股东价值

对于那些仍坚定捍卫股东价值论的人而言，《国富论》（TheWealthofNations）提供了有力的论据。

For those who still defend shareholder value with enthusiasm , The Wealth of Nations provides good ammunition .

第一章是引言，论述了股东价值论的兴起和EVA的基本思想和研究现状，以及EVA作为一种管理体系的优点。

Part one is a preface summarizing the origins of shareholder value and the basic principles of EVA .

他是股东价值创造过程领导者，也是CEO（首席执行官）的决策伙伴，而不仅仅是过去简单的数字计算专家。

He is the leader in the value-creating course for shareholders , a decision partner of CEO .

利用反映股东价值的EVA指标对中国股市进行实证研究；

In the article the EVA index that shows shareholder 's value is used to empirically research Chinese stock market .

就连曾经的股东价值拥护者、通用电气（GeneralElectric）前首席执行官杰克韦尔奇（JackWelch），也谴责此观点为世界上最愚蠢的想法。

Even Jack Welch , former General Electric chief executive and one-time champion of shareholder value , denounced it as the dumbest idea in the world .

围绕股东价值最大化的根本目标，EVA激励体系将在目标类型选择等五个方面对股东和经理人的博弈行为产生影响。

Around the top objective of " shareholder value maximization ", EVA incentive system has effects upon the game from 5 perspectives .

基于股东价值视角，EVA管理体系引起了国内外理论界和实务界的广泛关注。

Based on shareholder 's value , EVA system has caused extensive concern of the domestic and international theory and practice circle .

本文将采用事件分析法，通过计算各公司的累计超额收益率（CAR）及累计超额收益对并购活动影响股东价值的短期效应进行分析、检验并以会计分析法作为长期定性分析的指标作为参考。

The paper is adopting the case analysis method to analyze , test and refer to the long-term qualitative index through calculating individual company 's CAR and CA and its influence on the stock value .

财富（Fortune）500强企业的无形资产与股东价值之比稳步上升，从1980年的50%左右，上升至目前的70%。

The proportion of intangible assets to shareholder value at Fortune 500 companies has steadily risen , from about 50 per cent in 1980 to 70 per cent today .

在探讨公司治理的内容和功能时，经济学家之间形成了两种对立的观点，即股东价值观（shareholder-valueperspective）和利益相关者价值观（stakeholder-societyperspective）。

When they talk about the content and function of corporate governance , there are two opposite perspectives : shareholder-value perspective and stakeholder - society perspective .

本文在单一股东价值模型的基础上，引入第一大股东的代理行为，并对IPO募集资金使用情况的影响因素进行理论分析，进而提出研究假说。

This paper proposes a shareholder value model , in the first place and then introduces the large shareholder agency problem to analyze the use of IPO proceeds .

首先可以使用VaR测度经济资本，其次运用VaR可以实现从利润中扣除风险因素后进行业绩评价，即RAPM方法，最后，VaR可以用于股东价值分析，从而据以进行战略决策。

Firstly , VaR measures the amount of economic capital , then deduct risk charges from profits , which leads to RAPM methods .

经济增加值（EVA）可以诠释股东价值目标，设计正确的EVA激励计划可以保证经理层经营公司的方式与股东价值目标一致。

Economic Value added ( EVA ) can interpret shareholders'value target . The plan for encouragement based EVA might guarantee the managers'operating in accordance with the shareholders'value target .

经过以上分析，本文认为，EVA指标比其他公司估价指标具有更多的优点，它是对一个公司真实经济利润的衡量，其理念符合现代财务管理的核心&股东价值最大化。

As a scale of the real economic profit of a corporation , EVA accord with the core of modern financial management , namely maximize of the stockholder value .

全球化以及担心中国人抢饭碗的忧虑已经将股东价值变成了经营一家公司的全部和终极目标，深深地烙在了大多数CEO的DNA中。

Globalization and the fear of having your lunch eaten by the Chinese has made shareholder value the be-all and end of running a company . It is in the DNA of most of our CEOs .

这位前通用电气（GE）首席执行官向英国《金融时报》表示，自从他在1981年的一次讲话中提出股东价值概念以来，企业高管和投资者都错误地强调了这一概念。

The former General Electric chief told the Financial Times the emphasis that executives and investors had put on shareholder value since he spelt it out in an 1981 speech was misplaced .

由美国Stern&stewart公司首倡的EVA应运而生，其优势体现在进行业绩评价时考虑了权益资本成本，主要通过对股东价值的创造的衡量来进行业绩评价。

EVA , which brought forward by Stern & Stewart Co , Its advantages represent on considering the cost of equity capital . EVA measure performance by evaluating the stockholder value created .

以股东价值最大化为目标是公司实施价值基础管理（VBM）的动源力。

Maximize shareholder value is the main reason that a company carries out value-based management ( VBM ) .

有人指责mba课程灌输的价值观比如使股东价值和个人私利最大化太注重赚钱，太少考虑社会因素。

Some charge that the values imparted in MBA programmes maximising shareholder value and personal gain , for instance put too much emphasis on making money and too little on social considerations .

EVA与风险调整的绩效评价模型（RAPM）均以股东价值为中心，在一定程度上有效解决了管理人员与股东间的目标分歧，真实反映了银行经营状况。

To extent EVA and RAPM all can deal with the difference expectation between the manager and stockholder efficiently and reflect profit really .

特纳曾就职于麦肯锡（McKinsey）这家管理咨询机构一直是股东价值、自由市场竞争和金融资本主义等信条的倡导者。

Turner previously worked at McKinsey , the management consultancy which has been an evangelist for the creed of shareholder value , free-market competition and financial capitalism .

不同于传统的绩效考核方式，由于银行EVA指标是经过风险调整的收益，具有与银行股东价值目标高度相关的特点，并且能有效减少代理成本问题。

Different from traditional performance evaluation methodology , EVA indices represent risk-adjusted returns , so they have high relevance to the value objectives of bank shareholders and are capable of effectively reducing vicarious costs .

本文首先阐明了研究企业经营管理者报酬激励的必要性和意义，提出在当前国有企业分配制度改革的背景下，将代表股东价值最大化的指标EVA引入报酬激励进行研究。

This thesis points first out the significance of research the compensation incentive for managers . On the background of the reforming of allocation system of Stated-owned Enterprises , EVA , the index of representation of .

随着人们发现几位知名的mba毕业生在当前金融危机中犯下错误，许多商学院开始注意自己的名誉，考虑是否应该用道德和社会责任取代利润率和股东价值。

With several high-profile MBA graduates found culpable in the current financial crisis , many business schools are looking to their laurels and considering whether ethics and social responsibility should replace profit margins and shareholder value .

EVA强调股东价值的创造，克服了利润最大化等其它目标的缺陷，从而成为了股东价值最大化的衡量指标。

EVA emphasize the creation of the shareholders ' values , and it overcomes the shortcomings of other goals such as profit maximization . Thus , EVA has become the measure gauge of the maximization of shareholders ' values .

他张扬而富有侵略性的风格与现代商业文化格格不入，而他离开ge时索取的怪异而又微不足道的退休福利，也毁了他维护股东价值的声誉。

His yappy , aggressive style is woefully out of sync with contemporary business culture . And his status as the champion of shareholder value was destroyed when he made off from GE with a retirement package both outlandish and petty .

汇丰银行（HSBC）昨日承认，其美国消费者金融业务未来几年将需进一步注资。该行披露，在其拥有这项业务的6年内，其股东价值损失约为100亿美元。

HSBC admitted yesterday that its US consumer finance division would require further capital injections for several years as it revealed the business had destroyed about $ 10bn in shareholder value in the six years it has been owned by the bank .

被视为“股东价值”运动之父的杰克韦尔奇（jackwelch）表示，沉迷于短期利润和股价上涨是一种“愚蠢的想法”，而过去20多年来，这一直主宰着企业界的思维。

Jack Welch , the executive regarded as the father of the " shareholder value " movement , has said that the obsession with short-term profits and share-price gains that has dominated the corporate world for more than 20 years was " a dumb idea " .

但是到了1995年，面对敌意收购的威胁，ICI的管理层宣布：我们的目标是实现股东价值最大化，专注于具有市场领先地位、技术优势和全球成本优势的业务。

But , by 1995 , the threat of a hostile bid galvanised the management , and the company declared : Our objective is to maximise value for our shareholders by focusing on businesses where we have market leadership , a technological edge and a world competitive cost base .

Bianchi表示，各种各样的亚洲研究显示出，这样的公司结构致使股东价值减少了15%到25%，其中部分也是由于投资者对公司自动折价，因为这些公司可能出现不透明的、甚至是胡乱的关联交易。

Mr Bianchi said various Asian studies showed such corporate structures reduced shareholder value by 15-25 per cent , in part also due to the automatic discount applied by investors to companies that leave themselves open to the possibility of opaque or even abusive related party transactions .