飲食行業BNZX--業績評估（英文版）(ppt 106頁)

飲食行業BNZX--業績評估（英文版）目錄：
一、Executive Summary
二、Objectives
三、Background
四、Performance Measurement Framework
五、Market Value Added (MVA)
六、Economic Profit (EP)
七、Cash Flow Return on Investment (CFROI)
八、Exercises
九、Case Study - Diageo

飲食行業BNZX--業績評估（英文版）內容提要：
Focusing on EP instead of ROE decreases the likelihood of destructive behavior by managers
By evaluating managers based on EP, manager behavior can be altered such that only projects that add value (with NPV>0) are undertaken, which does not always occur with ROE
……

Bain was the first of major consulting firms to focus on creating shareholder value
To achieve this, Bain has used the output measure of Total Shareholder Return and the accounting measures of ROE and ROI
Modified accounting measures, such as EP, provide an alternative means of measuring the creation of shareholder value
……

After extensive work by a diligent Bain team, Acme Industries is expected to generate $25M in economic profits next year, which is expected to grow at 3% forever. If the cost of capital is 13% and the invested Capital is $100M, what is the MVA and the market value of the company?

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