会计外文翻译转型经济中的研发和企业绩效文档格式.docx

会计外文翻译转型经济中的研发和企业绩效文档格式.docx

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Dhasevolvedwellbeyondbasicdiscountedcashflowmodels.Bettertoolshavebeendevelopedtovalueintellectualcapital,includingthequantitativeassessmentofthevalueaddedbyR&

D.ThedissectionoftheelementsofriskandtheapplicationofrealoptionstheoryarenewfeaturesoftheR&

Dlandscape.Financingvehicleshavealsochangedwithanenormoussurgeofventurecapitalandprivateequityfunds.Theanalyst’stoolboxhasbeenenhancedbyelectronicspreadsheets,on-linedatabases,MonteCarlosoftware,theInternet,andtheubiquitouspersonalcomputer.

IndustrialR&

Discharacteristicallyahigh-riskinvestmentwithadeferredpayoff.Itsimportancetoindustrialsocieties,andtoindividualfirmswithintheseeconomies,isparamount；

Lauhasestimatedthatmorethan50%ofthewealthcreationindevelopedcountriesoriginatesfromtechnology,whichistypicallyaproductofR&

D.However,R&

Dcomesatacost,anditisascapableofdestroyingvalueascreatingit.Knowingthedifferenceiscrucial;

thepenaltiesforunderinvestmentcanbeadeterioratingcompetitivepositionandlostopportunity;

foroverinvestmentitwillbeaslowerosionofthefirm’scapitalbase.

Butmeasuringthedifferencebetweenvaluecreationandvaluedestructionisnoteasy.OnesourceofconfusionisthataccountingconventionstreatR&

Dasanexpense,notaninvestment.Anevenmorefundamentalissueisthatpastperformanceisnotareliableguidetofutureperformance.

Facedbyameasurementproblemthatisbothdifficultandimportant,thebusinessfinancialandacademiccommunitieshavecontinuedimprovingtheirtools.Asaresult,R&

Danalysisandmanagementhasevolveddramaticallyinthepastfiftyyears（3）,andthatevolutionisfarfromover.

Initsfirstpostwarphase,industrialR&

Dwasviewedasacreativeenterpriseand

Its’managementwaslefttotheR&

Ddirectors.Theirmainfinancialmetricwasanannualbudget（atoolbasicallyinadequatetoevaluateaninvestment）.Thebudgetwasinpartdeterminedbyindustrybenchmarks,suchasR&

Dexpenseasapercentageofrevenues.Accordingly,thefinancialskillsofR&

Dexecutiveswerelargelyfocusedoncostaccountingandcostcontrol（4）.Inmanycompanies,topmanagement（oftenlackingpersonalexperienceinR&

D）didn’thaveaclueabouttherelationshipofvaluetocost,andattemptedtomanagethefunctionbyaprocessthathasbeenpithilydescribed（5）as“managingthemanager”.Inotherwords,poorR&

Dreturnswereviewedmoreasaproductofpoormanagementthanaconsequenceofafirm’sstrategy.Thesolutionwasoftentohirea“newboy.”

Thesecondphase,inthe1970s,wastheintroductionofincreasinglypowerfultoolsforevaluatinginvestmentsunderriskbeingadoptedbyfinancialanalyststoR&

D,leadingtoacircumstanceIwoulddescribeas“theapparenttriumphofDCF（DiscountedCashFlow）.”TheuseofDCFinevaluatinginvestmentswasanimportantstepforwardinthatitintroducedthedisciplineofbusinessplans,factoredintheconceptofrisk,andhelpedbridgethecommunicationsgapbetweentechnicalandnon-technicalexecutives.TheDCFtoolkitincludednetpresentvalue（NPV）internalrateofreturn（IRR）andriskweightedcostofcapital.”Butasitwasappliedinpractice,theuseofexcessivediscountratesandoverlyconservativeterminalvaluescombinedtocondemnalmostanylong-termR&

D.project.Thisresultcontradictedindustry’scommonexperiencethatmanyofthemostprofitableinnovationshadlonggestationperiods.

Thewordvaluehasbecomeafixtureofthebusinesslexiconduringthepasttwodecades.Unfortunately,thisomnipresentwordisbeingusedintwoverydifferentcontexts:

economicvalueandmarketvalue.Thetwoformsofvaluearenotatallthesame.ThedistinctionisprofoundforR&

D,becauseinnovationinitiallycomesatacostioneconomicvalue,butisequallyoftenadriverformarketvalue!

EconomicValue

ThetermEconomicValueisinvokedinmuchcurrentbusinessjargon,explicitly

InsuchconceptsasEconomicValueAdded（EVA）,andimplicitlyindiscussionsof“valuechains,”and“valuepropositions.”Theeconomicvalueofanenterpriseisdeterminedbytheprojectedsumofitsfreecashflows,discountedbyitscostofcapital.

TheEVAconcept,althoughtraceabletoAlbertP.Sloan,thelegendaryCEOofGeneralMotors,wasreintroducedtothecorporatecommunitybythefirmSternStewartinthe1990s,withconsiderableimpact.EVAisdefinedasnetoperatingprofitminusanappropriatechargefortheopportunitycostofallcapitalinvestedinthe

Enterprise.（TherelationshipbetweenEVAandEconomicValueissimple:

Economic

ValueisjustthesumoftheEVA’saddedbytheenterpriseineachsuccessiveyear.）

EVAisanestimateoftrue“economicprofit,”ortheamountbywhichearningsexceedorfallshortoftherequiredminimumrateofreturnthatshareholdersandlendersmightearnbyinvestinginalternativesecuritiesofcomparablerisk.

TheCrisisinValuation;

WhenMarketValueDidn’tTrack

MarketValue

Forprofessionalinvestorsinsecurities,thebottomlineisnoteconomicreturn,itistotalshareholderreturn（TSR）,definedastheappreciationofthestockpriceplusdividendpayments.Thisis“cashisking”reasoning,sinceliquidsecuritiesandcashdividendsmeancashtoaninvestor.Tomoneymanagers,totalreturnisalsotheirreportcard.Insuchaworld,theMarketValueofastockisthefinalmetric,andEconomicValueisbutonecomponentofit.Investorsalsogaugeeachfirm’sstrategicposition,plusotherfactorscontributingtoMarketValuesuchasinvestorsentimentandmacroeconomictrends.Shareholdervaluehaslargelycometobesynonymouswithcurrentmarketvalue-stockprice-andexecutivesordirectorswhoignorethisrealitydosoatconsiderableperil.

EconomicValue

Apartofthecrisisinvaluationarosefromthegrowingdifferencesbetweenmarketvalueandtheaccountant’sperspectiveofvaluationbasedonhistoricalcost.Whilethiscircumstancecould,inprinciple,haveresultedfromsmartmanagementdeliveringsuperiorcashflows,thisexplanationdidnotholdupwhentheactualcashflowprojectionsofthecompanieswereconsidered.

Youngisbasedoncashflowanticipatedinthenextfiveyears-theouterlimitoftheproverbial“short-term”.Thus,morethan75percentofthevaluationofthetotalstockmarketmustberelatedtosomethingotherthanshort-termeconomicvalue.Inthisscenario,aslongasperceptionsofopportunitygrewfasterthaneconomiccapital,thegrowthsectorwouldoutperformthe“value”sector,andhencewouldattractmoreinvestment.Thiscascadeeffectwouldresultinhigherprice-earningsratios,sincetheprice-to-earningsmetricistiedtocurrenteconomicperformance.Thatiswhatoccurredinthemarketplaceduringthedecadeofthe1990s.Investorsineffectequatedinvestmentin”value”stocksasinvestmentinstockswithlimitedopportunities,andfavoredthe”growth”sector.

Duringthe1990s,asthevaluationgapwasgrowing,ahostofarticlesbegantoextendthevenerableconceptofintellectualpropertytotheconceptofintellectualor

Knowledgecapital,whichaddedanimportantnewdimensiontointangibleassets.Somewritersevenchoosetodefineintellectualcapitalasthedifferencebetweenmarketvalueandthevalueofthetangibleassets.Thisapproachisexemplifiedbythisquotation:

Thegreatestchallengefacinganyorganizationtodayisinunderstandingthehugedifferentialbetweenitsbalancesheetandmarketvaluation.Thisgaprepresentsthecorevalueofthecompany–itsIntellectualCapital.

Fromthistraditionalbase,theconceptwasnowextendedtoincludetheknowledgeoftheorganizationanditsemployees,anditsabilitytolearn.Itthuswentfarbeyondthemorelimitedconceptsofknow-howandtradesecrets.Mostimportantly,therewasrecognitionthatintellectualandhumancapitalcouldfaroutweightangiblecapitalforvaluationpurposes.

Thisinsightwasimportant,butyetnotverydefinitive."

Buttheideaofintellectualcapitalisanewone,”wroteP.H.Sullivan,”itbringstotheforegroundthebrainpowerassetsoftheorganization,recognizingthemashavingadegreeofimportancecomparabletothetraditionalland,labor,andtangibleassets.Ifasurveywereconducted,therewouldbeagreementthatmanymoderncompaniesarefilledwithintellectualcapital:

lawfirms,consultingfirms,softwarecompanies,computercompaniestonamebutafew.Butifthesurveywentontoaskpeopletodefinewhatintellectualcapitalis,therewouldbeawiderangeofanswers.Theseanswerswouldnotconvergeontoonestraightforwarddefinitionofintellectualcapital,butratheronmany.Therangeofviewsandthenumberoftermsusedtodescribeanddefineintellectualcapitalarebroad,withoutaclearfocus,andoftenconfusing……

Technologyappraisal

Apracticalapplicationoftheeconomicvalueapproachtointellectualpropertydevelopedconsiderablyduringthe1990s.Ithasbeentermedtechnologyappraisal.TheapproachisbasicallyaDCFvaluationofaproformabusinessplanincorporatingthetechnologybeingappraised.Technologyappraisalhasbeenusedprimarilyfortaxpurposes:

forexample,thevaluationofpatentsdonatedtouniversitiesbycompaniessuchasDowChemicalorthevaluationofin-processR&

Dinmergersandacquisitions.DuPontpublishedadetaileddescriptionoftypicaltechnologyappraisalmethodologyinconnectionwiththecompletionofitsacquisitionsofPioneerInternationalandDuPontMerck.Anumberofconsultantsandaccountingfirmsnowoffertechnologyappraisalservices.

Newtrendsincorporatefinance,andanewtoolkit,arenaturallytobeexpectedto