外文翻译--绩效评估、经济增加值和管理行为(编辑修改稿)

外文翻译--绩效评估、经济增加值和管理行为(编辑修改稿)内容摘要：

, Infosys, etc, adopting EVA in for different purposes. The EVA is closely related to NPV. „The Net Present Value of the project is the present value of the economic value added by that project over its life‟ (Damodaran, 2020). Godrej Soaps group of six panies is one of the early adopters of EVA. Godrej had a multistep variable bonus plan, where three levels of targets were outlined. A salesperson who had reached level I would never aspire to do more unless he was sure to touch level II, because he would not get any additional bonus for being midway. It would be more beneficial for him to report it in the next financial years39。 sales. The pany39。 s figures suffered as a result. There was clearly gap in munication between the management and the employees. “A measure was needed that would align the interests of the employee, the pany and the shareholder”. Godrej Market Value of Equity Market Value Added Book Value of Equity Book Value of Equity Market Value Lost Market Value of Equity Company The usage of EVA Godrej As a measure that aligns the interests of the employee, the pany and the shareholder TCS As a performance measure linked to pensation Infosys As a tool to tell its clients that the value delivered by Infosys is greater than what the client pays for. Marico As a signaling device to tell its employees that capital is important. Dr. Reddy39。 s As a qualifying criterion to grant rewards such a variable pay, stock options and performance bonuses. implemented EVA based incentive scheme. Four out of the six panies have out performed on stretch targets in just one year and most employees made huge bonus receipts. Tata Consultancy Services has put almost all its 15,000plus employees into EVAlinked variable pay. At Infosys, EVA is used as a tool to calculate the value delivered to customers. Infosys reasons that if it can tell it cust mers that what it is delivering in terms of value is higher than what the customer pays Infosys for the service. Marico Industries, worked out a simplified version of EVA (styled Seva) but uses it more as a signaling device to t ll peopl that capital is important, that investments and acquisitions must have a justification in terms of shareholder value. Dr Reddy‟s Laboratories does not use EVA as a measuring device to reward performance. However, it uses EVA as a qualifying criterion for granting performancebased rewards such as variable pay, performance bonuses and stock options (Jagannathan, 2020). Exhibit 3 describes the use of EVA at select Indian panies 7. EVA amp。 Managerial Behaviour At the Godrej group, the entire business planning process is driven by EVA which will be applicable to about 2,500 employees. EVA will be the main financial parameter by which we measure our performance. It will be also used in all capital expenditure decisions including acquisitions. The objective is to make all employees think like owners which would lead to an entrepreneurial culture this should be strongly supported by an openended variable remuneration scheme. This plan provides design flexibility, ensures alignment between employees and shareholders, and significant motivation can be achieved with reasonable retention risk and shareholder cost . Exhibit 3. The Use of EVA at Select Indian panies Tejpavan Gandhok, managing director of Stern Stewart India argues “If you seek to maximize EVA in the long run. People will be much more bottomline conscious andconscious about sustainable results because their own in centives are tied to getting a part of the action. The real benefit from EVA es from making it a way of life inside the pany. Essentially, the parison between EVA and ESOPs is in terms of their relative effectiveness in inducing the desired managerial behaviour. In small startups, employees would be more keen to be rewarded by ESOPs. In large and diversified organisations I suspect EVA would be preferred by employees. (Jagannathan,2020). At TCS, about 1,000 employees have left in the first quarter 202005 financial year. This, according to sources in the pany, is a result of the salary model based on the economic valueadded (EVA) that was rolled out two year。