贝恩－业绩评估-CORPORATEPERFORMANCEMEASUREMENT培训教材.ppt

CorporatePerformanceMeasurement High inventory industries Consumer goods and services (bad debt) Industries with large deferred tax reserves (eg. natural resources companies) Industries with short product life cycles (inventory obsolescence) RD intense industries Industries with large upfront marketing investments (eg. development of geographic markets) Restructuring industries Cyclical industries Discovery industries (natural resources, research - intense industries, entertainment, etc.) Key Adjustments Highest Impact Industries Acquisitive industries Reserves Goodwill Capitalisation of Outlays Full-cost Accounting Unusual Items Capitalisation of Leases Capital intense industries For instance, certain adjustments to capital and earnings may be necessary to normalise industry-specific accounting treatments and may make comparisons across industries more meaningful. Accounting Adjustments - Stern Stewart Economic Profit Equity equivalent reserves gross up the standard accounting book value for common equity; the period-to-period change flows through the income statement Note: NOPAT is net of depreciation; depreciation is considered a true conomic expense because assets need to be replenished Source: ‘The Quest for Value’ Additions to Book Capital: Equity equivalents Additions to NOPAT: Change in Equity Equivalents Deferred Tax Reserve LIFO Reserve Other Reserves Cumulative Goodwill Amortisation Unrecorded Goodwill (Net) Capitalised Intangibles Full-Cost Reserve Cumulative Unusual Loss (Gain) after Tax Increase (decrease) in Reserves Eliminate Goodwill Amortisation Increase in (net) capitalised intangibles Increase in full-cost reserve Unusual loss (gain) after tax Non-capitalised leases are capitalised and form debt equivalents; the interest expense is added back to NOPAT Accounting Adjustments - Stern Stewart’s Mechanics Economic Profit Source: INSEAD Is it likely to have a material impact on EP? Can managers influence the outcome? Can operating managers under