基于平衡计分卡和EVA的企业业绩评价体系研究外文翻译资料

Research on Enterprise Performance Evaluation System Based on BSC and EVA

Zhang Chunying

Tianjin Polytechnic Un iversity, Tianjin, P.R.China, 300387

Abstract：At present, the ma jority of fore ign enterprise have already got rid of the pattern taking the pure financial criterion as the weight performance, they use the BSC (Ba lanced Scorecard-BSC) system prima rily. While , the EVA (Econo mic Va lue Added) is taking as one kind of eva luating indicator system to be able to obtain the shareholder value as well as the enterprise increase in value performance, it has reflected the enterprise strategy operation objectives directly. This article introduces performance evaluation systems--the BSC and the EVA , proposes one new performance evaluating indicator system unifying the BSC and EVA based on the relationship between the two systems, and exp lains the setup procedure of this set of systems targets taking ABC Corporation as the example.

Key words enterprise performance, performance evaluation, BSC, EVA

1 Introduction

Since near hundred years, the company perfo rmance evaluation fundamental research of Western Country has developed unceasingly, especially the American economists and management scientists have played very important role in pro moting the fundamental research and the practice exploration of the enterprise performance evaluation. Meanwhile, the practice e xp loration of enterprise performance evaluation have also enormously enhanced the business management level and managed capacity of West Country. In the 1990s, many companies rea lized the insufficiency of the sole financial norm, and attempted to seek for a more effective method. Therefore they introduced two evaluating indicator systems--BSC (Ba lanced Scorecard- BSC) and EVA (Economic Value Added-EVA) in the 1990s. Actually, these two kinds of methods which are approved as internationally mature manage ment tools still have there own deficiency. For e xa mple , EVA can not overcome the insufficiency which uses the sole financial norm to weigh the enterprise performance, wh ile , the BSC has also contained many quantification targets which are difficult to be objective. This article believes that BSC and EVA have many diffe rences freely, but the ultimate objective is consistent, that is to serve for creating enterprise value. If we can unify these two performance evaluation system organically,they may enhance strong points and avoid weaknesses, and plays the respective role we ll. Th is art icle analy zes associativity of BSC and EVA , has established new enterprise performance evaluating indicator system based on BSC and the EVA taking ABC Corporation as the e xa mple , in order to achieve the goal of weighing enterprise performance effect ively.

2 BSC Performance Evaluation System

BSC (Balanced Scorecard- BSC) is one kind of brand-new evaluation system which was proposed

by American Pro fessors such as R. S. Kaplan in 1992. BSC has become one kind of strategic manage ment pattern fro m one kind of performance management pattern gradually, and has been considered as one of the most popular manage ment tools at present. Its basic philosophy is to carry on the quality syntheticevaluation of the enterprise performance focusing on fore essential aspects--financial, customer, the internal procedure, study and innovation. BSC has rea lized the balance between enterprises financial norm and the non-financial norm, the long-range objective and the short-term goal, the result target and the actuation target, the enterprise interior and e xterior benefit counterparts, the leading target and lagging indicator. However, BSC also has the obvious flaw, it lacks the target reflecting enterpriselsquo;s overall goal, thus loses the relevance with the enterprise value. BSC involves four aspect evaluating indicators-- financial, customer, internal operation flo w, study and growth, the concrete targets may have more than 20, if each target becomes the evaluated goal, then the enterprise has numerous goals simultaneously to pursue and to realize . Thus, enterprise operators often are at a loss, they do not know how to proceed when these targets conflict each other. Therefore , BSC is not really a very perfect system wh ich needs to be made the further improve ments.

3 EVA Performance Evaluation System

The EVA (Economic Value Added) is proposed by the US Stern Stewart manage mentconsultant firm, its core thought is: An enterprise is considered to create extra value for the shareholder only in the condition that its capital income surpasses to total cost of obtaining this income investment. This target is economic value target obtained fro m readjustment a fter the residual inco me. It may be defined as: the difference between net business profit after ta x which has been adjusted and opportunity cost of existing property economic value, which is e xpressed by the formula as follow:

EVA=NOPAT-K*NA

NOPAT is adjusted net business profit other than tax, K is enterprises we ighted average capital cost, NA is the enterpriselsquo;s opening property economic va lue. If EVA is a positive number, it e xplains that enterprises income has not only made up the shareholder capital cost, but also has created the wealth for the shareholder; Otherwise, it ind icates that enterprises income could not make up the shareholderlsquo;s capital cost, and the shareholderlsquo;s wealth has been destroyed. The quantification degree of EVA evaluation is higher, but EVA limits mere ly in the business finance performance evaluation aspect, it is unable to reflect the non-financia l informat ion to the enterprise performance evaluation influence.

4 Combination of BSC and EVA Feasibility Analysis

To achieve a co

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基于平衡计分卡和EVA的企业业绩评价体系研究

究

Zhao Zheyu, Zhang Chunying

张春颖

春 颖

College of Industrial amp; Co mmerc ial Management, Tianjin Polytechnic Un iversity, Tianjin, P.R.China, 300387

天津理工大学，天津，中国，300387

Abstrac t At present, the ma jority of fore ign enterprise have already got rid of the pattern taking the pure financial criterion as the weight performance, they use the BSC (Ba lanced Scorecard-BSC) system prima rily. While , the EVA (Econo mic Va lue Added) is taking as one kind of eva luating indicator system to be able to obtain the shareholder value as well as the enterprise increase in value performance, it has reflected the enterprise strategy operation objectives directly. This artic le introduces performance evaluation systems--the BSC and the EVA , proposes one new performance evaluating indicator system unifying the BSC and EVA based on the relationship between the two systems, and exp lains the setup procedure of this set of systems targets taking ABC Corporation as the example.

摘要：目前，国外企业的绝大部分已经摆脱了单纯的金融模式以标准重量的性能，他们利用BSC（平衡计分卡）系统初步。同时，EVA（经济增加值）是以一种EVA分级指标体系能够获得股东价值以及价值绩效的企业增加，它反映了企业的战略经营目标。该文介绍了绩效评价体系，平衡计分卡和EVA，提出了一种新的绩效指标体系，建立基于EVA和平衡计分卡的业绩评价体系。以ABC公司为例，定制一份EVA—平衡计分卡业绩评价指标体系。

Key words enterprise performance, pe rformance evaluation, BSC, EVA

关键词：企业绩效，绩效评价，平衡计分卡

1引言

Since near hundred years, the company perfo rmance evaluation fundamental research of Western Country has developed unceasingly, especially the American economists and management scientists have played very important role in pro moting the fundamental research and the practice exploration of the enterprise performance evaluation. Meanwhile, the practice e xp loration of enterprise performance evaluation have also enormously enhanced the business management level and managed capacity of West Country. In the 1990s, many companies rea lized the insufficiency of the sole financial norm, and attempted to seek for a more effective method. Therefore they introduced two evaluating indicator systems--BSC (Ba lanced Scorecard- BSC) and EVA (Economic Va lue Added- EVA) in the 1990s. Actually, these two kinds of methods which are approved as internationally mature manage ment tools still have there own deficiency. For e xa mple , EVA can not overcome the insufficiency which uses the sole financial norm to weigh the enterprise performance, wh ile , the BSC has also contained many quantification targets which are difficult to be objective. This article believes that BSC and EVA have many diffe rences freely, but the ultimate objective is consistent, that is to serve for creating enterprise value. If we can unify these two performance evaluation system organically,they may enhance strong points and avoid weaknesses, and plays the respective role we ll. Th is art icle analy zes associativity of BSC and EVA , has established new enterprise performance evaluating indicator system based on BSC and the EVA taking ABC Corporation as the e xa mple , in order to achieve the goal of weighing enterprise performance effect ively.

近百年来，公司绩效评价理论研究西方国家的不断发展，特别是美国的经济学家和管理学家在促进基础研究和企业绩效评价的实践探索中起到了非常重要的作用。同时，实践经验探讨企业绩效评价也极大地提高了企业管理水平和管理能力的西方国家。在上世纪90年代，许多公司认识到单一的财务指标的不足，并试图寻找一种更有效的方法。因此，他们引入了两个评价指标体系，平衡计分卡（BSC平衡计分卡）和EVA（经济增加值-EVA）在上世纪90年代。实际上，这两种方法被批准为国际成熟的管理工具仍有不足。EVA简单，EVA不能克服采用单一的财务指标来衡量企业绩效，而平衡计分卡的不足，还包含了许多量化指标，难以客观。本文认为，平衡计分卡和EVA有许多差异的自由，但最终目标是一致的，那就是为企业创造价值。如果我们能够将两者有机地结合起来，就可以增强强大的点，避免弱点，发挥各自的作用。这篇分析结合平衡计分卡和EVA，建立了新的企业绩效基于BSC和EVA以ABC公司为EVA简单评价指标体系，以实现企业绩效的有效衡量的目标。

标 。

2 BSC Performance Evaluation System

2平衡计分卡绩效评价系统

BSC (Balanced Scorecard- BSC) is one kind of brand-new evaluation system which was proposed

BSC（平衡计分卡-平衡计分卡）是一种全新的评价体系，提出了B S C （了 by American Pro fessors such as R. S. Kaplan in 1992. BSC has become one kind of strategic manage ment pattern fro m one kind of performance management pattern gradually, and has been considered as one of the most popular manage ment tools at present. Its basic philosophy is to carry on the quality synthetic evaluation of the enterprise performance focusing on fore essential aspects--financial, custome r, the internal p rocedure, study and innovation. BSC has rea lized the由美国支持如R. S.卡普兰1992。平衡计分卡已成为一种战略管理模式从一种绩效管理模式逐渐被认为是目前最流行的管理工具之一。其基本理念是进行质量综合评价企业绩效的重点在重要的方面——财务、客户、内部流程，学习与创新。平衡计分卡已经认识到的企业的财务指标和非财务指标之间的平衡，长期目标和短期目标、结果目标和控制目标，企业内部和利益相关者、领先指标和滞后指标的目标。但是，平衡计分卡也存在着明显的缺陷，它缺乏目标反映了企业的整体目标，从而失去与企业价值。平衡计分卡包括四个方面的评价指标——财务、客户、内部运营流程、学习与成长，具体的目标可能会超过，如果每个目标成为评价目标，那么企业有众多的目标，同时追求和实现。因此，企业经营者往往是在一个损失，他们不知道如何进行时，这些目标的冲突彼此。因此，平衡计分卡是不是一个很完美的系统，这需要进行进一步的改进。

3 EVA Performance Evaluation System

3EVA绩效评价体系

3系

The EVA (Economic Value Added) is proposed by the US Stern Stewa rt manage ment consultant firm, its core thought is: An enterprise is considered to create extra value for the shareholder only in the condition that its capital income surpasses to total cost of obtaining this income investment. This target is economic value target obtained fro m readjustment a fter the residual inco me. It may be defined as: the difference between net business profit after ta x which has been adjusted and opportunity cost of existing property economic value, which is e xpressed by the formula as follow:

EVA（经济增加值）是由美国史都华RT管理顾问公司提出，其核心思想是：企业是为股东创造只有在其资本收益超过为获得该收益的投资总成本的情况下额外的价值。这一目标是获得经济价值从调整后的剩余收入目标。它可以定义为：在TAX已调整现有财产经济价值的机会成本的净营业利润之间的差异，这是表示由公式如下。NOPAT is adjusted net business profit other than tax, K is enterprises we ighted average capital cost, NA is the enterpriselsquo;s opening property economic va lue. If EVA is a positive nu mber, it e xplains that enterprises income has not only made up the shareholder capital cost, but also has created the wealth for the shareholder; Otherwise, it ind icates that enterprises income could not make up the shareholderlsquo;s capital cost, and the shareholderlsquo;s wealth has been destroyed. The quantification degree of EVA evaluation is higher, but EVA limits

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