【正文】 inty ? 風(fēng)險(xiǎn)的類別 – 經(jīng)濟(jì)風(fēng)險(xiǎn) (Economic Risk) ? 環(huán)境風(fēng)險(xiǎn) (經(jīng)濟(jì)條件、政治及社會環(huán)境） ? 市場風(fēng)險(xiǎn)（市場結(jié)構(gòu)、企業(yè)競爭優(yōu)勢） – 經(jīng)營風(fēng)險(xiǎn)（ Operational Risk) ? 固定成本與變動(dòng)成本比例 – 財(cái)務(wù)風(fēng)險(xiǎn)（ Financial Risk) ? 資本結(jié)構(gòu)與金融市場利率 營業(yè)風(fēng)險(xiǎn) Business Risk 利潤易變性 Profit Volatility 傳 導(dǎo) 傳 導(dǎo) 2021/11/11 Harvard39。s Framework for FSA 64 風(fēng)險(xiǎn)的傳導(dǎo)與放大 +5% +14% +18% 5% 14% 18% 經(jīng)濟(jì)風(fēng)險(xiǎn) 經(jīng)營風(fēng)險(xiǎn) 營業(yè)風(fēng)險(xiǎn) 財(cái)務(wù)風(fēng)險(xiǎn) 經(jīng)濟(jì)狀況 政治社會環(huán)境 銷售 收入 息稅前 利潤 稅后 利潤 市場結(jié)構(gòu) 競爭優(yōu)勢 2021/11/11 Harvard39。s Framework for FSA 65 風(fēng)險(xiǎn)傳導(dǎo)效應(yīng) XYZ公司風(fēng)險(xiǎn)評估測算表 預(yù)期數(shù) 銷售收入 +5% 銷售收入 5% 銷售收入 50,000 +5% 52,500 5% 47,500 減 :變動(dòng)成本 19,000 +5% 19,950 5% 18,050 固定成本 20,000 0% 20,000 0% 20,000 息稅前利潤 11,000 +14% 12,550 14% 9,450 減 :固定利息支出 2,500 0% 2,500 0% 2,500 稅前利潤 8,500 +18% 10,050 18% 6,950 減 :所得稅 2,805 +18% 3,316 18% 2,294 稅后利潤 5,695 +18% 6,734 18% 4,656 2021/11/11 Harvard39。s Framework for FSA 66 報(bào)表分析與業(yè)績管理 Kaplan amp。 Norton’s Balanced Scorecard Financial Perspective To succeed financially, how should we Appear to our shareholders? Actual Target Initiative Measures Customer Perspective To achieve our vision, how should we Appear to our customer? Actual Target Initiative Measures Internal Business Process To satisfy our shareholders and customers, , What business process must we excell at? Actual Target Initiative Measures Learning and Growth To achieve our vision, how will we sustain Our ability to change and improve? Actual Target Initiative Measures Vision And Strategy 2021/11/11 Harvard39。s Framework for FSA 67 經(jīng)營戰(zhàn)略與業(yè)績評價(jià) Cost Leaders Differentiators High Low Low High Low High Low High Low High Low High Strategic Spectrum Reliance on Financial Performance Measure Reliance on NonFinancial Performance Measure R amp。 D to Sales Market ValuetoBook EmployeestoSales New Product Introduction 2021/11/11 Harvard39。s Framework for FSA 68 Performance Measures in CEO Bonus Contract Financial Measure % Nonfinancial Measure % Earnings per share Net ine Operating ine Return on equity Sales Cash flow Return on assets Cost reduction ROlC Unspecific fin. Measures Economic value added Others Customer satisfaction Nonfin. Strategic objectives Product or service quality Employee safety Unspecific nonfin, measures Efficiency or productivity Market share Employee satisfaction Process improvement Employee devp. amp。 training New product development Leadership Workforce diversity Innovation Others 2021/11/11 Harvard39。s Framework for FSA 69 Modern EVA Bonus Plan Bonus = Target Bonus + y % (△ EVAEI) Target Bonus Bonus Earned Bonus Paid Bonus Banked EVA Interval Bonus Bank 2021/11/11 Harvard39。s Framework for FSA 70 Illustration of Modern EVA Bonus Plan Bonus Paid= Target Bonus – 1/3 Excess Year 1 Year 2 Year 3 EVA (year 0 = $30,000) 15,000 20,000 5,000 EVA Improvement 15,000 5,000 15,000 Expected EVA Improvement 5,000 5,000 5,000 Excess EVA Improvement 10,000 10,000 10,000 Target Bonus 100 100 100 Share of Excess EVA Impro. 2% 2% 2% Bonus Earned 300 100 300 Bonus Earned + Bank 300 33 300 Bonus Paid 167 33 167 Ending Bank 133 0 13