【導(dǎo)讀】為了增進股東的價值，公用事業(yè)現(xiàn)在對他們的資本和O&M開銷十分謹慎，并試著去分析就運營的表現(xiàn)而言，作出的資。運作最佳的企業(yè)非常重視理解支出與資產(chǎn)表現(xiàn)之間的關(guān)系,理解業(yè)績表現(xiàn)的目標到底是什么。的活動，領(lǐng)先的公司已經(jīng)意識到財務(wù)現(xiàn)在在幫助公司確認，最大化股東價值上起到了更大的作用。此擴展作用要求財務(wù)拋棄其專著“會計”的美譽，而將自身作為團隊里的重要一員來從新認識。展，而不是當財務(wù)結(jié)果出來時確認問題。剩余資源能集中用于為企業(yè)部門提供質(zhì)量咨詢服務(wù)。表現(xiàn)在它們從主要的財務(wù)和會計活動中獲取效率的能力。在財富雜志的年度調(diào)查中，Enron連續(xù)六年獲得了“全美最具創(chuàng)新精神企業(yè)”的稱號，這是史無前例的殊榮。1999，2000及2001年度“全美100家最佳就職企業(yè)”

　　

【正文】 ey also fund the projects and operations that support strategy most effectively. Another benefit is that by designing efficient and equitable procedures, panies municate strategy clearly and strengthen panywide mitment. Tie incentives to performance measures other than meeting budget targets. By changing the evaluation process and reinforcing the change with incentives that recognize the importance of measures other than meeting budget targets, panies shift to a more balanced view of management performance. Under this type of system, managers who meet the budget but fail to meet market share, customer satisfaction, or other measures receive less reward than if they had met all the measures. This shift usually enhances overall performance. It also brings more honesty to the budgeting process. Develop Budgets 39 169。 2000 Arthur Andersen All rights reserved. Reduce budget plexity and cycle time. Companies that streamline the mechanics of budgeting develop budgets in a shorter time, at lower cost, with less disruption to their core, valueadding activities, with no sacrifice in budget quality. Streamlining efforts make it possible to shorten the budget development cycle. A shorter budget cycle saves costs, not only in the finance department but in every business unit that develops a budget. Another benefit of streamlining budgeting is that finance department employees are freed from the need to reconcile inconsistent procedures or inpatible software. This allows them to take on other roles in the larger organization, including financial analysis, training, and support for decision making. Develop budgets that acmodate change. By developing budgets that acmodate change, panies benefit in several important ways. Their business units or divisions can respond to changing business conditions more quickly and with greater precision, limiting any negative impact on the pany39。s overall performance. Top management can strengthen credibility with stakeholders. By keeping stakeholders informed of changes in tactics or strategies, top management assures them that the pany39。s longrange goals are still achievable. In the budget development process, knowing that the budget can acmodate change frees managers from the need to pad their budgets to cover unforeseeable developments. Best Practice Rationale Develop Budgets 40 169。 2000 Arthur Andersen All rights reserved. Best Practice Assign accountability for capital budget performance Tie performance incentives to the capital investment strategy Incorporate scenario planning, portfolio analysis and other evaluation tools into capital investment planning process Rationale Often we find that budgets are set, but little monitoring of budget performance (variances) is performed. Moreover, if budgets vary widely (negatively), lack of accountability can contribute to enterprisewide underperformance. Most of the decisions affecting capital investments are made by line managers and employees. Each day, pany executives rely on their employees to implement the guiding strategiesand the decisions employees make affect how and where capital is invested. Performance measurement systems and incentive plans ensure that employees execute the investment strategies effectively by tying employee interests to the capital investment strategy, aligning employee and pany interests in ways that promote valuebuilding investment decisions. Companies need to test the impact of spending (and of not spending) in order to determine the true value of the capital investments being made. Establish a formal and consistent method for ranking, paring and selecting investment projects Track asset condition and age profile and link to capital planning profile Competent Capital Project Evaluation Team Investment decisions are often driven by those managers who hold more influence over their peers, and driven less by their contribution to pany strategic goals. Providing a formal process for scoring and paring projects allows the pany to make better, more equitable capital allocation decisions. Asset condition, age profile and other asset characteristics should feed into the planning process when making capital allocation decisions. Capital evaluation personnel should be skilled in various areas such as economic modelling (discounted cashflows/NPV), scenario analysis etc. Manage Capital Planning 41 169。 2000 Arthur Andersen All rights reserved. Best Practice Rationale Select core cash management banking partners. Service has replaced price as the determining factor for selecting a cash management bank. Since many of today39。s cash management banks have reached parable levels of technological petence, reliable, highquality service is the yardstick panies now use to select banking partners. And partners is the key word. Today panies consolidate their accounts and use fewer banks. They partner with these select few banks to explore innovative ways to streamline and automate processes, to improve information flow, and to lower costs. Develop accurate cash forecasting models. Because cash flows are neither certain nor synchronized, panies turn to forecasts to reduce uncertainties and to help time disbursements with ining receipts. Some businesses use forecasts to look for cash surpluses so that they can decide how much and for how long to invest excess cash. Other businesses use them to foresee cash shortfalls so they can plan how much and when to borrow. Specifically, cash forecasts help determine: frequency of funds transfers。 amount of funds needed pany39。s ability to prepay debt。 foreign exchange and hedging strategy and shortterm investment strategy. Review cash management system regularly. The cash management or treasury review evaluates how well the cash management system is performing. These reviews may