【正文】 return on gross invested capital (CFROI) 可持續(xù)的資產(chǎn)增長率 Sustainable Asset Growth Rate 是否在創(chuàng)造價值 ? 什么是最低投資回報 ? 公司的價值 ?需要衡量的對象 ....股東回報率股東回報率 TSR衡量上市公司的價值增長衡量上市公司的價值增長為什么為什么 TSR 是衡量價值是衡量價值增長的最好指標增長的最好指標股東回報率股東回報率 TSR 定義定義TSR = (市場差價 + 分紅 )/價格 = (2+1)/10 = 30%12110股價t = 0分紅 股價t = n214。 用作各投資機構的積分卡用作各投資機構的積分卡214。 全面體現(xiàn)獲利率和和增長率全面體現(xiàn)獲利率和和增長率214。 跨國家，跨行業(yè)，跨時間比較167。 全面167。 提供投資項目的回顧審計167。 Revenue167。 Operating Profit167。 Working capital167。 Liabilities167。 EquityBalance SheetCFROI 汲取了利潤表和資產(chǎn)負債表中的各類數(shù)據(jù)汲取了利潤表和資產(chǎn)負債表中的各類數(shù)據(jù) (1)CFROI 汲取了利潤表和資產(chǎn)負債表中的各類數(shù)據(jù)汲取了利潤表和資產(chǎn)負債表中的各類數(shù)據(jù) (2)167。 Costs167。 TaxProfit and Loss StatementOperatingMarginGrossMarginExpenseMarginSellingcostsAdmin costsOverheadcostsOthercostsRaw MaterialcostsRefining CostsOverheadcosts計劃驅動預算計劃驅動預算%%%ActualBudgetKey%%CFROIOperating MarginAsset Turnover%%Gross Margin%%Expense Margin%%Raw MaterialRefining Costs%%Selling CostsAdmin Costs.87.90Fixed AssetsWorking CapitalReceivablesInventory75%80%Utilisation Rate10%12%Maintenance%%%%%驅動預算三個主要方面驅動預算三個主要方面? Provides a financial profile of the business for munication and analysis– Nonfinancial managers brought into value equation– Summary measures broken down into parts for greater focus? Graphically displays a parison of performance standards– Actual versus budget– Current versus historic– Sinopec performance versus “best practice”? Relationships can be used for “what if?” analysis:10% Improvement in: Results in CFROI Change of:Revenue %Cost of Goods Sold %Operating Costs %Overhead Costs %AFA Financial InvestmentAeltus Investment Mgmt., Inc.Alex Brown CapitalAllied Investment AdvisorsAlliance Capital Mgmt. CenturyAmerican Century InvestmentAtlantic Capital Mgmt.Atlas Capital, .Arden Group, Inc., TheAuchincloss Lawrence, Inc.BP America, Inc.BTR Capital Management, Inc.Bahl Gaynor Investment CounselBank of AmericaBay Isle FinancialBoys, Arnold CompanyCambiar Investment Inc.Canyon Partners Inc.Capital Research Co.Capital TechnologyCastleRock PartnersChase Investment Counsel Corp.CitibankClifford AssociatesColumbia Management Co.Composite Research ManagementCompuVal InvestmentsCrabbe Huson Group, Inc.Cramblit Carney, Inc.Creekside Investment ManagementCrestwood Asset ManagementDavis Selected Advisors, .Davis Skaggs Investment Mgmt.Dean Witter Intercapital Inc.Delaware Investment Advisors, Inc.Eagle Global AdvisorsEaton CorporationEdward Jones Co.Enright Financial ConsultantsEquinox Capital ManagementEveans, Bash, Magrino Klein, Inc.Farmers Insurance Group of CompaniesFirst National Bank, SW OhioFleming Capital ManagementFrontier Investment Management Co.Frost National BankGMG/Seneca Capital ManagementGEM Land CompanyGeneral Accident Insurance Co.General Motors Inv. Mgmt. Corp.GlobeFlex CapitalGoefen Glossberg, Inc.Greenleaf Capital Management Gries Financial Corp.Guardian, TheHGK Asset Management, Inc.Hotchkis WileyHoward Hughes Medical InstituteHughes Investment Management Co.Hutchens Investment ManagementInvestment Advisors, Inc.Investment Counselors, Inc.JanusJohnson Investment Counsel, Inc.Jurika Voyles, Inc., Investment Mgmt.KPM Investment Management, Inc.Kalmar Investments, Inc.Kanawha Capital ManagementKempner Capital Management, Inc.Kennedy Capital ManagementKunath Karren Rinne Atkin, Inc.Legacy Capital ManagementLegg Mason Capital Mgmt., Inc.Leonard Management GroupLockheed Martin CorpLogan Capital Management, Inc.Luther King Capital Mgmt.Lutheran Church, TheMcMurrey Investment Advisors, Inc.Mercantile TrustMeridian Investment CompanyMerrill Lynch Asset ManagementMesirow FinancialMississippi Valley AdvisorsMontag ManagementNational City BankNike Securities .Noroian Capital ManagementNorwest Capital AdvisorsNWQ Investment Management Co.Oppenheimer CapitalOppenheimerFunds, Inc.Oppenheimer ManagementPacific Alliance CapitalParnassus Fund, ThePeregrine Capital ManagementPhilip V. Swan AssociatesPioneering Management Corp.Plaza Investment Managers, Inc.Prudential Mutual Fund InvestmentPSA FinancialPutnam Companies, Inc.RCM Capital Management, LLCRM Investment Management, Inc.Richard Blum AssociatesRoberts, Glore Co.Robertson Stephens Co.Roger H. Jenswold Co., Inc.Roulston Company, Inc.Salomo