at the beginning of appraisal standards, and then evaluate the end of the year, but by the beginning of a performance plan for post-job himself clearly in the direction of the efforts in the performance of the ongoing efforts of the year, senior officers provide ongoing guidance and feedback, to help complete the various layers of the target level.Therefore, a performance management system is not just the performance objectives of the completion of the final evaluation, and performance goals should be a whole process of comprehensive management, including performance objectives determined in the implementation of the day-to-day or stage inspection and guidance, feedback, the amendment, the HKEAA , incentives, it is a cyclical cycle process. This cyclical process of the last cycle is a key step is: formulate scientific and rational evaluation methods, performance assessment and appraisal, and the right incentives. Performance Assessment examination usually led by the Human Resources Department is responsible for organizing, coordinating, the relevant departments to coordinate.A performance evaluation(1) PurposeThe actual performance of the past performance and plan for the difference between a formal evaluation to identify ways to improve and enhance the performance of the future.(2) evaluation and assessment content1. Actual performance over the past year review and assessment, including the collection of key performance indicators or targets implementation of the results, and actual results will have set standards for the control and decide the scores level.2. Performance for the next year to develop or adapt key performance indicators, objectives and capacity development plans.3. Determine remuneration adjustments and incentive programme.(3) The results of the implementation of collection1. Human Resources is responsible for organizing from the relevant departments or units to meet.2. The objective of the examination, during examination should be done prior to the meeting and some of the preparatory work, the performance of the officers concerned to collect specific implementation of the various aspects related to listen to the feedback: that the subordinate staff of the internal and external customer feedback. Relevant text files, data information, you recall peacetime observation. And the actual performance of individual employees and conduct performance and capacity than the clear understanding, and preliminary assessment of the performance of staff, Score-level performance and capacity situation. Arrangements for a performance discussion with the staff and meeting time, subordinate to the message: You attach great importance to this meeting.3. For the staff: staff must be assessed prior to the meeting that the agenda for the meeting. Notice two weeks ago and the best in him to get to know the purpose of the meeting, some of the staff had completed its preparations for the performance of prior information and self-assessment.(4) Calculation of individual performance scoresTo enable employees work performance among comparable to the effective implementation of incentive, the commonly used performance percentile calculation method to assess the performance of individual employees completion. Individual performance score is calculated as follows: Individual performance scores = ∑ (KPIi performance percentile × KPIi weight) × KPI total weight + ∑ (target completion percentile × weight) × objective of the total weight(5) individual performance feedbackAfter the annual evaluation, the results should be the timely performance feedback to be evaluated, in the assessment of people have no objection to the circumstances, with the incentive for individuals linked. Who has been assessed objections, the companies can appeal the appeals process.The same as the mid-term review, performance assessment can be conducted to discuss the performance feedback.(6) Performance Evaluation discussion1. Stressed that the purpose of performance evaluation and the meeting will discuss the agendaSet a relaxed atmosphere for the discussion on Performance Evaluation main purpose is to explore how to improve future performance. Reaffirming the importance of participation by staff. Itemized on the completion of targets or goals. In both preparations, the plans and performance evaluation form included in the targets or goals for the article-by-article discussions on the situation, subordinate to each indicator or target for a summary. Share your observation of their performance. No need to be discussed specific details but rather on the results of a highlight goal to reach or exceed the situation.2. Itemized assessment scores levelOn the list of all key performance indicators or targets itemized effect of the completion of discussions, the first to subordinate their key performance indicators or targets in accordance with the completion of standards for measuring scores level, do you think that those more suitable Score - to discuss those differences do you think there are scores level, and review of performance to find the facts, focus on performance rather than the facts themselves, access to the scores of consensus. If the preliminary goals and measurable indicators of a clear, in their daily work and ongoing guidance and tracking of medium-term, comprehensive performance assessment meeting acknowledged the difficulty can be reduced significantly, because they are not the results are particularly surprised.3. Performance for diagnosisIn the assessment of those who completed better performance indicators and targets as well as those who have not completed the targets and goals of the reasons for analysis, in what some staff shown consistent patterns of behaviour to obtain certain strengths or weaknesses led to a certain? What if we adopt a different approach may achieve our goals or standards?4. Discuss improvement planTold the staff and the total score after the personal performance evaluation scores. Asked to maintain good performance, can be taken to resolve issues related to the programme of action. Records of these action programmes for the development of annual performance plans standby. Formulatecorresponding area of capacity development, concrete actions and the desired results.5. Higher-level managers reviewedManagers at all levels will be the performance of its staff assessment results reported to the higher authorities, managers reviewed, the higher their managers for performance evaluation and assessment of the views of the two sides that the final assessment resultsSecond, the results of performancePerformance management and reward must be linked to incentive mechanisms can reflect its value. According to the staff performance appraisal results determine a reasonable pay incentives, performance appraisal is to ensure that the principal means of incentives and the core problem. In the design of the performance management system at the same time, we are also in accordance with their own characteristics for the synchronous design staff at all levels of the performance-related pay system.Performance results will be used normally as follows:1. Promotion wage (because of the specific situation in the promotion case may be)2. Performance bonuses determined (specifically identified because of the way the case may be)3. Career developmentPerformance Management is the ultimate goal of improving productivity and efficiency, through the success of each employee contributed to the success of enterprises. When staff performance evaluation scores of lower-level, we should discuss how to improve the performance required for the completion of the ability to improve performance and develop a plan of action. According to the results of performance assessment, in conjunction with other assessment, identifying outstanding performance, good quality, excellent innovation capability of managers and staff through job rotation, special training, etc., from the quality and the ability to conduct a comprehensive training, adjustments in the team added officers, to give priority to be promoted. At the same time, through the comparison of the results of performance assessment, analysis, evaluation was to identify the quality of representation and the gap between positions, in accordance with company management policy andlong-term development strategy for the management requirements, design and implementation of targeted training and timely improving management capacity and level.For those who can not meet the required performance, capacity is not significantly improve the staff to consider whether there are other suitable positions better than the original position to play its role. Through the careerdevelopment of employees, performance, the ability to work or personal behaviour and the career prospects of staff link to each other, thereby strengthening the ability to improve performance and the awareness of all the staff to improve the ability to complete performance targets. Also the human cost to the performance of transformation, the transformation of human capital to be specific implementation.In order to better the performance of the different performance management, talent can refer to the following matrix model.Table 7: talent Matrix ModelAnd the potential for high capacityInLowMedium outstanding qualified failurePerformance4. Other incentivesImplementation of pay linked to performance, although the performance of the staff to upgrade the level of better incentives, and is also a major incentive. But it is undeniable their own, there are also some limitations, but because of organizational factors, environmental factors and personal factors also caused a fixed wage increases and incentive bonuses specific operational difficulty and complexity of these problems are properly resolved, will be detrimental to performance incentives incentives.In actual operation should be actively avoid these negative factors can be considered in a larger scope reward and incentive approach. The realization of growth in wages and performance bonuses for major awards and incentives, with other incentives, and to reward with a continuous policy framework, and give full play to the potential role of other incentives, can be used to make up for the performance of wages restrictive role. Below other incentives for a brief description:To master the different forms of incentives, as well as the effect of different incentives, is the first step in the implementation of effective incentives. In the broad perspective, the incentives can be divided into two categories:One is external incentives. Including wage increases, performance bonuses and other rewards the nature of incentives, such as job promotion, training opportunities, study tour, tourist resort, from the high-level recognition and commendation.The second category is intrinsic reward. Including its own staff of the incentives (such as a sense of achievement), welfare, conferred the honorarytitle given challenging responsibilities, important and meaningful work, set goals and make decisions, such as the influence.These stresses in the form of incentives, according to different types, different locations, as well as staff time needs of different incentives for different incentives, real incentives to achieve this purpose it is necessary to make things right incentives, rewards employees have liked things that we should follow the implementation of incentive when one of the principles. Another incentive should also be in the grasp of achievement should not be confined to the understanding of the best employees; incentives to specific, and timely.Third, performance plans to amendThe company's strategic direction or will be the focus of the company each year with the different stages of development of the company or outside competition to the changing situation to be adjusted accordingly, the level of departments or work of staff of the target will be adjusted accordingly. Upon completion of performance appraisal, in a wide range of listening to the views of various parties on the basis of performance management should be on the practice of concluding a comprehensive analysis of concrete from the following considerations:1. Performance Performance Assessment Scheme content (including key performance indicators, setting objectives)Identify the most successful part of what? What is the most difficult operation? What is not meaningful? Targets adjustment will be reflected in the major work activities or key regional results. In addition, even if the work is the same or similar activities as the key to regional results, but also because of the completion of the outcome of the capacity of regional or external factors and other factors to be adjusted accordingly, and this adjustment will be reflected in the measurement standards.2. Performance Plan target (including key performance indicators and challenges of the goal indicators indicators, as well as the completion of targets set standards)According to actual performance compared with the objectives to determine whether the targets set reasonable value, and the next year the value of performance indicators defined plan will provide experience and guidance. 3. Performance guidance and enhanced methods and performance evaluation and reporting methods.On guidance and assessment methods to conduct a comprehensive analysis of the test, remove unreasonable factors, and the amendment. In a comprehensive summation of the basis of the analysis, according to the company's new business development plan and the annual operating budget objectives, and revised performance plan to the next round of the operating performance plan.。
英文文献综述万能模板范文
英文文献综述万能模板范文英文回答：Introduction.A literature review is a comprehensive survey of the existing research on a particular topic. It provides a critical analysis of the literature, identifying the key themes, gaps, and areas for future research. A well-written literature review can help readers quickly and easily understand the current state of knowledge on a topic.Steps to Writing a Literature Review.1. Define your topic. The first step is to define the scope of your literature review. This includes identifying the key concepts, variables, and research questions that you will be addressing.2. Search for relevant literature. Once you havedefined your topic, you need to search for relevant literature. This can be done through a variety of sources, including academic databases, Google Scholar, and library catalogs.3. Evaluate the literature. Once you have found a bodyof literature, you need to evaluate it to determine its relevance, quality, and credibility. This involves reading the abstracts and full text of the articles and assessing their strengths and weaknesses.4. Organize your review. Once you have evaluated the literature, you need to organize it into a logical structure. This may involve grouping the articles by theme, methodology, or research question.5. Write your review. The final step is to write your literature review. This should include a clear introduction, a body that discusses the key findings of the literature, and a conclusion that summarizes your findings andidentifies areas for future research.Tips for Writing a Literature Review.Be comprehensive. Include all of the relevant literature on your topic, even if it is not supportive of your hypothesis.Be critical. Evaluate the strengths and weaknesses of the literature, and identify any gaps in the research.Be clear and concise. Write in a clear and concise style, and avoid using jargon or technical language.Proofread carefully. Make sure to proofread your literature review carefully before submitting it.中文回答：文献综述的撰写步骤。
企业价值评估英语
企业价值评估英语Enterprise valuation is the process of determining the worth or value of a company. It involves various methods and approaches that take into consideration the company's assets, financial performance, market conditions, and potential for growth.There are several commonly used methods for enterprise valuation, including the market approach, income approach, and asset-based approach. The market approach looks at comparable companies in the same industry and uses their valuation multiples to determine the value of the company being evaluated. The income approach uses the company's projected future cash flows and applies a discount rate to calculate its present value. The asset-based approach focuses on the company's balance sheet and calculates its net asset value.In addition to these methods, enterprise valuation may also consider other factors such as brand value, intellectual property, customer base, competitive advantages, and management quality. These intangible factors are often difficult to quantify but can significantly impact the overall value of a company.Enterprise valuation is important for several reasons. It helps investors and potential buyers determine how much they are willing to pay for a company. It also provides a benchmark for measuring a company's performance and helps guide strategic decision-making.Ultimately, enterprise valuation is a complex process that requires thorough analysis, financial modeling, and market research. It isessential for providing an objective and accurate assessment of a company's worth.。
房地产企业价值评估文献综述及外文文献资料
本份文档包含：关于该选题的外文文献、文献综述一、外文文献文献信息标题: Toward a New Metrics for the Evaluation of the Social Added Value of Social Enterprises作者: Bassi, Andrea; Vincenti, Giorgia期刊名称: CIRIEC - Espana；第8卷；第3期；页码：29-42年份: 2015Toward a New Metrics for the Evaluation of the Social Added Value of SocialEnterprisesABSTRACTThere is a widespread dissatisfaction among nonprofit leaders and managers, private funders and public decision-makers concerning the current systems of social impact assessment of nonprofit organizations/social enterprises (NPO/SE).The systems of performance measurement of NPO/SE vary greatly in relationship to a series of endogenous and exogenous variables related to different organizational environments: economic, political, social and cultural.The aim of this article is to present an innovative theoretical framework on the basis of which it is possible to define a set of indicators for the evaluation of the social added value produced by NPO/SE.Our hypothesis is that NPO/SE are characterized by their ability to generate different outcome at each of the dimensions of social life: micro, meso and macro. Meaning, a sense of responsibility at the micro level; relational goods at the meso level; and social capital at the macro level.The article illustrates the assessment tool called S.A.V.E. applied, as empirical reference, to three Italian social enterprises operating in the field of health and social services (local welfare systems).KEYWORDS: Social Impact Assessment, Social Added Value, Evaluation, Social1 IntroductionThere is a widespread dissatisfaction among nonprofit leaders and managers, private fenders and public decision-makers concerning the current systems of social impact assessment of nonprofit organizations/social enterprises (NPO/SE).The systems of performance measurement of NPO/SE vary greatly in relationship to a series of endogenous and exogenous variables related to different organizational environments: economic, political, social and cultural.The aim of this article is to present an innovative theoretical framework on the basis of which it is possible to define a set of indicators for the evaluation of the social added value produced by NPO/SE.Our hypothesis is that NPO/SE are characterized by their ability to generate different outcome at each of the dimensions of social life: micro, meso and macro. Meaning, a sense of responsibility at the micro level; relational goods at the meso level; andsocial capital at the macro level.The article illustrates the assessment tool called S.A.V.E. applied, as empirical reference, to three Italian social enterprises operating in the field of health and social services (local welfare systems).The first paragraph deals with the issue of social impact. Taking into account of the fact that there is an increasing and converging interest among policy makers, scholars and researchers, and third sector practitioners concerning the social added value nonprofit organizations and social enterprises create in the society as a whole. We argue that there are many factors inducing this pressure on NPO / SE towards the adoption of assessment systems for the evaluation of the (social) impact produced by their activities and programs; among them a key-role is played by the economic and financial crisis started in October 2008, and the consequent shrinkage of financial resources both for institutional donors (grant-making foundations) and public administration.In the second paragraph we illustrate the logic and the internal dimensions of the theoretical framework we called S.A.V.E. - meaning social added value evaluation model - trying to emphasize it strengths in comparison to other tools of nonprofit performance assessment.The third paragraph is dedicated to present a short history of the evolution of the social cooperative movement in Italy and the research design of the exploratory empirical inquiry we carried on.The fourth paragraph illustrates the characteristics of the three social cooperatives analyzed, and it presents the outcomes of the case studies we conducted.Finally, the conclusive section summarizes the main results illustrated in the article and opens new hypothesis for further research projects.2.- Social Impact Assessment: Whether, Why, What, Who, When, How?There is an increasing pressure toward NPO / SE for the adoption of assessment systems for the evaluation of the (social) impact produced (induced) by their activities, programs, projects, etc. Where does this pressure came from? And why now?In our opinion there are, at least, three main reason explaining these trends.2.1. Converging trendsFirst of all there is a wide change in the attitude of the citizens as consumers towards the role and function of private for profit enterprises in society. This change in life styles, opinions and attitudes put pressure on firms influencing their corporate behavior, pushing them to adopt a more social responsible orientation towards the environment and its stakeholders.The corporations are asked nowadays to fulfill the requirements of a "triple bottom line": the monetary rewards of the shareholders (economic feasibility); the improvement in quality of life of several stakeholders: workers, clients/users, suppliers, people living in the local community where the enterprise is located (social sustainability); the preservation of the natural environment (responsibility towards the new generations).This trends goes in the direction of the necessity for the corporations to act in a more transparent way (publicness social accountability) and be able to demonstrate theirimpacts (positive or negative) in the territories where they are located.Secondly in the last two decades there has been a deep process of reform in the Public Administration, involving the top managerial levels, due to the adoption of the principles of the so called "New Public Management".This new managerial style stresses the public administration officials to embrace "market" or "business-like" techniques in the planning, implementation, delivering and evaluation of services and provisions, such as: cost-benefits analysis, goal-achievement, project-planning, direct personal responsibility, system of incentives (rewards) and penalties.This trend put a pressure on the public managers to demonstrate the results of their actions (efficiency and effectiveness) and of the work of the offices they are leading. Since in many fields of activities (welfare, health, education) the public bodies operate through (by means of) third sector - nonprofit suppliers, this new managerial philosophy implies a growing (increasing) request these organizations to show the (social) impact of their programs and services delivered under contract with the public administration (value for money).In parallel in many western countries the systems of welfare provisions undertake a deep and wide reform process (Hemerijck 2012; Pierson 2011) inspired by the so called "personalization" principle, aimed to give to the citizen (the final beneficiary of services provision) more "power of choice" and "voice" (empowerment).This reform implied a radical change in the way public bodies sustain and finance the delivering of social, health and education services by third parties. This change has been defined as the movement from "supply-side" to "demand-side" model of financing the provision of services (Standing, 2004).The new model of financing implies the implementation of an "accreditation procedure" through which the suppliers should be recognized by a specialized Agency (public body) to be qualified (licensed) to deliver a specific typology of services (or a set of services).The public administration (usually the municipality) than set up a procedure for the citizens in order to be qualified as "having the right" to receive a particular type of service. Those citizens included in this condition than receive a certain amount of "purchase power" in form of vouchers or in form of money (personal budget). The vouchers and the personal budget than can be "spent" in order to buy services from the "licensed" delivering organizations, in the so called "regulated social market".It is easy to see as this new model of financing put the deliverers in competition among them in order to attract (to catch) the former users of welfare provisions, now "clients" in the social market. The competition stresses the capacity and the ability of the social services deliverers to demonstrate the effectiveness of their operational structure, in respect to the other possible competitors (both for profit and nonprofit). This constitutes another very powerful incentive toward the adoption of systems of social impact assessment among the NPO / SE working the welfare field.Thirdly there is a wide movement inside the so called Third Sector (meaning organizations that are not private for profit (business) neither part of the public administration structure) toward the "marketization" or "commercialization" of theiractivities and the "professionalization" of their human resources (both paid staff and volunteers).The first phenomenon "marketization" indicate the growing tendency of NPO / SE to sell their goods and services directly to the clients (Brennan, Cass, Himmelweit, Szebehely 2012; Meagher and Szebehely 2013). The income structure of NPO / SE is undergoing (undertaking) a deep change showing an increasing quota of revenues coming from direct selling and a corresponding decrease of those originated from "donations" and contracts with the public administration.This new differentiation of the portfolio of the NPO / SE entails the outbreak of new forms of organization which present characteristic of the three principal typologies: firms (for profit sector), bureau (public sector) and associations (nonprofit / third sector). Some authors have called this phenomena "hybridization" and the result of the organizational process "hybrid organizations" (Billis, 2010).Also this trend goes in the direction of pushing the capacity of the new (social) enterprises (Defourny, Hulgard, Pestoff, 2014) to demonstrate the (social) impact of their activities comparing to the "traditional" nonprofit organizations based mainly on donatives income.The second aspect, professionalization, is concerning the trend toward a progressive substitution of volunteers with paid staff in the key positions of NPO/SE, which take place in the last two decade of the previous century. This tendency related to the hiring of high skilled and high educated personnel in the mid and top management positions in the nonprofit sector, is due by both the development of Master degrees in "nonprofit management" and "social entrepreneurship leadership" in many Universities (especially in Business Schools); and the increasing complexity of the accreditation process and the requirements imposed by the public administration in order to enter in the "social market" of care services.The presence of more professionals in the organizational structure, also, pushes in the direction of adopting a wide array of systems of evaluation and assessment of organization's performance and impact.2.2. A framework for measuring social performanceIn a very insightful article published in 2010 in the Working Paper Series of the Harvard Business School, Ebrahim A. and Rangan V.K propose a "framework for measuring social performance" using as target the NGOs - nongovernmental organization operating in "third world" or "under developed" countries.The authors recognize that many definitions of impact refer to a logic chain of results in which organizational inputs and activities lead to a series of outputs, outcomes, and ultimately to a set of societal impacts (see Table 2.1).Given the above mentioned framework they state that:"Our normative argument is that it is not feasible, or even desirable, for all organizations to develop metrics at all levels on the logic chain. The more important challenge is one of alignment: building systems and structures for measurement that support the achievement of organizational mission, especially the goals that an organization can reasonably control or influence. We contend that organizational efforts extending beyond this scope are a misallocation of scarce resources." (p. 4)They develop a contingency approach for measuring social performance based on the assumption that - because of the varied work, aims, and capacities of social sector organizations - some organizations should be measuring long-term impacts, while others should stick to measuring shorterterm results. This approach offers a logic for determining which kinds of measures are appropriate, as driven by the mission and goals of the organization.They are aware of the fact that in times of economic crisis the pressures to demonstrate impact are likely to increase across all the actors involved (private funders, nonprofit leaders, government), as public and private resources diminish and as competition for existing resources increases.There is no doubts that the growing emphasis on impact and accountability has increased the pressure on social sector organizations to pay attention to performance measurement. Therefore there are three main challenges in front of the nonprofit managers and leaders:"* What can my organization reasonably measure on the logic chain - inputs, activities, outputs, outcomes, or impacts?* What does my organization need to measure for accountability to funders?* How can my organization use measurement to help it better achieve its mission?" (p.17)The authors affirm that two deeper analytical problems are implied by these questions: (a) the problem of causality, meaning how well understood is the relationship between cause and effect of an intervention; and they refer to an organization's causal logic as its theory of change. (b) the problem of control over results, meaning the ways in which managers exercise control over their interventions and results.In order to illustrate their argument Ebrahim and Rangan, choose the example of the role of the social sector in the field of poverty alleviation. They indicate three broad types of activities:"* Emergency relief - activities that address urgent survival needs, such as food and temporary shelter, as well as disaster, crisis and conflict mitigation.* Service delivery - activities that address basic needs, such as education, healthcare, longerterm shelter, community development, employment and income generation.* Policy and rights advocacy - activities that address structural issues related to rights, public policy and regulation, and societal norms." (p. 19)After a very deep and careful analysis of several examples of intervention in this field, they summarize their observations in the following propositions that relate performance measurement to the type of social sector activity:"1. Performance in emergency and relief work can be measured in terms of inputs, activities, and outputs;2. Performance in service delivery work can be measured in terms of activities and outputs;3. Performance in service delivery work, when of large scale and scope, can be measured in terms of outcomes and sometimes impacts;4. Performance in advocacy and rights-based work can be measured in terms of outputs and "influence," an intermediary outcome." (p. 22)Based on this empirical analysis they propose a contingency framework for assessing the different types of results that can be measured (see Figure 2.2).The vertical axis of the matrix refers to the causal logic underlying an activity. As mentioned before a theory of change shows the pathway through which a set of interventions is expected to lead to a certain goal. The key point here is the level of complexity is involved in the relationship between cause and effect, and the degree of awareness. There are at least two situations: focused and complex. In the first one the relationship between cause and effect is linear and clearly understood. The second one refers to cause-effect relationships that are weakly understood, and where there are multiple causal factors.The horizontal axis of the matrix - operational strategy - concerns what an organization actually does in implementing its mission. Also from this point of view there are two main possibilities: focused and complex. In the first case the nonprofit concentrates on a highly specific task or intervention; each organizational actor fills a specific and critical niche. In the second one, the organizations expand its boundaries to absorb other key functions or niches, that play a key role in achieving their mission. Following this line of reasoning Ebrahim and Rangan distinguish among four broad types of results: niche, integrated, institutional, and ecosystem (see Figure 2.2). Regarding the organizations in the niche quadrant, it is feasible to rely on simple measures of the organization's inputs, activities, and outputs. It would not be useful to try to measure long-term impacts, since that is not what niche efforts can reasonably control, nor necessarily what the organization aims to achieve. The organizations in the integrated results quadrant usually are able to measure their outputs and also outcomes.As far as the organizations in the institutional quadrant are concerned, it may be feasible to measure their outputs and their "influence" in shaping key policies (as intermediate outcomes), but not necessarily their impacts. The reason lays in the fact that impacts are more likely to be achieved by networks or coalitions of actors working in concert, than by single organizations acting alone.Finally, organizations in the ecosystem quadrant are focused on issues that are difficult to be clearly defined, and involve multiple interventions and roles. The fulfillment of their mission requires synergistic results that affect entire systems. Measuring these impacts requires long time frames. In this case impacts are more likely to be achieved through partnerships and collaborations, because usually it is not possible to attribute impacts exclusively to any one actor.The authors conclude with the following statement:"The discussions around impact measurement, both within the U.S. and internationally have been somewhat polarized - between those who demand clear and quantifiable measures of impact and those who contend that social sector work is so unique and context-specific that it cannot be readily measured. Our contingency framework attempts to move beyond such reductionism by differentiating among types of results." (p. 30)Assuming this multidimensional approach - and for the purpose of this article - we will adopt the following definition of Social Impact2:A lasting change (positive or negative) in the environment of the organization influenced - directly or indirectly, intended or unintended - by the organizational activities.The decision making process concerning the social impact assessment involve several organizational dimensions that can be summarized by the following questions: whether, why, what, who, when and how.The first point is concerning the degree of awareness that the different internal stakeholders of the organizations have about the necessity/opportunity to measure the social impact. Given the fact that a certain kind of evaluation of organization's social performance is always present, the organizations can differ on the level of consciousness that this process is active and on the way it is implemented: implicit or explicit, directly or indirectly (through the opinions of external stakeholders).The second issue regards the reasons, the motives, on the base of which the governing body of the organization take the decision to undertake a program of social impact assessment/evaluation. These could be leaded mainly by economic rationales (funders and donors concerns); or by political reasons (to increase the organization's reputation and legitimization, or image and visibility in the local community); or by social rationale (to evaluate the quality of the relationships, partnerships, networks, the organization is member of; and the level of trust by other organizations); or by ethical motives (linked to the ideological, religious, moral orientation of the organizations; level of consistency with the mission's values).The third aspect concerns the level and the object of analysis. The social impact assessment could concern, at least, three level of analysis: micro (a project), meso (the organization itself) and macro (a service or a program). The evaluation could be directed towards two main objects: processes or products. Finally it could concern two main type of results: tangible (outputs) or intangible (outcomes).The fourth dimension is taking into consideration the subject/actor of the assessment process. Indeed the social impact can be evaluate or internally (by some sub-unit of the organization) or externally (by a third party: a private or public body, for instance the social audit procedure).The fifth point is relating to the time of realization of the evaluation process, that can be: before the start of a project, program or service (prevision analysis), during its implementation (monitoring the ongoing activities), or after its conclusion (short-medium-long term effects).Finally, the sixth and last aspect, regards a more practical level of the decision making process namely the choice of the best evaluation tools to be adopted. "Best" in this case refers to the "adequacy" and "appropriateness" of the tool in relation to the object and the level of analysis, on one side, and the type of organization's activities, on the other side. The "accuracy" and "correctness" of the tool can be measured in terms of the quantity and quality of social performance indicators it requires in order to operate properly.In the following pages we will present briefly our social impact assessment model called SA VE, namely: social added value evaluation.3.- The Social Added Value Evaluation approachIn order to cope with the issues illustrated in the previous paragraph, a research group at the Department of Sociology - Bologna University began a Research Project3 aimed to develop a theoretical framework based on which to elaborate a methodological tool for the assessment of the social impact that nonprofit organizations and social enterprises produce in the community (environment) in which they operate.At this stage of our scientific program we propose to differentiate the specific contribution (outcome and impact) of the third sector organizations (non-profit organizations and social enterprises) at each of the dimensions of social life: micro, meso and macro.At the micro level the distinctive function of NPO/SE is to produce: a sense of responsibility, both among their members and towards the public (for people/ citizens); at the meso level it is their ability to produce a certain number of relational goods4 (or collective goods, or meritorious goods) for organisations and the local territorial systems; finally at the macro level it is their capacity to generate a solid amount of social capital5 for the complex social systems or the vast community.Following this theoretical approach it is clear that the distinctiveness of NPO / SE type of organizations is to be evaluated not so much looking at what they produced but rather mainly looking at how they produce, and above all with and for whom they produce.We assume that the degree of "sense of responsibility", the amount of "relational goods" and the level of "social capital" that a NPO/SE creates/produces/generates all together represent what we call the social added value that this organization produce for the whole society, at a given time.We can define the social value as follows:* The increase in the quantity and quality of meaningful relationships (social relations) due to the organization activities;* The decrease of consumption of meaningful relationships (social relations) linked to the organization's way of operate.In this research path we elaborated the so called S.A.V.E. (Social Added Value Evaluation) system of assessment based on four internal organisational dimensions:* Resources (both human and economic-financial) management (A);* Political-strategic planning (Governance - G);* Activities and processes (I); and* Culture and values (L).The first dimension regards the way in which NPO/SE manage the process of creating resources (revenues) and the relationships which they establish with donors and financial backers, on one side, and the way in which they are able to attract specific typology of human resources (such as volunteers). The central questions are: do the NPO/SE operate in a transparent and correct way from the point of view of economic resource management? Does their capacity to recruit volunteers and highly motivated persons change (increase, decrease or remain stable) during a certain period of time (i.e. three years)?The second dimension analyses the internal chain of the decision-making process andevaluates the degree to which the members of the organisation participate in it. The fundamental question is, to what extent does the system of governance promote the participation of members and different kind of internal stakeholders, such as: workers, volunteers, etc.?The third dimension constitutes the heart of the SA VE system and takes into consideration the internal process of providing the goods or services produced. It illuminates the way in which the various NPO/SE (external) stakeholders (users, clients, consumers, families, other actors in the community, etc.) are involved in the organisation's activities.The fourth dimension concerns the process of commitment to values or to the creation of values. It shows the impact that the NPO/SE' activities have on the local community or society in general. It aims to measure the level of social capital and of social cohesion created by the organisation (their capacity to create trust, networking, partnerships, etc.).For each dimension were identified key core concepts around which to build a set of indicators for measuring the V AS. Given below are some examples.With regard to the first dimension (economic, financial, human resource acquisition) the semantic nuclei are as follows:a) ability (and development over time) of the NPO/SE to "activate volunteer human resources" in the local community where the NPO/SE operate;b) ability (and development over time) of the NPO/SE to "enable economic resources as donations" in the local (or ideal) community where the NPO/SE operate;c) ability (and development over time) of the NPO/SE to "communicate in a transparent manner" its work to its stakeholders (method of social reporting, and procedures for the dissemination/sharing of this Report: social accountability).With regard to the second dimension (political - strategic, decision-making) the semantic nuclei are as follows:d) ability of the NPO/SE to "promote, encourage, foster democratic participation" of all internal stakeholders in decision-making process;e) the ability of the NPO/SE to "favour, encourage and promote the replacement/turn over" of its leadership (how to manage the succession process of organizational leadership);With regard to the third dimension (managerial and operational, for carrying out the production process, and service delivery), which concerns the production of relational goods, the semantic nuclei are as follows:f) ability of the NPO/SE to "promote, encourage, foster the involvement" of the internal stakeholders (members, paid workers, volunteers, etc.) at different stages of the process of service delivery (design, implementation, evaluation);g) ability of the NPO/SE to "promote, encourage, foster the involvement of" external stakeholders (users, beneficiaries, families, communities, customers / suppliers , etc.) at different stages of the process of service delivery (design, execution, evaluation); With regard to the fourth dimension (production, deployment and activation of meaning, culture and values), which is the ability to generate social capital (trust), the semantic nuclei are as follows:。
企业价值评估参考文献
企业价值评估参考文献以下是一些关于企业价值评估的参考文献：1. Brealey, R. A., Myers, S. C., & Allen, F. (2008). Principles of Corporate Finance. Tata McGraw-Hill Education.2. Damodaran, A. (2012). Investment Valuation: Tools and Techniques for Determining the Value of Any Asset. John Wiley & Sons.3. McKinsey & Company. (2017). Valuation: Measuring and Managing the Value of Companies. John Wiley & Sons.4. Parrino, R., Kidwell, D. S., & Bates, T. W. (2011). Fundamentals of Corporate Finance. John Wiley & Sons.5. Pratt, S. P., & Grabowksi, R. (2019). Cost of Capital: Estimation and Applications. John Wiley & Sons.6. Penman, S. H. (2013). Financial Statement Analysis and Security Valuation. McGraw-Hill Education.7. Riahi-Belkaoui, A. (2009). Theory and Measurement of Economic ValueAdded. Routledge.这些参考文献提供了企业价值评估的基本原理、方法和工具。
企业管理英文文献综述范文
企业管理英文文献综述范文Corporate Governance: A Comprehensive Literature Review.Introduction.Corporate governance plays a pivotal role in ensuringthe transparency, accountability, and integrity of organizations. It encompasses the systems and processes by which companies are directed, managed, and controlled. This literature review examines the key aspects of corporate governance, including board structure, shareholder rights, executive compensation, and regulatory compliance.Board Structure.The board of directors is the highest decision-making body in a corporation. Its composition and structure are essential for effective governance. Research has shown that boards with a diverse range of perspectives, including independent directors, women, and members from differentethnic backgrounds, enhance decision-making and reduce the risk of groupthink (Adams & Ferreira, 2007; Carter & Lorsch, 2004).Additionally, the size and composition of the board can influence its effectiveness. Smaller boards may be more efficient, while larger boards may offer a wider range of expertise. However, excessive board size can lead to coordination issues and slower decision-making (Bebchuk & Cohen, 2005; Jensen & Meckling, 1976).Shareholder Rights.Shareholders are the owners of a corporation and possess certain rights, including the right to vote on corporate decisions, receive dividends, and accessfinancial information. Protecting shareholder rights is crucial for ensuring accountability and transparency.Research suggests that strong shareholder rights enhance firm value (Arya & Mittendorf, 2008; Shleifer & Vishny, 1997). Institutional investors, such as pensionfunds and mutual funds, play a significant role in protecting shareholder interests by actively monitoring board performance and exercising voting rights (Gillan & Starks, 2000; Gompers, 2003).Executive Compensation.Executive compensation is a contentious issue in corporate governance. Excessive executive pay can erode shareholder value and undermine public trust. Research has identified a strong correlation between CEO compensation and firm performance (Murphy, 1985; Jensen & Murphy, 1990). However, it is essential to balance the need to attract and retain talented executives with the interests of shareholders.Effective compensation systems align executive incentives with firm goals and promote long-term value creation. Performance-based pay and stock options are common mechanisms used to achieve this alignment (Malmendier & Tate, 2008; Jensen & Murphy, 1990).Regulatory Compliance.Corporate governance frameworks are often complemented by regulatory compliance requirements imposed by government agencies. These regulations aim to protect investors, promote market integrity, and prevent corporate misconduct.Compliance with regulatory frameworks is essential for maintaining public trust and avoiding legal penalties. Companies can implement compliance programs that establish clear policies, provide training, and monitor adherence to regulations (Proffitt & Margolis, 2007; Song & Shim, 2009).Codes of Conduct and Ethical Considerations.Codes of conduct and ethical considerations play a significant role in guiding corporate behavior. These guidelines establish standards of integrity, accountability, and ethical decision-making for employees and management.Research has shown that strong codes of conduct can enhance employee morale, reduce misconduct, and mitigatereputational risks (Crane & Matten, 2010; Johnson, Johnson, & Holloway, 2010). Ethical considerations are particularly important in industries where social and environmental factors are relevant (Gibson, 2000; Mackey, Sisodia, & Wolfe, 2013).Corporate Governance and Firm Performance.Empirical research has consistently demonstrated a positive relationship between strong corporate governance practices and firm performance. Companies with effective governance structures and policies tend to exhibit higher profitability, lower risk, and better long-term value creation (Aguilera & Jackson, 2003; Bhagat & Bolton, 2008; Claessens, Djankov, & Fan, 2002).Emerging Trends in Corporate Governance.Corporate governance is constantly evolving to address emerging challenges and opportunities. Key trends include:Sustainability and ESG considerations: Investors andstakeholders are increasingly demanding that corporations adopt sustainable practices and consider environmental, social, and governance (ESG) factors.Technology advancements: Advancements in technology, such as blockchain and artificial intelligence, are transforming corporate governance practices and enabling greater transparency and efficiency.Diversity and inclusion: Companies are recognizing the importance of diversity and inclusion in boardrooms and throughout the organization.Conclusion.Corporate governance is a critical aspect of modern business management. By fostering transparency, accountability, and ethical behavior, effective governance practices protect stakeholders, promote firm performance, and contribute to a stable and ethical business environment. As corporate governance continues to evolve, it is vitalfor organizations to stay abreast of emerging trends andbest practices to ensure the long-term success of their enterprises.。
《企业资产价值评估研究国内外文献综述》3500字
企业资产价值评估研究国内外文献综述1 国外文献综述关于资产评估和企业估值相关的研究，西方国家从20世纪就已经有了初步的研究，经过多年的研究和众多学者的探索，MM模型、现金流折现法、资本资产定价模型、实物期权等逐步衍生，极大地丰富了资本价值评估理论，推动了金融市场的快速发展。
美国学者艾尔文·费雪尔(1906)[i]第一次对进行了有关的理论探究，他对享受、实际、货币这三种收入之间的联系做了一个较为系统的分析和梳理。
同时，也探索了这三种收入与资本的内在关联。
最开始的MM模型是源于莫迪格利安尼和默顿·米勒(1958)[ii]这两位学者。
他们认为，通常情况下一个公司的全部价值和其资本组织结构是不相关的。
但是如果我们在考虑所得税征收的情况下，企业的整体价值及其资本结构之间是存在显著的联系的。
随着不断地完善，两人又在几年后提出了修正的MM理论模型，在新的这一理论中，考虑了所得税的作用。
具体来说是指，一个公司如果展开负债经营，那么这个过程所带来的利息能够使得税额发生抵扣，从而减少支出，最后发生节税效应，增加公司的总体价值。
MM理论在考虑所得税对企业价值波动的前提下，较为系统的阐述了公司价值和负债二者之间的联系。
1962年麦伦·戈登通过对未来的股利计量研究提出了Gordon Dividend Growth Model，由此现金流量折现法也得到了不断地发展和完善。
直到1990年，现金流也在汤姆·科普兰(Tom·Copeland)、拉巴波特等学者的探索下被分为股权自由现金流和企业自由现金流，从这也就发展出了FCFF和FCFE这两种不同的估值方法。
与此同时，DCF模型得到不断发展，并逐步成为资本市场进行企业价值评估的主要模型之一。
基于哈里·马科维茨（1952）的资产结构理论，诺贝尔经济学奖获得主威廉·夏普、特里诺和莫辛(1964)等学者，提出并完善了资本资产定价模型（CAPM）。
《企业财务绩效评价研究的国内外文献综述3400字》
企业财务绩效评价研究的国内外文献综述目录企业财务绩效评价研究的国内外文献综述 (1)1.1 国外研究现状 (1)（1）财务绩效评价指标选取的研究 (1)（2）财务绩效评价指标权重的研究 (1)（3）财务绩效评价体系的构建 (2)1.2 国内研究现状 (2)（1）财务绩效评价指标选取的研究 (2)（2）财务绩效评价指标权重的研究 (2)（3）财务绩效评价体系的构建 (3)（4）全聚德财务绩效评价相关研究 (3)1.3 文献述评 (4)参考文献 (4)1.1 国外研究现状（1）财务绩效评价指标选取的研究Ahmad和Dhafr（2014）[1][34]为了考察相关公司财务绩效，设置了一系列的关键指标，例如客户满意度、交货时间等等，以此提出了关键绩效指标法（KPI）的财务绩效评估方法。
Torkamani Etal（2012）[1][35]建立了一套公司专属的财务绩效评价体系，除了财务指标外，同时在体系中纳入了部分非财务指标，构建了一个新的指标体系，最终得出了财务绩效评价结果。
Moujib Balr（2016）错误!未找到引用源。
主要研究制造行业中小企业的财务绩效，不同于其他方式，他是先选取指标，而后根据指标构建评价体系，重点衡量盈利能力，以此来判断指标与企业财务绩效是否有关联。
Ditz Daryl等（1998）错误!未找到引用源。
在研究环境绩效时，主要选取了成本投入、污染物排放等多个方面的指标。
（2）财务绩效评价指标权重的研究国外相关研究中，Hung-Yi Wu（2011）错误!未找到引用源。
使用决策实验和评价实验的方法来确定不同指标之间的权重。
Bentes等（2012）错误!未找到引用源。
在构建评价体系时创新性地结合了平衡记分卡法与层次分析法这两种方法，在此基础上增加了指标优先度和绩效维度，来确定指标的权重。
（3）财务绩效评价体系的构建在国外的研究中，Hadi Ghadimi Sina Nematizadeh（2016）错误!未找到引用源。
企业价值评估研究英语作文
企业价值评估研究英语作文1. Value assessment of enterprises is crucial for understanding their worth in the market and making informed decisions about investments and partnerships.2. Different methods can be used to evaluate the value of a company, such as discounted cash flow analysis, market multiples, and asset-based approaches.3. It's important to consider both quantitative and qualitative factors when assessing the value of a business, including financial performance, market conditions, competition, and management team.4. The value of a company can fluctuate over time due to changes in the market, industry trends, regulatory environment, and internal factors like operational efficiency and strategic decisions.5. Investors and stakeholders use enterprise valueassessments to determine the potential return on investment, assess risks, negotiate deals, and make strategic decisions about the future direction of the company.6. Inaccurate or incomplete value assessments can leadto misinformed decisions, missed opportunities, financial losses, and even legal disputes.7. Enterprises should regularly conduct value assessments to stay competitive, identify growth opportunities, optimize resources, and attract potential investors or buyers.8. The process of enterprise value assessment requires collaboration among various stakeholders, includingfinancial analysts, accountants, industry experts, and company executives.9. Ultimately, the value of a company is not just about its financial worth, but also its brand reputation, customer loyalty, employee satisfaction, and overall impact on society.。
企业价值评估 英语
企业价值评估英语Enterprise Value EvaluationEnterprise value evaluation is a method used to determine the worth or value of a business. It takes into account various factors such as assets, liabilities, earnings, and market capitalization. The goal is to assess the overall value of the company, including both the financial and non-financial aspects.There are several methods used to evaluate enterprise value, including:1. Market Capitalization Method: This method determines the value of a company by multiplying its outstanding shares by the current market price per share. It is commonly used for publicly traded companies.2. Earnings Value Method: This method calculates the value of a company based on its projected future earnings. It takes into consideration the company's profitability, growth potential, and risk factors.3. Net Asset Value Method: This method evaluates the worth of a company based on its net assets, which includes the total value of its assets minus its liabilities.4. Comparable Company Analysis: This method compares the company's financial performance and metrics to similar companies in the industry to determine its value relative to others in the market.5. Discounted Cash Flow Method: This method estimates the value of a company by calculating the present value of its projected future cash flows. It takes into account the time value of money and company-specific factors.Ultimately, enterprise value evaluation is a comprehensive analysis that takes into consideration various factors to determine the true worth of a company. It is used by investors, analysts, and potential buyers to make informed decisions about investing or acquiring a business.。
电子商务企业价值评估研究最新外文文献翻译
文献出处: Medics D. The study on the value evaluation of electronic commerce enterprise [J]. European Management Journal, 2015, 5(3): 31-41.原文The study on the value evaluation of electronic commerce enterpriseMedics D.AbstractB2C E-businesses are important participants in the network economy. Using Internet, B2C E-businesses break the time and space constraints in traditional trading. This new way of trading attracts a large number of consumers and market size is expanding. B2C E-businesses will face the problem of financing in the rapid development. Though listing, mergers and venture investment, B2C E-businesses can raise fund. This requires an accurate assessment of E-businesses value. However, B2C E-businesses have the feature which is financial profit is low and stock value is high. Therefore, it is unreasonable using cost approach, market approach and DCF to assess the value E-businesses. Considering EV A method can fully reflect the value creation ability of all capital and the features of B2C E-businesses, this paper proposes the value assessment method of B2C E-businesses based on EV A.Keywords: EV A；B2C E-businesses；Business Valuation1 IntroductionThere is no doubt that the rapid development of B2C e-commerce enterprise but enterprise in the process of development, there is some problems, one of the main problem is financing. The early 21st century, in order to expand the financing, significantly higher number of listed companies. Due to the low threshold, the gem provides more opportunities for small and medium-sized enterprise listed, and funds for high-tech enterprises to build a good platform. However, the increased number of listed companies, will make the stock market supply and demand gradually saturated state, enterprise want to appear on the market need to face more pressure, difficulty coefficient was also significantly improved. To this end, many companies choose to list by merger, acquisition and reorganization.B2C e-commerce enterprise due to the good momentum of development, the market prospect, make much money began togather. When investors to invest in B2C e-commerce enterprise, must pay close attention to the value of the invested enterprise. Therefore, for B2C e-commerce enterprise value assessment become the important topic. B2C e-commerce enterprises and traditional enterprises exist obvious differences, the intangible assets is the most prominent difference.B2C e-commerce enterprise assets invisibility of lead to "financial profit is low, high shares" phenomenon to appear. Therefore, if continue to use cost method, market method and discount cash flow method to evaluate e-commerce enterprise value obviously is not reasonable. So we must find new way of evaluation and reference index.2 Literature reviewScholars Tully in the EV A: the key to creating wealth, made a detailed explanation of the EV A, said it was "the most popular financial concept, and will be more and more hot" (Today’s hottest financial idea and getting hotter. ORR and falls, on the other hand, research in this field gradually improve the credibility of the method. In 1995, but Mr. Rudd, Gabriel detailed introduces how to calculate the economic added value of EV A. Biddle at 1997, scholars on the calculation method of EV A are discussed in this paper, namely when handling accounting subjects, whether to need to adjust the accounting subject to the calculation of EV A, research shows that if not adjusted, the added value of economic indicators have 41.4% explanation ability, on the contrary, 41.5% explanation ability. In 2000, Ronald concrete study of EV A performance evaluation system in practice how to maximize the utility of the problem. In 2006, the scholars s. David Young did research on EV A index, to make the indexes have more obvious explanation on operating performance, then adjust the related enterprise fixed assets accounting events is necessary. Published in 2007, Jerold l. Zimmerman EV A and department performance evaluation, the article points out that the main purpose of the performance indicators is to seek to make the value of the company's growing power. In 2006, Larry. M. Prober EV A was studied theoretically, the results showed that EV A has inseparable relationship with shareholder value, compared with traditional index, measure of enterprise performance is better is EV A, and corporate value and performance has a certain relationship between the evaluationindex. In 2007, s. r. Rajah Study the relationship between corporate value and performance evaluation indexes, the study shows that EV A to the explanatory power of enterprise value is stronger than the traditional accounting index. EV A can evaluate enterprise performance effectively. Stem Stewart Company made a lot of meaningful research in this aspect. They will enterprise is divided into two groups, one group is the enterprise use EV A, another group is of no use EV A enterprise, the comparative studies between the two groups. Results show that the use of EV A compared to not using enterprise can more actively deal with bad assets, so they have higher capital utilization.3 Overview of B2C e-commerce enterprises3.1 Related conceptsB2C e-commerce enterprise is to point to the Internet as main means, to provide personal network consumer goods and services of e-commerce enterprises. The transaction object is a way of e-commerce enterprise classification standards. In July 1995, Amazon’s online bookstore online, marks the birth of B2C e-commerce, this also is the world's first electronic commerce mode.B2C e-commerce enterprise and the customer deals mainly with the help of the Internet platform, the enterprise to provide customers with network shopping environment, customers can never leave home of choose and buy goods and services on the Internet, and through the online payment system for payment. A new way to trade, improve the traditional business restricted by time, space, the defects, improve the efficiency of the transaction, B2C e-commerce enterprise through online mall effectively reduce the cost of enterprise to carry out commercial retail activities.3.2 The type of B2C e-commerce enterprisesIn the fast development of B2C e-commerce environment, more and more companies to enter this field, form of B2C e-commerce enterprises is not limited to the Amazon, B2C e-commerce enterprise type more diversified. Depending on the enterprise management mode, these papers will B2C e-commerce enterprises are classified into the following four categories:3.2.1 Pure virtual retail enterprisesPure virtual retail enterprises have no physical distribution channels, all are through the network platform for goods and services consumers, online retail is the only way of sales enterprise, companies relying on the online sales profit. A representative is Amazon online bookstore in the United States.3.2.2 Offline store retail enterprisesThe enterprise type is with the continuous development of e-commerce, more traditional enterprises to realize e-commerce is an opportunity, have established the B2C website. This traditional enterprise original entity shop is still the main profit channel, online retail but they open up new channels of the market. This company mode is more and more competitive in the field of B2C e-commerce. A representative is wal-mart, sears department store in the United States.3.2.3 Products manufacturing enterprisesDirect contact with the consumer goods manufacturing enterprises through the network platform, network marketing. The sales way not only can make enterprises to quickly understand consumer demand, to reduce the inventory cost, also can make consumers at a lower price to buy to personalized products.3.2.4 Network services companySuch companies are neither the buyer nor the seller and the main function is to provide technical solutions for Internet companies, for the majority of small and medium-sized enterprises and individual online stores provide a platform to build contact and a series of services, online promotion and the supply of goods to earn commission from it. Typical representative is E-bay.3.3 B2C e-commerce enterprise business model and profit modelFor Internet companies, business model refers to the enterprise by providing products and services to meet the different needs of customers, as to effectively meet the needs of customers, site visits and consumer loyalty of the web site will gradually increase; The profit model is refers to the enterprise how to in site visits to improve, to make profits from it.In traditional economy, due to the limitation of time and space, consumers and businesses mainly through the delivery of the goods to pay money, hand this way, thebusiness model and profit model is linked together, through the research the profit pattern of enterprise business model can understand. However, on the basis of the network of B2C e-commerce enterprises in the development initial period, in order to attract customers, increase website visibility, enterprises provide many services are free, such as free email, free homepage, free electronic magazines, etc., most companies are losing money. With the increase of traffic, increase customer stickiness, enterprises gradually turn into profit, only then stick enterprise mainly by a large number of customers to attract advertisers and investors, this is the B2C e-commerce enterprises have different from the traditional business model of the enterprise. As a result, the B2C e-commerce enterprise business model and profit model will no longer be implemented at the same time, but be separated. So the B2C e-commerce enterprise business model and profit model can help enterprises to change from traditional economy to the network economy in the process of update business model, and also helps to understand the new business model and profit model for the influence of the B2C e-commerce enterprise value assessment.B2C e-commerce enterprise by providing goods and services, increase website traffic and customer stickiness the business model laid the groundwork for corporate profits. However B2C e-commerce enterprise business model and profit model is not synchronous, the traffic can be translated into enterprise real income, create profits for the enterprise, become all B2C e-commerce enterprise must face the reality of the problem. Enterprises want to place in the network economy, reverse the early loss of enterprise development, realize turn into profit, must be made to the profit pattern of enterprise development, solve the problem of traffic cannot be converted to income. Understanding that B2C e-commerce enterprise's profit model for predicting enterprise development, accurate assessment of enterprise value also has an important significance.4 B2C e-commerce enterprise value evaluations based on EV ATo accurately assess enterprise value by means of income, and need accurate expected future earnings of the enterprise. Corporate earnings changes in the form is not immutable, it changes with the change of enterprise's life cycle. Therefore, to useincome approach accurate assessment of enterprise value, analyze the future development of the enterprise must be reasonable. Companies in different development period, corresponding to different mode of growth, only according to the different way of growth can scientifically predict future earnings and yields; such ability can guarantee the accuracy of the assessment of enterprise value of results using the income method.First of all, the complete development of B2C e-commerce enterprises track forecast and analysis; Then, according to the characteristics in different stages of enterprise development, scientific and reasonable to predict enterprise to create value. At the same time, also want to analyze whether enterprises expected return a steady growth trend, create discount model in each stage. Then, according to the segmentation method, to evaluate enterprise may create economic value. When finished enterprise may create the value of evaluation as well as the initial investment cost, will be able to estimate the value of the B2C e-commerce enterprises. In different stages of development based on B2C e-commerce enterprise characteristics determine the discount model, also need to further confirm the discount rate and the model of expected return (EV A).Want to get the exact value of EV A, must according to the nature of B2C e-commerce enterprises, as well as analysis to the weighted average of the capital, as well as analysis to the enterprise operating profit after tax, proper adjustment of accounting subject.译文电子商务企业价值评估研究摘要作为网络经济的主要参与主体，B2C 电子商务企业借助互联网这一平台，打破了传统交易的时空限制，吸引了大量的消费者，市场规模不断扩大。
企业价值与股利政策英文文献.
Dividend policy and firm valueThe dividend decision is an integral part of the firm's strategic financing decision. It essentially involves a firm's directors deciding how much of the firm's earnings, after interest and taxes (EAIT, should be distributed to the firm's ordinary shareholders in return for their investment in the firm, and how much should be retained to finance future growth and development. (Sterk and Vandenberg 2004 441-55The objective of the firm's dividend decision, like all financial decisions, should be the maximisation of shareholder wealth. If an optimal dividend policy does exist then clearly managers should concern themselves with its determination; if it does not, then any dividend policy will do, as one policy will be equal to another. It should be noted that the dividend decision and dividend policy relate only to ordinary share capital. (Asquith and Mullins 2003 77-96The payment of preference share dividends is not considered part of a firm's dividend policy, as the level of, or method of calculating, the preference dividend is fixed in advance by the terms and conditions of the original preference share offer. Once a dividend policy has been formulated, setting out the amount and timing, etc. of dividend payments, it should be followed with stability and consistency as its guiding principles. As we shall discuss later, changes to a firm's dividend policy can be interpreted in various ways by the financial markets, sometimes with dramatic consequences for the firm's share price. You will note that the dividend decision is made at the level of the firm's most senior managers - at board of director level. It is the directors who will decide the amount and timing of dividend payments. Under UK company law the directors cannot be compelled to recommend a dividend and shareholders cannot vote themselves a higher dividend than that recommended by the directors. (Bajaj and Vijh 2004 193Payment of dividendsIn the UK, in common with many other countries, dividends are usually paid to shareholders twice a year. An interim payment is made half-way through the financial year, with a final payment being made after the end of the financial year. Dividends are paid to the shareholders listed on a firm's Share Register on a specified date, known as the Record Date. (Sterk and Vandenberg 2004 441-55 In the stock market, shares of listed companiesare traded on what is known as either a cum-dividend or ex-dividend basis. A listed company's shares are traded cum-dividend for a period after the company announces its results, interim and final. When the shares are trading cum-dividend, buyers of the shares will be entitled toreceive the dividend payment. When the shares are trading ex-dividend, buyers will not be entitled to receive a dividend payment. This explains why (assuming the absence of any other relevant factors there is usually a drop in a share's price, roughly equivalent to the value of the dividend per share, when the share goes ex-dividend. (Impson 2005 422-27For instance, distributing capital or certain types of reserves (e.g. share premium account as dividends is prohibited by company law. The determination of distributable profits is set out in a detailed code of statutory regulations. For public and private companies, the Companies Act 2003 defines distributable profits as: 'accumulated realised profits, so far as not previously utilised by distribution or capitalisation, less accumulated realised losses, so far as not previously written off in a reduction or reorganisation of capital duly made'. These legal restrictions on the payments of dividends are necessary to maintain the capital of a company and to protect the rights and claims of creditors. The relevance (or irrelevance of dividend policy to the value of the firm has been one of the most widely researched topics in finance and accounting. Arguments have been advanced on all sides of the issue. Given the inability to structure a single conceptual relationship between dividend policy and the value of the firm, empirical studies of the relationship between dividends and firm value have taken on increased importance. Previous studies have used either short-run measures of stock price or risk-adjusted returns to measure firm value. (Jose and Stevens 2004 652Dividend announcement studies have examined the immediate reaction of the firm’s stock price to a dividend announcement to determine if the stock price falls by more or less than the amount of the dividend. Findings from announcement studies suggest that investors discount dividends. Other studies have tested for the relationship between risk-adjusted returns and dividend yield. Using short-run holding periods, these studies have found thatinvestors require higher risk-adjusted returns from higher dividend yield stocks. While there are controversies over the short-run measures and assumptions of asset pricing models relating returns to firm value, the empirical findings have consistently suggested that higher dividend commitments lower the value of the firm. (Bernstein 2005 4-15Multiple Measures of Dividend PolicyDividend "policy" implies a conscious management of dividend distributions over time. Surveys indicate that managers tend to focus on the payout ratio in the long run, but smooth dividends in the short run. (Baker et al 2004 1-8 In the longer run, the level of the firm's average payout ratio captures the firm's commitment to the level of dividend distribution outof earnings. However, over time the firm need not adhere to the same short-run payout ratio to accomplish the longer-run objective unless earnings are stable. If dividends per share are consciously smoothed relative to earnings, the firm's payout ratio will be volatile. The greater the volatility in the payout ratio, the greater the smoothing of dividends. The volatility of dividends around their trend reflects the inherent dividend stability aspects of the policy. (Woolridge 2002 237-47Measures of the average payout ratio (APOR, dividend stability around the dividend time trend (R2LDPS, and payout ratio volatility (SDPOR are used to represent the firm's policy with respect to dividend levels, stability, and smoothing. The dividend payment In practical terms a firm's dividend payment is important to its shareholders. It is part of the return which shareholders receive for their investment in the firm. The dividend payment is also a favoured method by which shareholders and investors estimate a firm's share value, where the value of a share is equal to the present value of the expected future dividend payments - the dividend valuation model Notice the tendency for the final dividend to be significantly greater than the interim - this is the common, financially prudent, approach adopted by most company boards. (Michaely 2005 573Clearly directors will wish to be certain of how a company has performed for the year overall, before committing valuable cash resources to a dividend payment. Shareholders, depending upon the individual company's articles of association, may have the right to receive dividends in the form offully paid ordinary shares instead of cash, if they so elect. Under such a plan shareholders can, if they wish, use the entire cash dividend to buy additional shares of the company in the market, usually at a competitive dealing rate. (Christie 2004 459-80Dividend coverThe dividend cover ratio indicates the vulnerability, or the margin of safety, of dividend payments to a drop in earnings. Notwithstanding the abolition of ACT, tax credits will continue to be available to individual shareholders resident for tax purposes in the UK, although the amount of the tax credit will be reduced to one-ninth of the amount of the net, or cash dividend - equivalent to 10 per cent of the gross dividend. Lower and basic rate taxpayers, as before 6 April 2006, will have no farther liability to tax on their dividends. Higher rate tax payers will, as before, be able to offset the tax credit against their liability to tax on the gross dividend. UK resident individual shareholders who are not liable to income tax in respect of the dividend will not generally be entitled to reclaim any part of the tax credit. Tax credits are no longer available to UK pension funds. (Baker et al 2003 78-84Under legislation introduced in the Finance(No. 2 Act 2005, UK pension funds are not entitled to reclaim the tax credits on dividends paid to them by a company. Similarly, after 6 April 2006 tax credits in respect of dividends paid, which constitutes the income of a charity or venture capital trust, will not be repaid. There is some speculation that, in the future, companies may increase their dividend distributions to compensate these investing institutions for the loss of their tax credits. (Miller 2003 1031Over time many theories on dividend policy, often controversial ones, have emerged. The central area of controversy has, and continues to be, concerned with whether or not there is a real connection between dividend policy and the market value of the firm. In this section we will review the following main theories of dividend policy:1 the residual theory of dividend policy;2 dividend irrelevancy theory;3 the bird-in-the-hand theory;4 dividend signalling theory;5 the dividend clientele effect;6 agency cost theory.The residual theory of dividend policyThe essence of the residual theory of dividend policy is that the firm will only pay dividends from residual earnings, that is, from earnings left over after all suitable (positive NPV investment opportunities have been financed. Recall from the previous chapter that, according to Myers' Pecking Order Theory, managers will prefer to utilise retained earnings as the primary source of investment financing, before resorting to issuing debt or equity. Retained earnings are the most important source of financing for most companies. (Ang 2003 They are a cheaper source of finance than making a fresh issue of equity due to expensive equity issue costs (e.g. advertising, brokerage and underwriting fees. The existence of these issue costs - which are examples of real world market imperfections it is suggested by some theorists, would lead companies to favour using retained earnings to finance investment projects rather than making a fresh equity issue. This implies a residual approach to dividend policy, as the first claim on retained earnings will be the financing of investment projects. With a residual dividend policy, the primary focus of the firm's management is indeed on investment, not dividends. Dividend policy becomes irrelevant; it is treated as a passive, rather than an active, decision variable. (Crutchley 2004 36-46The view of management in this case is that the value of the firm and the wealth of its shareholders will be maximised by investing earnings in appropriate investment projects, rather than paying them out as dividends to shareholders. Thus managers will actively seek out, and invest the firms earnings in, all acceptable (in terms of risk and return investment projects, which are expected toincrease the value of the firm. Dividends will only be paid when retained earnings exceed the funds required to finance suitable investment projects. Conversely, when the total investment funds required exceed retained earnings, no dividend will be paid. (Sterk and Vandenberg 2004 441-55Dividend irrelevancy theoryDividend irrelevancy theory asserts that a firm's dividend policy has no effect on its market value or its cost of capital. As we discussed in the preceding section, dividend irrelevancy is implied by the residual theory, which suggests that dividends should only be paid if funds are available after allpositive NPV projects have been financed. (Ofer and Thakor 2003 365 The theory of dividend irrelevancy was perhaps most elegantly argued by its chief proponents, Modigliani and Miller (usually referred to as M&M in their seminal paper in 1961. In the same manner in which they argued for capital structure irrelevancy M&M assert that the value of a firm is primarily determined by its ability to generate earnings from its investments and by its level of business and financial risk. They argue that dividend policy is a 'passive residual' which is determined by a firm's need for investment funds. According to M&M's irrelevancy theory, it therefore does not matter how a firm divides its earnings between dividend payments to shareholders and internal retentions. In theM&M view the dividend decision is one over which managers need not agonise, trying to find the optimal dividend policy, because an optimal dividend policy does not exist.M&M built their dividend irrelevancy theory on a range of key assumptions, similar to those on which they based their theory of capital structure irrelevancy. For example they assumed:• Perfect capital markets, that is, there are no taxes (corporate or personal, no transaction costs on securities, investors are rational, information is symmetrical - all investors have access to the same information and share the same expectations about the firm's future as its managers. (Miller and Scholes 2002 1118• The firm's investment policy is fixed and is independent of its dividend policy. You may consider that the theory can be dismissed because the underlying assumptions are simplistic and idealistic. However, as M&M themselves argued, all economic theories are based on simplifying assumptions, and it is not their lack of realism which matters but the ability of the theory itself to stand up to empirical testing. The model's robustness can be tested by introducing real-world factors and observing their effect. (Peterson and Benesh 2003 449-53Dividend signalling theoryIn practice, changes in a firm's dividend policy can be observed to have an effect on its share price - an increase in dividends producing a increase in share price and a reduction in dividendsproducing a decrease in share price. This pattern led many observers to conclude, contrary to M&M's model, that shareholders do indeed prefer dividends to future capitalgains. Needless to say M&M disagreed. (Crutchley 2004 36-46 M&M suggested that the change in share price following a change in dividend payment is due to the informational content of the dividend payment, rather than the dividend payment itself. In other words, the change in dividend payment is to be interpreted as a signal to shareholders and investors about the future earnings prospects of the firm. Generally a rise in dividend payment is viewed as a positive signal, conveying positive information about a firm's future earnings prospects resulting in an increase in share price. Conversely a reduction in dividend payment is viewed as a negative signal about future earnings prospects, resulting in a decrease in share price. As we discussed in relation to capital structure in the previous chapter, signalling theory argues that shareholders and the investing community understand these issues; that managers have more information about a firm's future prospects (information asymmetry and use dividend and financing policy to signal this information to their less well-informed shareholders and investors. (Soter et al 2005 4-15The dividend clientele effectThe dividend clientele effect is a feature of M&M's dividend irrelevancy theory. In relation to dividend policy, M&M argued for the existence of a clientele effect, where the nature of a firm's dividend policy will attract a particular clientele of shareholders. Investors who prefer income to capital growth will be attracted to companies with high dividend payout policies and vice versa. For example, many charities, pension funds and retired senior citizens, have a need for a stable, regular income to meet their operating expenses and other financial commitments. (Barclay et al 2005 4-19 With regard to charities (and also other institutions such as universities which receive endowments and legacies often the terms and conditions of endowments will prohibit a charity's trustees from spending the capital sum endowed. The capital endowment therefore has to be invested, in perpetuity, to generate income. In such circumstances, investing in high dividend paying companies has its appeal. In contrast, other groups of investors who (perhaps for taxation reasons, where an investor's capital gains may be taxed at a lower rate than the investor's income may prefer capital growth to income will be attracted to firms with high earnings retention and low dividend payoutpolicies. In the main, the existence, or otherwise, of investor clienteles is generally considered to have no effect on an individual firm's share value. Any sudden and dramatic change of policy islikely to cause a similar, sudden and dramatic shift in its shareholder clientele and possibly in its share price. Shareholders and investors who find the new policy meets their needs will be attracted to the firm. Any existing shareholders who no longer find the policy suitable will sell their shares. (Healy 2004 149Growth stageDividend policy is likely to be influenced by a company's growth stage. For example, a young, rapidly growing company is likely to have a high demand for development finance. In such circumstances dividend payments may be strictly limited or even deferred until the company reaches a mature growth stage. (Benartzi et al 2005 1007Ownership structureA firm's dividend policy may be driven by its ownership structure. Normally in small firms, where owners and managers are one and the same, dividend payouts tend to be very low, or even non-existent. (Crutchley 2004 36-46 Whereas large, quoted public companies tend to pay out significant proportions of their earnings as dividends in small firms, the values and preferences of a closely knit, small group of owner-managers will exert a more direct influence on dividend policy. It is also interesting to note that, almost without exception, when private companies become public their dividend payouts increase. (Ofer and Thakor 2003 365Shareholder expectationsShareholder clienteles that have become accustomed to receiving stable, and possibly increasing, dividends will reasonably expect a similar pattern of dividend payments to continue in the future. Any sudden reduction or reversal of such a policy is likely to incur the wrath of these shareholders, perhaps even prompting them to dispose of their shares and causing the share price to fall. (Pruitt and Gitman 2004 409-30Share repurchases schemesIn the UK the ability of a company to repurchase its shares became legal following the introduction of the 1981 Companies Act. However, it is only in recent years that the practice of initiating share repurchase, or buyback, schemes has become a very popular way for companies (mainly in the UK and in the US, which have accumulated substantial balances of surplus cash, to return some ofthis cash to their shareholders. (Easterbrook 2003 650-58Market signallingSimilar to dividend signalling, share repurchases can be used to signal information about the company's future prospects to the financial markets. For example, by initiating a share repurchase, directors, who have inside knowledge about the company, may be trying to convince the financial markets that the company's share are undervalued. For example, when Rio Tinto (the largest mining company in the world and listed on both the UK and Australian stock markets announced in January 2006 a plan to buy back up to 10 per cent of its share capital,the company's chairman publicly stated that: 'We consider that buying back shares, particularly in current market conditions, should achieve earnings per share improvement for the shareholders of both companies and enhance the underlying value of those shares which remain outstanding.'(Rozeff 2007 249-58SummaryAt this stage it would be helpful to try and summarise the various views on dividend policy. Miller and Modigliani (M&M have demonstrated that, assuming perfect capital market conditions, a firm's dividend decision is irrelevant; dividend policy has no influence on share value. (Ofer and Thakor 2003 365 Therefore, in a perfect market, it does not matter whether a firm has a dividend policy or not. In the real world, market imperfections, such as taxation and transaction costs, do exist. Expensive equity issue costs (e.g. underwriting and brokerage fees would induce firms to use internally generated funds, that is, retentions, to finance positive NPV investments, rather than make a fresh equity issue. This, some theorists argue, leads to a residual approach to dividend policy. Earnings will be primarily used to fund investments; dividends will be paid from any earnings remaining after all suitable investments have been funded. (Ghosh and Woolridge 2004 281-94In addition, investors who, because of their individual financial circumstances, prefer steady income to capital growth or vice versa, create a clientele effect - a firm will attract the investor clientele to which its dividend policy most appeals. But the existence of clientele groupings is generally considered irrelevant. (Smirlock and Marshall 2003 1659-67It is argued that clienteles have no effect on an individual firm's share value as long as there are enough shareswidely available in the capital markets to satisfy the needs of various clienteles. A firm's share value may also be affected by other market imperfections such as information asymmetry, where the information content or signalling effect of dividends seems to be relevant. (Ofer and Thakor 2003 365 Therefore a firm's management should be wary of making any sudden and dramatic changes, particularly reductions, to a firm's dividend policy, as this will probably also cause a sudden and dramatic change in its shareholder clientele and probably its share price. The available evidence would suggest that a firm maintains a stable and consistent dividend policy over time. (Rozeff 2007 249-58The mainstream, modem agency cost view of dividend policy argues for the valuable role of dividend policy in helping to resolve the agency problem, reducing agency costs, and thus in enhancing shareholder value. Agency cost theory would imply that firms adopt high dividend payout policies; after all suitable investment projects have been financed. (Benesh etal 2003 131-40 Although the jury is still out on dividend policy, and there is no general consensus on the relationship between dividend policy and share value, the empirical evidence available would seem to suggest that, at least in practical terms, dividend policy is highly relevant to corporate managers, shareholders and investors, particularly the large institutional investors. (Farrelly 2003 62-74It would only seem logical therefore that this behavioural aspect of dividend policy is recognised by a firm's managers in the formulation of its own dividend policy. It is intriguing that, over twenty years later, and despite voluminous academic research, the two basic questions posed by Fisher Black, in his famous article 'The Dividend Puzzle' in 1976: (1 Why do corporations pay dividends? And (2 why do investors pay attention to dividends? Still remain without definitive answers.References1.Ang, J.S., Do Dividends Matter? A Review of Corporate Dividend Theories and Evidence, (New York: Salomon Brothers Center for the Study of Financial Institutions, New York University, 2003.2.Asquith, P., and D.W. Mullins, "The Impact of Initiating Dividend Payments on Shareholder Wealth," Journal of Business, 56, no. 1 (January 2003, pp. 77-96.3.Bajaj, M., and A. Vijh, "Dividend Clienteles and the Information Content of Dividend Changes," Journal of Financial Economics, 26, no. 2 (August 2004, pp. 193-219.4.Baker, H.K., "The Relationship Between Industry Classification and Dividend Policy," Southern Business Review, 14, no. 1 (Spring 2004, pp. 1-8.5.Baker, H.K., G.E. Farrelly, and R.B. Edelman, "A Survey of Management Views on Dividend Policy," Financial Management, 14, no. 3 (Autumn 2003, pp. 78-84.6.Barclay, M.J., C.W. Smith, and R.L. Watts, "The Determinants of Corporate Leverage and Dividend Policy," Journal of Applied Corporate Finance, 7, no. 4 (Winter 2005, pp. 4-19.7.Benesh, G.A., A.J. Keown, and J.M. Pinkerton, "An Examination of Market Reaction to Substantial Shifts in Dividend Policy," Journal of Financial Research, 7, no. 2 (Summer 2003, pp. 131-140.8.Benartzi, S., R. Michaely, and R. Thaler, "Do Changes in Dividends Signal the Future or the Past?" Journal of Finance, 52, no. 3 (July 2005, pp. 1007-1034.9.Bernstein, P.L., "Dividends: The Puzzle," Journal of Applied Corporate Finance, 9, no. 1 (Spring 2005, pp. 4-15.10.Bhattacharya, S., "Imperfect Information, Dividend Policy, and 'The Bird in the Hand' Fallacy," Bell Journal of Economics, 10, no. 1 (Spring 1979, pp. 259-270.11.Bhattacharya, S., "Nondissipative Signaling Structures and Dividend Policy," Quarterly Journal of Economics, 95 (August 1980, pp. 1-14.12.Black, F., "The Dividend Puzzle," Journal of Portfolio Management, 2, no. 2 (Winter 1976, pp. 5-8.13.Black, F., and M. Scholes, "The Effects of Dividend Yield and Dividend Policy on Common Stock Prices and Returns," Journal of Financial Economics , 1, no. 1 (May 1974, pp. 1-22.14.Born, J.A., and J.N. Rimbey, "A Test of the Easterbrook Hypothesis Regarding Dividend Payments and Agency Costs," Journal of Financial Research, 16, no. 3 (Fall 2004, pp. 251-260.15.Brennan, M., "Tax Reform and the Stock Market: An Asset Price Approach," American Economic Review, 23, no. 4 (December 1970, pp. 417-427.16.Christie, W.G., "Are Dividend Omissions Truly the Cruelest Cut of All?" Journal of Financial and Quantitative Analysis, 29, no. 3 (September 2004, pp. 459-480.17.Crutchley, C.E., and R.S. Hansen, "A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends," Financial Management, 18, no. 4 (Winter 2004, pp. 36-46.18.Easterbrook, F.H., "Two Agency-Cost Explanations of Dividends," American Economic Review, 74, no. 3 (September 2003, pp. 650-658.19.Farrelly, G.E., H.K. Baker, and R.B. Edelman, "Corporate Dividends: Views of the Policymakers," Akron Business and Economic Review, 17, no. 4 (Winter 2003, pp. 62-74. 20.Fowler, Jr. F.J., Survey Research Methods (Beverly Hills, CA: Sage Publications, 2003. 21.Ghosh, C. and J.R. Woolridge, "An Analysis of Shareholder Reaction to Dividend Cuts and Omissions," Journal of Financial Research, 11, no. 4 (Winter 2004, pp. 281-294. 22.Healy, P.M. and K.G. Palepu, "Earnings Information Conveyed by Dividend Initiations and Omissions," Journal of Financial Economics, 21, no. 2(May/September 2004, pp. 149-176. 23.Impson, M., "Market Reaction to Dividend-Decrease Announcements: Public Utilities vs. Unregulated Industrial Firms," Journal of Financial Research, 20, no. 3 (Fall 2005, pp. 407-422. 24.Jensen, M.C. and W.H., Meckling, "Theory of the Firm: Managerial Behavior, Agency Costs and Capital Structure," Journal of Financial Economics, 3, no. 4 (October 1976, pp. 305-360. 25.Jose, M.L. and J.L. Stevens, "Capital Market Valuation of Dividend Policy," Journal of Business Finance & Accounting, 16, no. 5 (Winter 2004, pp. 651-662. 26.Lintner, J., "Distribution of Incomes of Corporations Among Dividends, Retained Earnings and Taxes," American Economics Review, 46, no. 2 (May 1956, pp. 97-113. 27.Long, Jr.,J.B., "The Market Valuation of Cash Dividends: A Case to Consider," Journal of Financial Economics, 6, no. 2/3 (June/September 1978, pp. 235-264. 28.Michaely, R., R.H. Thaler, and K.L. Womack, "Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?" Journal of Finance, 50, no. 2 (June 2005, pp. 573-608. 1129.Michel, A., "Industry Influence on Dividend Policy," Financial Management, 8, no. 3 (Autumn 1979, pp. 22-26. ler, M., and F. Modigliani, "Dividend Policy, Growth, and the Valuation of Shares," Journal of Business, 34, no. 4 (October 1961, pp. 411-433. ler, M., and K. 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国外上市公司资产评估报告英文版
国外上市公司资产评估报告英文版1. IntroductionWhen it comes to investing in foreign companies, it is essential to have access to comprehensive and reliable information about their assets, including their valuation reports. In this article, we will explore the importance of having access to English-language asset evaluation reports for foreign public companies and the impact it can have on investment decisions.2. The Importance of Access to English-language Asset Evaluation Reports2.1 Understanding the Asset Valuation ProcessIn order to make informed investment decisions, it is crucial to have a clear understanding of how the assets of a company are evaluated. Access to English-language asset evaluation reports provides investors with the necessary information to assess the value of a company's assets and make informed decisions.2.2 Transparency and AccountabilityEnglish-language asset evaluation reports contribute to the transparency and accountability of foreign public companies. By providing access to these reports, companies demonstrate theircommitment to providing investors with clear and reliable information, which in turn can build trust and confidence among potential investors.2.3 Facilitating Due DiligenceFor investors conducting due diligence on foreign companies, access to English-language asset evaluation reports is crucial. These reports provide detailed information about the company's assets, allowing investors to assess the company's financial health and make informed investment decisions.3. The Impact of English-language Asset Evaluation Reports on Investment Decisions3.1 Informed Decision MakingBy having access to English-language asset evaluation reports, investors are able to make more informed investment decisions. These reports provide valuable insights into the value of a company's assets, allowing investors to assess the company's financial position and potential for growth.3.2 Risk ManagementEnglish-language asset evaluation reports also play a key role in risk management for investors. By gaining a better understanding of a company's assets, investors are better equipped to assess the risks associated with their investmentand take the necessary precautions.3.3 Market ConfidenceAccess to English-language asset evaluation reports can also contribute to market confidence. When investors have access to comprehensive and reliable information about a company's assets, they are more likely to have confidence in the company's financial stability and potential for growth, which can have a positive impact on the company's stock performance.4. Personal Perspective and UnderstandingAs a writer who regularly helps clients evaluate and understand asset valuation reports for foreign public companies, I have seen first-hand the impact that access to English-language reports can have on investment decisions. The ability to access clear and reliable information about a company's assets is invaluable for investors, and can significantly impact their confidence and decision-making process.5. ConclusionIn conclusion, access to English-language asset evaluation reports for foreign public companies is crucial for investors seeking to make informed and strategic investment decisions. These reports provide valuable insights into the value of acompany's assets, contributing to transparency, accountability, and market confidence. As a writer, I have witnessed the impact that access to these reports can have on my clients' understanding and decision-making process, and I believe that they are an essential tool for any investor considering foreign investments.In summary, the accessibility of English-language asset evaluation reports for foreign public companies is crucial for investors interested in buying into foreign stocks. These reports are indispensable as they provide valuable insights into the value of a company's assets, contributing to transparency, accountability, and market confidence. As a writer, it is clear to me that access to these reports is an essential tool for any investor considering foreign investments.。
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企业价值评估文献综述英文版Literature Review for the Theory of Business Value measurementABSTRACTBusiness value measurement depends on expectations for the future earnings, there are many ways to assess earnings, and the mainly methods are DCF method, Residual Income valuation theory, Economic Value Added valuation method and Real Options Valuation method. This article bases on the development of domestic and foreign business value theory, and gives a brief summary of the latest research, then compares thedifferent valuation theory at home and abroad.Finally, combining with practical features of Chinese enterprise value assessment concluded that assessments of the latest theories in Chinese enterprises.KEY WORDS : Business Value, Measurement Theory, Literature Review1、 IntroductionBusiness value measurement theory rose in the United States in the earlyth1960 of the 20th century. With the 50 years’ development and application , Westerndeveloped countries have been greatly applied in practice. At present, the theory and method of enterprise value evaluation in Western developed countries have been more and more mature，and it has been used to assess in practice. In China, the application of business value measurement theory is later than western countries which is nowrelatively slowly. Therefore, arranging the present research results and analysis the theory structure have been an important aspects so as to form a tight,coherent theory system. On the guidance of the business valuation practice it can establish new methods of business valuation in China, and it is essential to promote the development of theoretical study.2、 Studies AbroadBusiness value measurement have a history of hundreds of years as an industry in Western countries. During those hundreds of years, many scholars in Western countries on business valuation have done a large number of theoretical studies.Shiller (1981) used the discounted cash flow model to describe stock prices fluctuating boundaries, and the research shows that real stock prices change significantly beyond this range. Because these uncertain information is estimated with hypothesis and data processing technology. Its disadvantage is that it required too many intuition for decision makers, but also achieving many possible distribution[1]hypothesisIn 1995, Ohlson use the conception of clean surplusin residual income valuation model based on the use of clean-surplus (clean surplus) constructing and perfecting the concept of residual income valuation model [2]. Felthan and Ohlson (1995) further developed this theory, that extraordinary income sources are twofold: first, monopoly rents, second, accounting for sound doctrine. Their mostprominent contribution is presented for the evaluation of linear information models (1inear information model) [3]. Evaluation of applying the residual income model, relates to the extraordinary income is not included in the current period in the time series estimates of future earnings, more difficult.1995年，Ohlson在剩余收益定价模型的基础上利用干净盈余(clean[2]surplus)的概念构建并完善了剩余收益估值模型。
Felthan和Ohlson(1995)进一步发展了这一理论，认为非常收益的来源有两个方面:其一，垄断租金;其二，会计的稳健主义。
他们最突出的贡献在于提出了用以价值评估的线性信息模型[3](1inear information model)。
运用剩余收益模型进行价值评估，涉及到对没有包含在当期非常收益中的未来非常收益的时间序列估计，难度较大。
Jackson(1997)认为，计算EVA能够使现金流量折现模型计算，更能反映企业[4]真实经营状况并且容易评价企业历年的经营业绩。
JohnA(Compbell(2002)应用实物期权分析方法讨论了IS(information[5]System)的投资时机决策问题。
2000年,Copeland等几位专家合著《价值评估:公司价值的衡量与管理(第三版)》中,把价值评估方法分为现金流量法与非现金流量法两大类别。
由于Copeland推崇现金,因而他将现金作为价值评估方法的分类标准。
他主要论述了[6]现金流量法,对于非现金流量法仅点到为止。
2003年,David Fryman和Jakob Tolleryd在合著的《公司价值评估》专著中,将价值评估方法分为四大类:?基于现金流量的估值——股利折现模型、折现现金流量模型与投资的现金流收益;?基于收益的估值——经济增加值(EVA);?[7]基于资产的估值——净资产估值;?期权估值——实物期权法 3、 Domestic Research我国企业价值评估理论及技术的运用比较晚，而且发展较为缓慢。
在我国的价值评估研究体系中，主要以DCF及其衍生模型为主。
早期提出的现金流与股利贴现模型随着我国市场经济的发展，已很难适应现代快速发展中的企业的价值评估。
为解决未来不确定性因素对现代企业的影响，我国学术界引进了以期权理念为基础的价值评估理论。
更加完善了我国企业价值评估的理论体系。
李姚矿、童昱(2006)回顾了期权定价理论在企业不确定性资产评估中的研究成果，根据科技型中小企业的特点对期权定价模型进行了修正，并以合肥市高新[8]区内的一家科技型中小企业为案例，说明了具体的评估计算过程。
肖留华 (2007)提出的企业价值评估体系是:P=NV+AV+sV，其中NV即净资产价值是目标企业的实际账面价值，在总额上等于所有者权益;?V即资产溢价是指由无形资产带来的企业潜在的价值，?V=NV*d，d是溢价系数，由企业成长性、[9]管理能力、创新能力三个方面来衡量;SV是协同溢价。
白登顺与贺强(2009)对比了EVA估价法与自由现金流量折现法，发现EVA估价法优于自由现金流量折现法。
与FCFF估价法相比EVA估价法具有双重优势:一方面EVA与企业价值相关联，便于了解企业每年的经营情况，对价值实效计算考核;另一方面EVA克服了自由现金流量波动较大的缺点，不受前后年度资本随[10]意投资额的影响。
黄朔，赵银川(2010)指出由剩余收益模型计算出的企业价值并不能完全代表股票的实际价格。
其原因主要表现在以下四个方面:首先，股票的实际价格往往与其内在的价值不一致，股票的内在价值由上市公司的财务数据分析而来，具有一定的稳定性;而影响股票实际价格的市场因素有很多，二者很难完全一致。
其次，“清洁盈余关系”是EBO模型的—个重要前提假设。