权重的主观性和业绩计量：从证据平衡计分卡外文翻译.doc

外文翻译 原文 Subjectivity and the Weighting of Performance Measures: Evidence from a Balanced Scorecard Material Source: /larcker/PDF/48%20Weighting%20Performance%20Measures.pdf Author:Christopher D. Ittner David F. Larcker Marshall W. Meyer This study investigates the use of subjectivity in reward systems containing multiple performance measures. Bonuses based solely on profits and other financial accounting numbers have been criticized for encouraging managers to sacrifice long-run performance to increase short-term financial results, and thereby maximize their bonuses.To overcome the short-run orientation of accounting-based reward systems, many firms are implementing compensation plans that supplement financial metrics with additional measures in order to assess performance dimensions that are not captured in short-term financial results. These additional measures can take a variety of forms, ranging from quantitative,nonfinancial metrics, such as employee and customer survey results, to qualitative assessments of performance by the manager’s superior. One critical implementation issue that arises when incorporating multiple performance measures in reward systems is determining the relative weights to place on the various measures when determining bonuses. One option is to use a formula that explicitly weights each measure. Potential difficulties with this option include determining the appropriate weights to place on each measure, the ‘‘game-playing’’ associated with any formula-based plan, the possibility that bonuses will be paid even when performance is ‘‘unbalanced’’(i.e., overachievement on some objectives and underachievement on others), and the likelihood that all relevant dimensions of managerial performance are not captured by the selected performance measures (e.g., Holmstrom and Milgrom 1991; Baker et al. 1994;Kaplan and Norton 1996). A second option is to introduce subjectivity into the bonus award process. This subjecti