企业绩效管理外文文献翻译译文.docx
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企业绩效管理外文文献翻译译文
外文文献翻译译文
一、外文原文
Abstract
CorporatePerformanceManagement
Twoofthemostimportantdutiesofachiefexecutiveofficerare
(1)toformulatestrategyand
(2)tomanagehiscompany’sperformance.Inthisarticleweexaminethesecondofthesetasksanddiscusshowcorporateperformanceshouldbemodeledandmanaged.Webeginbyconsideringtheenvironmentinwhichacompanyoperates,whichincludes,besidesoutsidestakeholders,theindustryitbelongsandthemarketitsupplies,andthenproceedtoexplainhowthefunctioningofacompanycanbeunderstoodbyanexaminationofitsbusiness,operationalandperformancemanagementmodels.Nextwedescribethestructurerecommendedbytheauthorsforacorporateplanning,controlandevaluationsystem,themostimportantpartofacorporateperformancemanagementsystem.Thecorecomponentoftheplanningsystemisthecorporateperformanceevaluationmodel,thestructureofwhichis
mappedintotheplanningsystem’sdatabase,simulationmodelsandbudgetingtools’structures,andalsousedtoshapeinformationcontainedinthesystem’sproducts,besidesbeingthenucleusofthelanguageusedbythesystem’sagentstotalkaboutcorporateperformance.Theontologyofplanning,theguidingprinciplesofcorporateplanningandthehistoryof”MADE”,thecorporateperformancemanagementsystemdiscussedinthisarticle,arereviewednext,beforeweproceedtodiscussindetailthestructuralcomponentsofthecorporateplanningandcontrolsystemintroducedbefore.Weconcludethearticlebylistingthemainstepswhichshouldbefollowedwhenimplementingaperformanceplanning,controlandevaluationsystemforacompany.
1.Introduction
Twoofthemostimportantcorporatetasksforwhichachiefexecutiveofficerisprimarilyresponsibleare
(1)toformulatestrategyand
(2)tomanagethecompany’sperformance.Inthisarticleweexaminethesecondofthesetasksanddiscusshow
corporateperformanceshouldbemodeledandmanaged.
Toperformistoaccomplish,toachieve(desired)resultsoroutcomes.So,whentalkingaboutcorporateperformance,wearereferringtothedegreebywhichdesiredresultsoroutcomesareachievedbyacompany.Managingcorporateperformanceinvolvesplanning,controlling,analyzingandevaluating,notonlytheresultsachievedbythecompany,butalsothemeansbywhichtheseresultsarereached.Amongtheresults,orgoals,pursuedbymostcompanieswecanmentiongrowth,marketshare,profitabilityandvaluecreation;andthemeanstoachievetheseresultsincludeproductivity,effectiveness,innovationandcompetitiveness.Thosearethetypeofthingsweshouldhaveinmindwhenspecifyingacorporateperformancemanagementsystem.
Beforediscussinghowtomodelcorporateperformance,itisconvenienttoconsidertheenvironmentinwhichacompanyoperates,whichincludes,besidesoutsidestakeholders,theindustryitbelongsandthemarketitsupplies.Themainaspectsofanindustrytobelookedatwhenconsideringitsinfluenceoncorporateperformancearestructureandregulation,themaincompetitors,entrybarriers,substituteproductsandsupplier’snegotiatingpower.Associatedquestionsare:
Howproductionisorganized,verticallyorhorizontally?
Howmuchcompetitiveistheindustryandwhoarethemaincompetitors,thosethatcapturethelargestpartofthemarketshare?
Isitunregulated,self-regulatedorregulatedbyagovernmentagency?
Howstrongarebarrierstotheentryofnewcompetitors?
Canproductsfromotherindustriesfunctionassubstitutesfortheonesproducedintheindustry?
Whataboutthepowerindustrysuppliershavewhennegotiatingpricesandtradeconditions?
Attheoppositesideoftheindustryinthecorporateenvironmentwehavethemarketwherethecompanytradesitsproducts,itsmainattributesbeingsize,growthrate,segmentation,exitbarriersandconsumers’negotiatingpower.Typicalquestionsthatshouldbeaskedwhenassessingitseffectoncorporateperformanceare:
Whatisthemarketsize,indollars,foreachofthecompany’sproducts?
Whataretheshort-termandlong-termmarketgrowthrates?
Isitawholesaleoraretailmarket?
Arethesalescyclical?
Howcanthemarketbesegmented(bygeography,purchasing
power,customerage,etc.)?
Whichbarriersdoesaclientrunintowhenchangingsuppliers?
Doclientshavethepowertoimposepricesandtradeconditions?
Wecallthepeoplewhohaveinterestinorareaffectedbyacompany’sperformanceits“stakeholders”,andgrouptheminthecategoriesof“insiders”and“outsiders”.Theinsidersarethecompany’sentrepreneursorcontrollingshareholdersanditsmanagersandemployees.Theoutsidersincludecustomers,suppliers,minorityshareholders,debtholders,thegovernmentinitsrolesofpublicgoodssupplier,regulatorandtaxcollector,andalsothecommunitieswherethecompanydoesbusiness.Itisimportanttonotethatstakeholders,besidesbeingaffectedby,alsoinfluencecorporateperformanceanditisoftennecessarytosearchfortheeffectsofthisinfluencewhenappraisingperformance.
Thatismeanttoincreasethedepthofthisbriefanalysisofcorporatestructureandexternalrelations.Microeconomictheoryconsidersthecompanyasasocialproductionunitthatusesacertaintechnologytoproduceasetofoutputsfromasetofinputs.Thefunctionthatmapsinputquantitiesintomaximumoutputquantitiesobtainablefromtheinputsiscalledthe“productionfunction”or“productionfrontier”.Knowledgeofthisfunctionisimportantformeasuringthetechnicalefficiencyofaproductionunit,averysignificantperformancemetric.Severaltechniquesexistfor
thespecificationofproductionfunctionsorfrontiers,groupedunderthenamesof“DataEnvelopmentAnalysis”and“StochasticFrontierAnalysis”.
Companiesarecreatedbyentrepreneurs,theagentsthatorganizeandcoordinateproductionwiththehelpofprofessionalmanagers.Entrepreneursplayacrucialroleinshapingcorporateperformance.Ononeside,recognizedentrepreneurialcapacity
─andalsolargecontactnetworks─arevitalforraisingthefinancialcapitalnecessarytobuildstructuralorphysicalcapital.Onanotherside,theentrepreneurs’reputationandcontactsareessentialtoattracttheintellectualcapitalthat,togetherwiththestructuralcapital,isthefoundationofinnovationcapacity.
Abusinessmodelisaconceptualrepresentationofthewayacompanydoesbusiness.Itsmaincomponents,are:
thecompany’svalueproposition;thetargetedmarketsegments;thedistribution,marketingcommunications,andcustomer
relationshipchannels;thecorecompetenciesneeded;operatingandmanagementtechnologies;thepartners’network;andtherevenue,costandvaluecreationmodels.Understandingthebusinessmodelisthefirststeptoimplementacorporateperformancemanagementsystem.Themodelshouldindicatewhetherthecompanyhasabroadcustomerbaseortargetsspecificmarketsegments,andinthesecondcase,identifythesesegments.Thegoodsandservicesprovidedbythecompanyandthecommercialconditionsunderwhichtheyaresold(includingsuchthingsasguarantees,technicalassistance,etc.),comprisethevalueproposition.Thechannelusedforproductdistributioncanbeadirect-tocustomersaleschannelthroughtheInternet,orbecomprisedofbricksandmortarcompanyownedstores,wholesaleagents,retailcompanies,etc.Thecompanycanuseseveralmarketingchannelstogetmessagesthroughtoitscustomers,suchasTVandprintedmedia,andemployacallcentertogivesupportandreceivecomplaintsandsuggestionsfromthem.Corecompetenciesaretheonesthecompanyneedstomasterinordertogainacompetitiveadvantageinrelationtoothercompaniesinthesamemarketplace.Thesecompetenciesshouldrestonproperoperationalandmanagementtechnologies,andbesupplementedbyanetworkofpartners,ifnecessary.Asafinalpoint,abusinessmodelmustincludearevenue,acostandavaluecreationmodelinordertobeprofitabletothecompany’sshareholders.
Wecanthinkoftheoperationalmodelofacompanyasencompassinganorganizationalmodel,afunctionalmodelandacorporatedatamodel.Theorganizationalmodeldepicts,inaninvertedhierarchicaltree,therolesoftheagentsinvolvedinthecompany’soperation.Thefunctionalmodelportraysalltheactivitiesthattogetherformthewholetowhichwereferbytheexpression“company’soperations”,structuredinlogical,sequentialstepsformingoperationalprocesses.Atlast,thecorporatedatamodelisanentity-relationshipdiagramthatshowsthemainentitiesaboutwhichthecompanycollectsdatawithitsattributesandtherelationshipsbetweenthem.
Thelastmodelweneedtoexamineinordertounderstandthefunctioningofacorporationistheperformancemanagementmodelituses,whichis,ingeneral,
composedoffourbuildingblocks.Thecorporategovernancesystem,thecorporateperformanceplanning,controlandevaluationsystem,theindividualmanagersperformanceplanning,controlandevaluationsystemandthemanagementvariablecompensationsystem(orbonussystem).Thecorporategovernancesystemcomprisesthreewellknownactors,thechiefexecutiveofficer,thedirectorsandtheshareholders,andisdesignedtomediatetherelationsbetweenthem.Underthegovernancesystem,wefindtwoplanningandcontrolsystems,havingasitstargetstheperformanceofthecompany(asawholeandofitsdivisions)andtheperformanceofitsindividualmanagers,respectively.Linkingthesetwosystemswefindacompensationsystemthatassignsfractionsofabonuspool,whichisafunctionoftheaggregatecompanyperformance,toitsmanagersonthebasisoftheirindividualpe