EVA-the real key to creating wealth.

关于EVA的比较早的英文介绍

CC-ChrbarE 1# (140) 3-/4/11 2:015PM Page 1

1TheEVA Revlotiuon

hs boik coeebralet a sevorltiuo in nmangemean tnkwn as EVAo .ithW al lte htaetniot it nas hogttn ie nth prees,smo tse xecuitevs ahe heavrds meothng ibaou EVt byAnow . ORFTUNEm agzaien ashc llead t“itodays’ohtetst nanc ai ldia eadn gettng hotiert,” nda amngeaenmtgu ruPe er tDucrekr, ritwign in theH raavdrBusi essnR veewi,hsad sercbid EeA aV as ital vmaesrueo f ttao lafctr poroudcivity, tnoet ha retects ll the adminseins boywhich m naageent man icnceaser vluae.Sti l, wel supect thatsmost exe uticev, seen tvoshei nidseth e n naecd pearmentt,s til lahevon l y avaugen oion tf owaht VA isEand hwat it an cod ofr thierc opmny.a W ehpoe t correcott at bh ysowhni,gw ith naabsol tu emiimumn of quatieon snda na cnal iajrgon,thatE V Arulyt s,it o uqtoeFOR UNE aTgin, athe“ rel kayeto rcatenigw aetlh”. t Ati moss batsi,cE A, anV craoymn ofre ocnoim vacul eaded,dis a measure ofcor praotepe rformnaec httad ifefrs rfo mmst othore bs iycnluding ahcarg eaaigntsp rot fro ht ceots f oll thaeca pitlaa c mponay empoysl B.t uEV isAm cu mhroetha njst ua mesaru efop reofmarnc.eIt is ht erameworf fok ra omplcee ntancai lamagemnent an dicenntiv coepensatimno ystsm ehta ctangu ie dveryed eciion a coms-T

关于EVA的比较早的英文介绍

CC-CErhab#r1 1(-04)3 1/40/ 1:521P MageP 2EAV

anpym kaes,frm ote bhordrooa tomthe s oh opor; tahtc n artnsfaomra crpooraetcu tulr;et ha cat inmrove phet wrokng iiles vfoe eryovenin an roaginzaiotn by amikgnt hm eomre ucscesfus;l an tdah can hteplth em pordue cgratereweal thfo rsha eholrersd,c suotmers a,ndt hemslevse.T h ecpaial chatre ignE V Asiw htae oconmistsca l an lpooptrniuytco st It is. he rtturn ehat tnivsetro cousld xeect top getb pyutitn tghei mrneoyi nap otfolrioo ofhtres tocskan bdond sf ocmpaorbael rsik,and hat tteyh freog by owning theo seucrtiise f ohet compny ina uesqton. iheT cpaita lcahrgeem obidset e hfunadmetal nprceet, dpaing tllat h waey bakc toAd am mSit,hth t a aubsines has ts poodrue acmi imnu, mocpmtieitvere utrno allnt h ecapiat lnveitesdi ni. thTs icst of ocapiat,lo r rqeured ritaeof eturrn a,ppilesto queity s awell sa detb. usJ ast ledensr emdnda tehirin eretst aympetn, sharseoldhrs eisnits onget tnigat leats amiimnmuac eptcable areto f retrun not eh omneyt ey have ah rtis.k Viewd anotehe raw, EVyA i prost he waytshare hlodrs emesurea it. I shfaerohdles exrpceta mi inmm uerutn rof, say, 1%2on htei investmert, nthey dno’t bgin te“omke amnoy” eunti lrp ostr ie absov theat.A sPete rDruck er up titi nhi 199s5Harva d rusBneis Rseivw arteclei:“VE As bisae od nosmthieng w ehve kaonw forn a onglti e: mhWatw e all cprots , he mtneoyle ft toser ive cqeutyi,is uuasllyn to rp ot taa l.l ntUil abusine s seturnrsa ro p ttht ais graeet tran iths cot sofca piatl it,opeartsea t aossl.N eer vimndt ahti paty tsxas as if etihad ag neuien rp ot .Theent repisresti l reltrusnle s so tte econohym hta nitd eoursvin rseorceus . .. .U ntil tehn ti oesd ont reacet waleh; itt esdrotsy it”. Man yocprraotema ngear hsav ferogotetn tish bascip inricpel ebcaus ehty heave eenb ondctiinoed otf cos ou ncnoentivoanl ccauotnign rpot , shwic hnclude ai dducetoin or fniteerstp amynteso nedb tbu tave hno rovisiopna alt folr th coseto efuqty iacitalp.Wo se rtill, soms tlnie maagenrsf ocu onso preatignpro s, thicwh do’n teve hnvea chaarg eorfd eb. Trte uro ps dtnot’egibn utnli teh octs o cafptali, ike lla otlher ocss,t has ebneco evre.

2d

关于EVA的比较早的英文介绍

CCCEh-barr 1# (1-0) 4/13/01 245:1 M PageP3

Te hEVA evoluRtoinEVA sia me sure oaftho set ue rpo ts.rA rtimetichlal, yt iis ftareat xpeoaringtpro tsm ins ute ahppopriarte caitapl cahrg foe bothrd ebt ad nqeutyi .hWt areamnsi is thed lolaramou tnb y whic hpor t is ann given yeriodpex eec dr fallo hsrtoo fth ecso of tal lacipalt seud to rpduce thosoep or ts. Tihs i a sumben trahte cnooimts srfee tr as oresidualinco em wh,chim aensexac lty hwta t iimpies: Itlis th resieduel fe over after tall cstsohave eenbco ever. Edocnomstis als orfeerto t hi as escnomioc pro or tconeomicr etn W.eca lli tEV, Aforec noomi cvalu eddae. dt’sI tat hsmipe, lhtoguhthe a ctua clalcultaoniof E A iV sosewhmatmo r eompcliacetd .tI srtre uiqre s aumner ofb dceiisos (whicnhwi llbe di csssuedi n detil altaer o)nabo u htow top rpeolr ymaesreuo epratign ro tp, hso two emasreu cpitaal,na hdo wot etdrmeniethe c ot ofs caitalp. Hre’s ethe frmuloa EV:A= NOPAT– C%(CT)w ereh NOPTA isnet ope raitngp ro st afetrta ex, Cs%is the perecnagt eoscto cafitalp,na dCTis ttola cpiata. lhiT simpsle ofmrlu as ite founhdaitno fro a evorultin ionm angamene.t R“voleution”i s aohridly ovrreues dwrd, ofo curose,rotinuel ysmmouen idtnose rivect opumpu pmangeaent mafds htat braey qluaifl ysami dld istruanbce.s utBw e ra ceon endtt ah yotu wil come tl agoee rhtat EVA isa b on a e rdevoutlino,one tht caa hnep any colporratino p,bluc ir oripvaet,in an inyudtsr, proyduc esupreoi rrsules tof rhsaehrodlers e,plmyoese, nda cstomuers. he ETAV evolrutoi naleadyr i sewllu nerdway .Mreot hna30 0 ompancesion veeyrco ntienn (txeect Antarctpiac,of coruse, )iwth rvenuee approaching a trisliolnd lolrs aa yar,eha v eimlpeentemdSt re nStewar’stE A Vramfwore kfro anncilam aagenment ad nicnentive ompcensation EVA, .in urnt,h sa hlpee tdhe anamgre sfot hes cemopaines ceart eundheds or filbionlsof dlloas irn hareholdesrw alth thae wtolud’nto hetwire esistx. Th Ceoa-cCoa lCmoapy,nfo r eampxel h,dal ng oeben o. N in soft 1dirks nub it wast ecideddylm dieoce ir tnehw aetlhc retiano dearpment

t3

关于EVA的比较早的英文介绍

CCCE-hbarr 1 (#14-0)3/14 0/12:5 1 M PPge 4aEVA

i 1n893w enh ht laeteRob etr oGozietu abcame oen eof the rst ch ei exefctiuv ofecer st oadopt EV.A eY tb 1y99 4oCekhad becomet h No. 1 ewelth acearorti n he world,t ad nb yhet ne df 1o99 6tsi sgaruw ter hadae nrchedi sharehodlrs ey b$152bi lloni A.sC E, GoizuetOa painll ydseeves ther rcdeti

forCo k’e stupsndeus opreforamnc, betu VAE lpayd ean miproant rtole.“e aWr vere ypealsd teoha veb een no ofet h e str noboard t heE A waVgon,” oizueGtas aid i 19n9.“5EV Aahsgi evnou rp eole p aevy rsufue ltolo ofrrunn ign ther iidnviduali busiesn usitsn na ad suod nripcnpielto g uied hetir dali behaviyro” .hT steocsko fmre roecetnc onvrets—Ei Lilly,l onsMaton,rBgigs S&tratot, andnH remna Milel,rt oanmea fe—wave beehne xcpeitnoally srtngo erfprmersos nicet oshe coporatiros name the dswticht oEV A,f raoutp acni tgheovera ll mrkae tna othde crompaies inn thire ndiusrites.S PX orCorptiao,n a altefrng autiop rast ocpmnayi Mnukegson, Micigahn, iplmemntee EVdA n 1996i, nd ais sttck poric sheotf rmo hte imd teens t o69$ sharea i nujt two yseasr the;cmpano creyaed teanlry$3 0 5ilmlio on sfhrahoelderw elaht i int srst yaeron E AV ad nanothe r$40 0mililn oint e hseocdnye ra. SXP wroekr, so rsecntle ydmeoarlzedi,ahv beeome pcordu c,hrgea-up dmmeberso f wanning teim. aEVA i hespinlgr seapheSo ut Afhrcainb uisenss as hatt conuty movreso u tfrom nuedr te stih ngi blnket of atadr emebagreos adn elraenr hos towc mpoet en ihet lgoablm rkat.eNe wealZnda siusin gE V Ato niivgraot iet state-swnoeden ertpiress Ev.e nte hUitne dtaSet Posstl Searivcei s siungEVA t imoproevef ieccy annd esrivecan dt o mtivota tehelarg ste icviila nlabo forrc in ehe wotlr. EdA Vals oas ghanei drboa dcacpetnca ie tnh ecaaedicm comumntyia dn hetb siunss ereps, snda ti is chngian gtehway Wal Stlretep cik ssockts. oSem o fhet tSere’st most prominen rtm, includinsgGo lmdanSach sand CedrtiS ussi Ferst Boston,i hae fvrmally adopoetdE AVa sa rpnicpilato o fol rvlainugc opmnaeis,and mayn tohersin t eh nUteidS ttase,Eruope, Asia and Latin, Amrieca ar eoflloiwg theinrl ed.a ajor insMitutiotnla ivnesorts ae rurnitngt oEV aAswell .O penphieer Capitam, la pesionna dn mtuua flund manaergwi h tna

4

CCC

关于EVA的比较早的英文介绍

-Erbarh# 1 1(40) 3-/1401 2/5: 1M PPae g5TheEVA Rvoeluiton

ecxpetinoalyl ogo dtacr krecor, dha sa pecsal if antyi fo rVEA ocmpnieas.A n dte hClafornii aubPlc Emipoley ReteirmenteSystem (C lPERS),ath e elder aint ehsh arheloder aticvim mosvmenet,i s nwo usin pgoo EVA rperorfmnace otid neifyt te lish oft“ fcos” uocpmanes it ielecst eachs year s atohs emsoti nneed fo govenarnce refrom.Sa ysBob Bol d,t asenio rnvestimet on fcr et CaalPERS:I“’t ssipml enouegh t aoplyp onsiscetntly o tll comapnaisebut co plem xneugo ht be ousfue iln sohiwn gear lcoenomc reiutrn.s EVA” resnatoes ith swoman yocnsitutncees iebcauesi te nailtsmu hc moret hn a eatien emphgsas oi na snigle aseptco cfrooparetperform ance Rat.er, EhAVis aerurnt t obsaic, s ardescioveryo f th emot sufndamntael eelmntesof bsuiness anagmementthat bri ns a galstig ncanhe ign acomanp’s yriportiis, esysets,ma d cnulute.rEV Aha s ben pervon to eorwkv irutlal eyverwhyre becaesue t isi te hriht agprpoah cfora ll ocmapinsei nla tliemsa n dina l lneviormnenst. Like s moay rnevluti

oonry annioavitnso,ths simple tioo clna b peut o txetarrodnirayu se .tAhe ra, itt si th eractpcila appicalitono bofh mtderno nnacali thery oandclas sica eclnoomcsi t oht eprobelsm o frunnnig a busneis,s anap plcitian ohat tutrnso tut prooide vhte osmtef ecftve iramefwrk for oorporcaet ecdiisonmak ngi ni a perodi f oreamkablere conmioc hcagen .nI smoe wyas,i’ts no srpuisr teahtE A,Vw hicha ttnus emaagens rott e dhicsipinle o mfrakts beyf cusion ghtm on ecaptia lostc,s hsa cmoe t toeh orfei na ner ahwn eth weorldhas b eenw n ooer tv oreef enerptrise, ndamark ets ruel. Waht EV isAn toi saonher torm ffo irhtsizgng ior donwsiinz groth e nacnail verions o refngineeeirng. Nrois i at fad E.A Vs a iufndmental aawyof emsuaingran d amangng icrporote aerpformnaec hatth s roats oas ld osac aiptlias mtself. iI telts manlgars eo dt toohes hints tgha ttey ihntutively ikno are whter ihgt thnisg tod, outb tahtso ftoena e rbosured cb yoncvetional acnocutinn-gbsed amaesreusof prfermonce.aW en chmoapnesi emply EVoA o tteh ufllets wh,chi i swhta hty muest d to ohcagn beeavhir,o t ibcemoesf r amreothan jsu tnathor eawy f oddani gupcosts and comptiung pr tos. I tsi

5:

CC

关于EVA的比较早的英文介绍

-ChrbarE# (1-104)3 14/01/2:51 M PageP6

EVA

Teh cropoaterpe frrmanceom aseure hat it tisde most idertcyl bot,hth eroeticlayland meirpiaclly,to th ceeatior nf shoreaholedrwe alh;tas you ill swe, managein gofrh iger hVA is,E b ye nitdion,amaging forna ighhres otk prcie. cTh eonyl perorfmace measuren tat hlwayas gveis the right“” nawsr,ei tnhe esnse hatt moe rVA alwEysa is nuabmgiouusy beltte rfrosh reahodelsr,wh ih maceski t te onlh yengiuenc ntionousumiporvmeent etric; im ncntoasr,t acions ttat hnirecas erpot m agirns,earn igsn pr sehar, anedeve nrat e of seturn srmetoimes detsoyr hsrehaodelrwe atlh. hT freaewomr unkdreylinga comp reenshie ven wystem os forcorapet na cinal anmaemget nthat ugdie sveeyr ecdsioi,nfrom naunalo eprtinagbu geds to ctapialtbu dgeitg,ns trteaicg plnnani, gnada qcusiiiots nna ddievstiturse A.s mpiel bu etfefcivet mtehod of reathicgn bsiuens sltirace toye vnethe least s ophisitctad eowrkes. r T ehkey v airabl ien aun qie inuentcivecompens aito nsytem sthta, ofr he rtt tsmie, ruly tligan tsh einerestt osf mnaaers wgthi hots oe fhsreaholedrsand ausce mansagesrto th nikl kiea n adt likc oewers. nA rfmewoakr htt camopaine san csu eo ctomumicnae thtire ogals na adhicvemente sto invseorts, adnth ati nvstore scanus eto i entidyfco panimesw ti husepirorp reorfmacn preopscetswh—at Sevt einEhro, ndreitorco gfolabl eqiuy treseachr t GoladmanS ahc, casll“s aowpretoo lni the aalnsy’s toot lkt.i” oMsti morpant,ta nnitenal srsytme f cooproare togvreancn theta motvatise lal anamgrsea n dmeployees to orkw copeoaritvleya d ennthsuiasictallyt acoheievt h evre ybetsp rfermoncae osspbile T.h naecnila anagemmnt system—tee shet fo annicl paolciesian d pocredurse, ad nmesuras ead menhotd, sthtag udie na dcntro

ola copmay’nso epratoin sna stratdegyc—ocenns rush thcnisg a ssetting ndac mmuoinctaing nacnailgoals,b tho iternanllyand e xtenallry;velau-6

关于EVA的比较早的英文介绍

CC-Ehrbar#C (11-4) 30/4/01 2:15 P1M aPg 7eTe EhAV Revlutoinoating obt shhro-tterm rp o ptans aln dolg-tnermst raegtci pansl al;lcatoign esrorucse,fom derciidgn hewthreto bu ya n w peeiec o efquimentpt o aqcurini gnadd ievtsin getnre ciomanpies e;vluaaitgn opertian gerfopramnec frm a onancial eprspetcvei;nd atacring tehs uocre softhat p rformeacen bck aott h serategic antd opraetni gevelr asavilabl teom nagaers.T hseoar e thnis gtaht la lomcaniep sumstdo, butour ex epiencre sith t aoms tcopmainsed ohtmeb ady.lIn edde,tehty pcia lna ncal imnaagemet nyssetm odtayis’nta sstey matal . Rlthea, irts a’hodegpdoego fr ues, gludeliine,san drocpedrue thsa emptoly ans rray oa ffreueqtnlyc ntroaictdro myesauesr ando bjetcvies that,fo stresco nfuisnoa ndco ni c wtithnian ograiznatio, ntht facuseo on psrfoermacen avribael sthatb eral titl reeltaiont o he tavlueo fa buisness, adnthat fotn eealsds amr tmaagnesr t doodu mb thngs.i Cmponaei msya eavluteai dividunl paorduts oc rlien sf buosneiss noth besisaof o praetni pgro ts Bu.inesssu nistma ybeev luatea in detmrso fret rnuon ass estor ab dugted peor tg uer F.ninaecd pertmaets ananlzye captia linvetsment isn tresmof discuntedo cas ho w,b utevalu taeac uqisitonsi y bhteef eft on eacrnnis grogth. EwVA,i n cntrosa, ptrvoids e asignle,c nsisotntefo uc,sa d anllwo aslld ecsionsi otbe odmleed,omintore,dcomm niuacted, nd aeavulatd en ieactxl ythe sma eetrs—tmehi crenmntal weaeth lhat tapa triuclra corue sf octaino ilw lrectea r dosteoy. rTh EeAVf raemwrk oporidev sanew lens thourh whgihc anmaerg vsewi a coprratioon, al nsethat gives a lceaerr epcrpteon iof het nudreling ecoyonmcis fo basiunes asdne nales bany maange trom ka beette rdecsiins.oT he acptial chage,r orf eaxple,mca seus amngera throsugoht ua cmpoay tno ocnidesrt eh efectsfth ta hetir deisicosn avheo tnhe blanaecsh eteas wlel a thse ncoie stametmet,n adn ivegsthe m aclar,e bojceivet bsas firo ewihgig ntrae-ofdsf bewten teeh wt.o uSddelyn, podrcutoinma nagers ebin goptmiiingzth etr adeof-f etwebne olngpro dcuiot runsn hta btoso toerptaig nro ps tb ryducieng uitn osts acdn he tighhe irvnneotrise (an cadipal tcstso )tathl og nurs nreqire. uSaeslpeope lelrn that athe enegour saypemnt trme tsehy7

关于EVA的比较早的英文介绍

CC-ChrEbr a1# (-14) 3/014/102 51 PM: Paeg8EVAgart nn ordier t oalnda b i ogrdr can ecautlalysu k cal lhteec noomi crpo t outo fa s ale .sA yo wiull seefro emxaples matelr n, otii sard ho otersvatteth imeapct hta ctpiaal awtaernsse ac nahve noth e rtuebo ttmolin ean don th ebaility o fna roangzation ti oealr and impnroev n wiyast ath uildb rel compateitiv aedvnatga. Teeh EVAsy tem seanbes lmnaagesr otma ke bette drecsioni sb ypoviring dhte mwiths uperori informtioa and ninishtsg B.t uniormatfon ailon wonet’ca se muaagnesrto chose otehac itonsthat

maxmizeiecon micop o rtsand s hraehlder woelat,hesp eiacly lwehnt oshe ctionas ra eifdcu t lro unplaseant. Teh rel amgiaci EVn Aomecsf romc anghngi bhaevorith roguhut aon roganzaition,a n thdatd epedns curcaill oyn sung itia st hebasis fo rnceniitev cmoenpsaion.tI need,d f iall acomapyn ntined so do tsimea usr eVA aEn udse i ts oae nomr beechmank ro pfrfermoacne,it p rboablyi ns’ wortth the othber M.eely reamsrinuga dnmo intorng EiAVis akin t ao Ne worYer kcehkicgn th teemepature irnHon oluu ilnFebrua r:yIt may ebin teersting nformationi,but tido se’t naffec thwo yu dreos. Mansy poratine mgangaresa e riftgd wite hrgatei nenuigyt,a dn ll ao fthe hmve aa intensne edsiret soucceed. Ac enrtalq eutisno acef byd al tlp moaagernsa nd boars dfo idercots is hro woth ransse hat itgennituyand d eirs and eidertcit i wans ytha tmaimxiez hetsu ccessof othb hte idnviiuald nda het nteeprrsi. eheT asner wils in ehmunanatu er:Peo pl eodwh a ytuo ewrradthem for oidgn,no thaw yotu ehxortt ehmto od .Bsaeinc ntevis eo nigherhop eatirn garmgins,nd yoau wllige hithger oeratpig mnraign, svene ifit eamnst hta ales sfla lfof a licff Pay .forsa eslincreas se,a dnyou’ll etgmore s lae;sp ya ofr amketrshare, an yodull’etgm raket hase. rTh seceodnryagoal sndaini tatiiev sent doswn for the emecxtiue vusteimay getso e atmtneitn,obut a maagnr or woekre’r rsae lenegry wil lebf ousec od nthe vairale thab dritev shs iorhe bornu os rsimost iklely ot lade toa romptioon .hTsu,if yu oapy epolep frogener tingam re EoV,A yu woli glt more eEAV nda, iwhtit, a high e rsarhepri eca dngre tae rhsareohled wearlht.Yo alsou will etg am ores ucecsfulsor angiation thzatp roidevs reagertn nomontaeyr atissfctaoinas ellw.

8

关于EVA的比较早的英文介绍

CCCE-hbra#r1 (14-0) 314//01 2:1 PM 5Pgea

T9heE AV Rvoeulito

nowHeve—rand tihs i sa ib hogevwres—iply plmguiggnE VA ntoia con envitoaln run-,fo-hte-obrdaromo icenntives hecm weo’tn gtey ou anyhwre enea rhteperfo rmacen gias tnat mosht roganizatonis ar ecaapbleo fachiveig.n In fac, thte mdoa licentniveco pemnatsoins syte im unes odatyact ullay si ad isicnntievesy tes. Im youf poperly ranlyazet h weay incetnives afefc bteahvir,ow hih cewd io nChatpe 7r you ,dn tat hth etyicalpb nuo scseme hlaces par foto umch mephasis noth esohtrt em,r porvdieslit let r noo mtovatiio fnr souepiorrp efromanre,cc usesaman gear so tbee cxesivesy colservanitev,a d nencorauges htem o tis otnt her hinasd i boon tmiems ad nbd taies. Imn shrto,most in cetivn escheme dsrveicom anpie sot nuedprreorfmt ehi prtoneital. Teyh lsoa ten td oaypt oom uchf orm eiocritd and ywa, ywa yotol ttlei for uotsatnindg erfpormanec.We peref a trpy eof icentnive plna hat tiffder sraidaclylf ormt h eorn.mThe mos tmpiorattn iffdrence es thai EtA Vbnus oplns worka T:he ygiev anagmesr htesame vi scrae liedti naction hta tna onewrh a wsti thhesuc cess r oailufreo fa entneprrsei. EVAbo us nlansp ame mkangaesr hitn lkik aedna t cike olnwersb yp yiang htem lkieow nrse .Wedo t

ha tyb calucltiagn cahs bonuses asa x e dprecetnag eo fnireascs ineEV Ain—ot eh rwrosd,by igvni magnagresa p ice eof he tEAV atioc. nVEA obusnplans als o ivlota tewocar idnal urls leia ddonwby ht ebig ocmepnastoin cnsuloitng rms. uleRbreake rN . 1o s tiht taehe sbnusoe sond’th aev nay cas. pTeh moe EVrAin reasecs,th e bggier hte onub—siwtohu tlmitis We. re abae lot o daay witw uhpepr lmiist becuse ae pay wolny fro ussatniableinc resae sinEVA. Ap otiorno fa n yecxptieoal bonus awnrdag oseint o a“onubs bakn”f orp ayenmt n fiutur yeares,andis fo frietd efi VE subseAquetlnyfa lsl.Ru e brealekr No. 2i that steh atrgest fr oEAV imrpoemventu dnre thebo unspla anerau toatimclly aesertby fomrla unsteadi f nogoetiaint ga udgebtdel evle f omiprvemonte each yer.a heTrule br aeers akerke yo the ef taccy foE V Ancinetiveplans, whih icntur na ret h heaertof te hEVA gvoernances ytsme. Doinga awywith het cnovenitoanl bnuo sac pigvsea m nagaer a pecnuary ieason rt ocnotiun strieinv fgor btteer adn btteer erpfomrnaec ven ei

9n

关于EVA的比较早的英文介绍

CC-EChbra#r1( -40)13 14//10 251 PM: Pag e0

EVA1boomyea sr.Un edrcon evntinaloinc ntiev peanls in,conratt, msaangersha eve evy rraesn to oo igno tth elesuri emdo onec theierb nusos hevae ca“pepdout,” and to neage ignw aetlh-detroysng bihaevoi surh caspush ng iaddiiotnla alsesi not hten xet obnus yer. Tah bonues bna,k meawhniel,guadsrag inst thaet empttain to ogam ete shstey mb sycrai inc thgefu ute frorshor tt-rm eagi.nIt al osg viesmana ers gar aeonsto work long huos tr ominmiie thz caenargein a busnesi sowdntrnu. aHvnigm oney t aris ki tnhe bnou sbak ns iwha ttrnusman gearsi not egunnieo news rnad cuaes shetm otl nethen tgherihorizon,s ocntsatnlysee inkgout n ew oursecs of usstiaanbe, lonlg-ter imprmvomente. Siimlaly, thre uaomattc iesetrf eaute spurs perrofmracn eyb dceoulingpb onsuse fro annmal budguts. eMangaesr ith wocnveniotnlai nentciv eshemes ctypically ryt t neoogitaet mdeots, aseliy chiaveblae rp top lan sni odrre t oeb srue of ollecctig thein rbnousse Ma.ngersaun de an rVEAbo nsu pln aare enoucrgad eto prpose agorgssiee vubgedt sbcaeuesthey wo’n tb eepnlazed ifo frllina ghort,s na thdey iwllget p ia dxetrafo rev reytihn ghet yodach ivee .They wingsf orthe enfcsein tseado festtlin fgros iglnes .Stcok amret kropessfoians lave hebug to npcik p ount eh vauleth atEV A nicnetvies ehl prcete. Toany Keisel rof uPtanm IvnestenmstM nagaeemtn nd andA yiPlaa rf ote Rohberson tSepthnesm oney anagmmente m rave ah deicedd rpfeernee cofrc mopnaesiwith VE Abnuo pslans S.o t,o, odoe sugeEn eesell, V aesnor iprtfooiolm anaeg at rOpenhpieer Camiptal.“W leook or fanmagemets nhowe shplisoopy fohcsus enot ehi netligenltu se ofcap til asa easumre bdyEVA,”ays Vessell .“W eawtnmana egemnts ho awr enceinivtize dona nEVAb sas ito ropdcu loeg-netm rrturne wsel laovebt hie rostco f apciatl” .Soe securmiitse naaylts sloo onkt eha dptioono fa EnA Vonusb lap nasa“ uyb”i dniatcoin. hWn eA

nder Cwsh oa PafinWebberera sei dihsr eommendatcinoon Ol ni Coproatron froi nmutrelat o uyb in Augsut199 5 h,s iekymessa g ews, a“VE aAn ndewc opensatmon iysstme otthe res ceu.”eHw oret:“tSraitg in n996 1amngaeemt nwill have8%0or m oero ft hie bronusc mponestaiontie tod VE goAals .Noec noomc pior tthro ug ahc cyl, en bonos!”uC sh’as erocmemnadtoni

1

关于EVA的比较早的英文介绍

0CC-Ehrbar C# (1-41)03 1//401 251:PM Page11

T h eVAERe voultoinan a dsimlarion e by Lesie Rlvaitzof Moran gtanley Sheplde iltfO lni soctk rofm$ 5 2ot$ 6 7as arh en just foiu rmotnsh.S oe emssntiale leeemnt inst ehg veroance napecs otf EA sVohudl b eppaarnt eby no.w hTeEVA na ncailm naageent smytsme sohw mansaegrsw hic dhceiisonswi llincre ase eonomicc rpo st an dgneretae te moht wsealth or shfarholdeer. Thesb nuos yssetm cats a shet woern’ socnrtlomec anishmby ens urng thiat i it sin ht maengae’r sesf-intleesrtto pusru the sherehalodres’ ineretst .Att e hasm tieme th,e bnusosys tmepu t sthemanag r’e wselat ht aisk anr pdnaliezeshim r hore of frailin gotp odruec mianmuimr qeuriderat eof rternu I.nessen ec, thsi is pya fror sultes,nt opy for aeprofmarcen. sABenn tte tewSrta,the esinrop ratner f oSetnrS ewartt, i fosdn o fsyaign“,VAE make smnagaes rric, hut bolny fith e makey harehosdelr sl ty hrih.c”A tearht,EV iAnst ab’ou ntnaeco recnomico,s i’sta oubt pepole. hTem sto vaualbe rleosruecin na yomcpan isyt eh certaviit aydn th eiwllto sccuede hatt al lpoele popssss,e nad suully toaa mch ugertea dergre ehatnth e gyt ceedri fot. rVA iE samea s ton nuoclk tehp tenotai flo rachievmeent tha texsis thtorghuotu eevryo rgaizntain.oNo ma gic frmolau anhdedd onwby t pom anaemegtn rot he n ance dpaetrmen tcanacc oplmsh ihtt. auBta man aemgen systet thamtpr voidseem poyleeswit h bette irnforamitn aon dnisighst, hta takems temh acocnuatleb orfp reofmarcn, enda hat tpoperly rrewrda steh form scucess ac nrpdocuer emrkable raselts.u dApotig EVA noesnd’ magictaly lrantsfro manmgare snio lattetrday H-peyborrensa whoa tuoaticallym ejon rysiign rpo stth oughre very conemio ccliate. mCraeitgn ealtw shitll eqriurse rgeta inegniut anyd iteress lfeoft, bru ttohsew oh aere uqippd weti bhtteeri norfmaitno andbe ter mtoitavtoi ane frramor e liely tkos uceecd.A s ouy nduuobetdyl ahev legnade y nowb t,ehEV A sysetmi s ofuned on tdehproposi tonit at hte prihmar ryspeonisbiity lo fanamemegtn si t oamxmiiez sahrholeer weadlh bty egtingt te htsck price osah ihg a pssosbil.e hiT visewis omeshwt aoctnrvoersia, tl oasyt e helats.E vn in the enUtide tSaest th,e apoegeo ffree-amrekt ceoonmics,ma y pneope arlug etah thetsin lgemi-dnde prsuit ou shfreahldeor11

关于EVA的比较早的英文介绍

CC-CErbhr a1# 1-(40 3/1)/0412:5 1PM Pga e21

EVAweltah,h woevr eit ma ye meabsurd,ei s to norroa awndcol dhertea. dveEns mo eorpcortaec ihfeatisn—na madny othes rwoho gutht ok onw ebter—trgauetha tsu hc na pparoahc i ssoicalyl adnec onmoiallc yiresronspilbe becase ui tgnorie smpirtantoa dnde erving ssakeho

tldrse,i ncuding lmeployese,ucstomres t,eh commuitien shwer ecomanipseoper aet,the enivrnomen,t na evdne te honglte-mrin trestseo fsh rehaodlrest ehsmevesl.In f ac, matxmizing shiarehloed wraleh ist theb st weyai—ndeed,t e onhylway— to efectifelvy esve rht eoln-gtrem itenesrs tf oalls atekoldersh.I ti sthe nlyo olipcythat is genu ielnyfa r iot wrokrse .I( alsoti ste holyn aw chieyf xeceuivtes cn ab con ednet ofk epein ghetrij bsoin t odays’e vnionrmnte. )Fwe wuldoa greut ah tthe provrbialecorner grceo rsohul ddoa ythinngo thret ha runn th stereo o mtaek sam ch uonmeya s posislb. Beu tte ihsuesb eomes muckire rhenw we mve ofro thmeo wneroper-tora of saamlle ntrpresei (ore vne aalreg one t) ohtep rfessiooan mlangearso mfjoa rocrportaiosn ithw ilmlionsof f ra -ug snhaehorldre. In tse sthaekohdlreview of thigns s,aheholrdes hrae vbcoemes dispeoser, and hteir onewshrip ofshar e ofsetns o e teign, tah thty heva ferfeoitedthe r pirmicya S.miplyh odilgns ahes doern’st uqlafiyas wonrshei inpth eullf senesof thewor, dhetysay .his Tis aprtiuclrlaytrue whe nth es aheholderri fsrtuhr eesparaet dfrm ote hocmanypb ya ninsittuiontl paorfotli maongar whoeseo lnyco cnen mrya eb t beot ateh amrket his tquraterin rodert obuy a Pors hc eTruobo, rf iht eamngarepi cs stockk serall weyll,aM careLnF1 S.atkhoedelr dvocaaets amitnai tnhat he ttre reuponssiiliby of btaord sf oirdecots ris o btalnaec hetc limas o fcopmtine gcontisutencise f,osraknig hsaerolhdrse hwenveert hier itenestrsund uyl inringf one toseho femp loyese, he ctomunimty or,osem oher tesdevingr rougp.Many CE O are sdran wisninctitvlyeto thes takeolherdph loispho. Iy ti tsh oene mot csnositestnwith th ep raochia lconepction o fht coerorptaoi an as qasiuo-rganice ntti wyih at ifel o fti osnw.T isha tittdu ehcracteaizedrU.S . mnagaemnte nith ed ecdesafol lowngi oWld rWr aI, Indast illd mionatse n micuho Efrope una dsiA todaay A.sGord n oDnoalsdo onfth eH rvaar BdsunisseScho l observose ni12

关于EVA的比较早的英文介绍

CCCEh-brr a1#1-40)(3/ 1401/2: 15PM P gea1 3TheE AV Rveolutio

Conprorate Rsetucruritng:Mnagaig ntehC hngaePro escsf orm iWhit: nI“ nte late Shitixes adnmo ts of ht Seeentvei, the stpycil mina-sedtof top mnagameetn an be dcecrisbd ea fsollwso: na ntrioevtrde,corporae-ctetnred evei wf theobus ienssm siisnof ocueds ong owrt,h ivdres ictioan,nd oaporptnitu yfo rte hc‘oprorte famali.’y n thI ecrpooatrer ethoir ofc hat tpreod,ire feenrc to eht etocksholdrei teresn tws astrngaey labsen, tna tdhre ewas fteo neevna renuncitioan of‘p ureyl coeomin’ cgola.s”Ad nhwt ifa a, sht eonaldDsn qoute oipmlie,st eh prusuitof rgwoh atnd dvireis ctaionf or tehir wons ka hepaepnd to be haeazdroust ohsaerohdlre ewlat?hN o prblome In .tose dahysm ostcor prato eobrad swre ereek cGhroseu staht rotiuely rnta eidw htaver e aECOwa net do tod Th.e yrpelced aEOC sonl withy them otsext ere mrpoocatvion,s uh as RcCAc ihf EegdarGri f ts’ bhzarie farlirue to l epe rsoal inncmoe-taxr eturs fnr oevsrel yearas. Ad ni stockhofdelr wsree diapspoitnd eina copmayn’sper orfmacen th,yepoli tle sold yhterisha re snda omvd oen o tnaohtr envietsmne tni haw tsedu tobe kno n was“ teh WlalS rtet ewlka.”In tsituitoanl nvisteosr arrle ryiaes objecdtinsoto c roprota acteios,n nd weaer gnored wien hhet dyid. aMagnrse alsow re laerely igmmuen t oht etrheta f o taaeokev.rThe un rfiedln teydne ofrerf wsa th ceroorapt eequivlaen of tmstuadr ag, sadna noynew thi te huaacdit to yse itu ws paroptmlyo sraticzed frm othec ommniuytof r espceabte leexucives.tB u tjus at snatre auhorbs avauum, mcakertswo nt’t olretaewaste dr eousrce asd unexplonite oppdortniuiet isnden tilye.B yt he lte 1a97s0a prfosuion o poorfl pyrefomrignco mpnieas roughb ftrohta new c ass of lorpcoraet airedsr a,dnW ll Streae fotnd wayust on nce thema Sudd.nley, t seimedeth t aeevyrnoe aswus ignm stuad rga. Evsn AT&e aTdnAme iracn Exressp, tow orcpoarions ttath nceo hd tae whihesttsh os eonth e ORTUFN 5E00,made hosile tidsbf r ootehr ompacines Am(ricean Epxers musffd itse laypf o MrGrca-wiHl; lT&AT,t otis rgeert,uscceededi n veoparyig nfro NCR Corpration).oSo onaft e rocroratepra ierdspu tthe ferao f ender offetsri nht eehras oftun derprefroinm mgaagerns a, acdr oe ifstinuttinal ionevsotsrbeg an

13

关于EVA的比较早的英文介绍

CC-CEhbrr#1a( -104) 31//01 42:1 5P PaMe 14gEA

wVaing vhe ta og ofwnrsehp ain dbagningon bo rardoo mdoos.r he Tistntuitino—ths oewners—weer abotuas we clom ea as nnEirovmennta ProtelctionA egcy innpescor. At slate as1 991, 0 1ofth e1 2ocpmaniseo nCal PRESs’ ilt of esgegroiusu nedreprorfers mrfeusde eenvto m ete wih thetf und’ reprsesneatitevs U.snurpisirgnyl,te hamnageril eatsabilhsmnt earied laaignt shaw thetpres sc aled lhtetak evor wers aandth ea adcemcsi dryy telred tmhe“ armkt efo crrpooate cortrnlo”.A didsinafor sh arehlodre socem thrsugo houdll iyna 199 0reoptro cnorprotaeg veornnceaby t e hBsiuens sRoundtalbe (tehclu mbad ue of CEpOso thf 20e lar0gst coerproaiotnsi n th Ueinet dSatets):“S ahehorledrv tino gn oscuh tihgn ss acqauistioisnan ddveistiutrs eancpu itmmdeati shaerheldeo rnncaali etrrn uahaed o fsuondl noer-term ggrwoht whihcmay h va ete phtontiela fo biegnev e norm erwardeni gt oht ceororpatoni i,stsha erohdles ard nts itohr seatkheoldres”(e phmsaisa dedd. )TehRou dtanbel cuoldh ve aakte ntis ext tfomrT ime nc.’Is caqisutiin oofW arner omCunmciaiontst eh yera ebfre.oThe Time W-raern eald repesretne tdhe mots geerioug sinsatnce o ftskeahodlr elpedinga vere,at le ast ni etmrs o fthes harhelodr ewelta sachi rcd. eWhie tlhe Tiem-Wanrredeal aw pesdnng,iMa tinrDavis of araPount mCommnicautios nitervnneed iwhta n offero f$ 10 a shar8 fer oiTme wh,ci hahdb ene tadingr raoud n$31. Da5vsisubs euqenlt yarisedhis of efrto$2 0,0 bt Tuim’se obra adkedsth e Dleaawr ecour to tperevtnT ie mharshoedlrs efrom tkinga i.t Tmei agreud tah itstherit ge aofjo urnaisticl integitr iysa“sa rcd ertsut” a,d ntaht atak eoer bvyt e Ph

hilitisnes a tParaoumnt mightd ou consnicnabole hamr t tho reaedes ofr imTe Pe,ploe a,ndS otuhrn Levini.gThe eDlwarae haCneryc ouCrtb loked caDvsi’s tendr eoffre,depr iivng iTm shareheodelr sfoa$6. 5bil-loi preniumm veo whartt hires hres awee worrth ebfro eDvas enieretd het rfa. It tyen htookT me iaWrnerIn .csto kc eght yearsito r ies t the poriecD via sha odfefrd.e The ate rofr eurtn( nclidiug nidvidens)don imeTst cokove r thep rioe wds less atah nnoeth-id rtah tfot heSt andar d& Por’os500 i nexd5.—1%versus 61.%.6 S,oa tfrepr evntien sgahrheldeorsf omr

14

关于EVA的比较早的英文介绍

CCCEh-bar r1# (-104 3)/14/0 2:151 PM Page 51

Te EhA ReVvluoiontgttengi a pemriu,m ht Temi eboar pdrsidedeo ve ralou s inyvetsmen ats well. f Ioenme ausers te thoal thsraheodlrelos as whstaTime’ swoers wouldn ahv eah byd Jlu 1997y f theiy ahdb enea lb et take Daois’vs ofer afdnha dr inevetsd the entereipr oecesdi nnaS&P i ndxe ufn, tdeh oucrtd ceisoi ncstoth em$5 6b liloin. Peploes re’dear soe a mwch ugrater deetbt o thes haehrodlrs teanh hetyr elizae .All copamine saiflto amxmiiezsh arheloed rrtuenr sot ose dmegree.Try t oanm a senglie oe nhtta deos vereyhitng usperef- iecnly alt lthe tim and heasn eoxcetive puresk hat taernt’asolutble essentyail otthe neteprisr. Bue thte pessurer otp efrom hasr ecbmo meuc mhroe inentesin r cent yeear. sodayT’sCE sO nkwo hta tf tieyh fali in bai gawy,hwteeh rfromm afelaasce,nmis feaansec,or no nfesaance, hty’re oute.E ve in fo rnaidrescom ec alilg, tnhsoepe ks iynsitttuoni siwl leest io,t an tde hCE’Osn ewl y klce rfeidns on te hbaro wdillg aologn wth thiem .uJts sak oJn Ahkesro fIM,BR beotrS emptl ofe eGnrela otMrs, oimmJ Ryoibsonn f omerAcia nxErepss,Pau Llgoeo Weftisnhoguse, o rnyaof aohts f oohte risdplceadch ef iexcetivuse.Hen c alle teh crooratp etrmupetngi f sohaeholdre ravul initiaeivtes. sAa yn eadrreo f annul aeprotr knsow, sthe mntra afo“mangain fogr hasrheoldr vaele” has bucome aesine qau no of norcopate prloticial crroectnss. eoMs ctompniae sstll ira ine te dhra kbaotuexactly h owt ey’rehs uppoes dotg oa obtum nagingaf r ohsaehroldre avuel,b utvi ruallyta l lo tfhe saym thy aree oidg nt. iAtefr to dwecdea in whsic horcoratp reidaes hrvae f,or themo s tpat,rp t uwated sasstset obet ertuse,e vneth e Bsuiess nRundoatbl hes anall yot tge hbjeotcvei igrh.tIn armaerkbleas tteaemnton orcporte goaevrancneth a wast craftd eunerdt he leaedrhsipo fChse aanMattha CnO EaWtle Srhpliye ni 9971,the Ro untdbae ltoo kte pohstiino that“ teh rincppile bjeotivce ofa b siunesse nertrips eist o energaet econoimc eturrs to instow ners.”It w net onto sya,T“e nhtioon hta tth eoard bmust soemow hblaance ht ieterests nfos tcokohledrs gainstat e hiteresnts foot herst kaheoderls ufdanentmllaymis contrsues th eolr oe dfircetor.sI t s, moreioevr, a unnwokarlb enoitnob eaucs et iould wleve ath beoad rwti hno riterionc or refsovinlg51

CCC-Eh

关于EVA的比较早的英文介绍

rbr#a1( -401 )/341/0 2:15 P1MP ga e61EAVoc nitsc beween t

interses ofts octhkloedsra dnof o teh strkaeolderhso ramong diffreent gorpsu f stoaeholkerds. W”yhsh olu mdangearsa dndi ectorsrpu staherhlodersah eado f lla ohetrs? Th emsot boivou sraeso inst at they owhnthe pl ace,but t ehr era emro ceopemllig,n htouhgles s ovbouis,reas osn t moaxmizei hsaeholdrr weeatl htht ahvea ilttl teod owiht hti s“na nc eveiw” of ht coreporatoi. nTehesr asons are foeudnedi sneatd o pnuer pargmtias.m hTesimp el acft s tiathi anmar kteecon omy,veerony fares eest ibn th eolngru n hen wanmgeamnt petu sshreaohdlrs esr.tFi rts ndaf remoot, masxiimznigs ahehrodlreweal hti s th aetconi hta ttkaes dAa mSimths’ ivnsibie handl uoto ftsi pcokte andp ut ist towor k ugidingr soeruecs ot thire oms tproudtcvi aed nhgily hvlauedu sse .uBisenss,aft reall,is teh rgatees etgnni oefw aeth lnis oicet,ya n dth eprocess fo craeint sgharheloedrwea lh ti shtes maep orecsst at hrcaees gtratee rweath lfo reeryvon ien an ceonoy. Imdend,e cratieng ealtwh i tseho lnyr ae losruce o socfial sceuirty.If comapies dn noo pturuseth e maixummsh arhoelderw aelth opssile,bre surcoe arsesquandere add nsoicetyis po rero Par.daoixaclyl it, isonly ebausec w careea obtum aimxiing zthew eatlhav aiablle orfe eryvneotha tw e hsold cauerab utomax iiminz tgehw elaht f oshareolhdesra atll Imp.ovirg nthe ocmomweal nisthe realr asenowhy ma imizixg nhsreholdear welaht sis omiortantp, nadi is ttehr eaos wnh ythe oevridrng iuprose op fcoporater overgnanceo ugth ot ebt o nseue thra ttish rleu i sfololwd.eWh a’st mroe,ma anger ssmpli yacnno crteteae nurdig nsarhehlderow alet byha busngi tohr stekeaoldhrs.eTha t si bcaese auco prraotio isn nthingo mor,eo rl ess,tha whna econtomis tonaRld oCaes acledla n eux sfocon trcas. tWrittn eorimpl ied,ex pilic to mrreey lundrsetood,tehs eoctrnact sae rovcnaetn sbtweee thn ecmopna anydit stakeshodelr.s aboLr,amanegmen, andt supplersico e togethmerv lunoartli ynad se cuapital put u pb ynviesort tosc eart e aropudc ttath hte yhpe cousotemrsw li blu.yIf mana gmeetn edasl habsilb ywtihany costituencny—f it viioalte sthe cntoact—the virtcmiw lli ismlpys tp ovoulneteing.r fI a comapyn rtis toep a ywage shta treato o owl, ti6

1

关于EVA的比较早的英文介绍

CCC-Erbahr# 1 1-40()/34/01 1:512 P MageP 1

T7e EhAV Rvoleutin

oonw’ te abble toh rei he tuaqity ofl wroeksr tiwant san needsd. Ifi ptyassu plpies too slrolw,y tehywi l lraie spircs eo dreman pdyament o ndeivlry. eI ifs tproudtcsf al slhrt of ohet uqaliy ttip rmoiess,uctomerss wil tlurnto t e chopmettioni.A she Routdntalb petu hetmatter in its 197 s9attmenet:“oTmana egt e hcrporotain ino th leon-tgermi teresnsto ft h estckhooleds, marngeamnt and tehebo ad orf dreitcor sums taketi ton ccaontuthe intere ssto ft h coeroprtioan’ stohre taskeholedsr”.That si de inu o nmsal larptt othe acft tat hhasehrldersoa r teeho esnw h goetpa d lais,to nl ayfte a compray nhs paaid its melpoees, paid yti ssppuilers,piad ti lsneedrs, nad paidi s taxet. Smars tmaangrs uednestrnda htt

ath suerst ewy at poroivdehan sdom returne ts sohrehalderosi ts otertaa l stakeholdlers wlel N.t oall mangare sare smar,to cfuroes a,n sdmoe do ry ttotak eadvnatgeao fneo costniuetcn yo rnathoer .Btut helong t-ermcost s rfo m atrnaihsd erputeatio anmoslta wlys auowetgi any hhors-rtn uebn ets .tIis mo er hta nconicdenitalth t reseaarc by ChutirsC. V ercsooh,r a pofrsesor of accunotingat D Peua lUnvierity,sh s aounf adhigh yls ini cgan trletaoishnpib etewne nnciaalp efrormnac aedn acor orpteacomm imettn toet ihacl ebhviaor. Vreschoord iivedd 92 lar6egc opmnaeisinto t hreegro usptho—e tsaht akemn o omcitmenm tnith ir aenualn eprrto to s acde ofoeth csi r ocndout, chtseothat make s oem cmmitoentm,a ndth so etht makaea trsnogco mmimtent.H ehetnco pamrd the marektev luaea ddd, oe MVrA,f tohec opamneis. (VAMi as emaurs eo shfaerholdr eweltah cretioa thna is exptlanidein hapCet r3) .Vercsooh fruno tdhta ht cemponaies that tressesd a srotg nocmitmmnt eo ethtcs iad hn aaerage vVMA fo 16$.8 ilbloin,ver ssuan a verga MVA oe f1$1. 1illboni of rtosehw ti hsoe mommictmnt ead$5.n bi7lloin fro thseo ithw nom netiono f tehcs.iA sJoh nS iehy,lpr sidenet o Bfrigs g& Srattont p,tusth eamttre:“ aVle-ureactig ncmpoainse ecorgizent he mpiotracenof ehitacl bhaevio.r” oT manapges anr ddreitcor hsaev anothre pramgatci earso to pun thaserohlders r ts .Tihso enst es fmromthe acftt ahta l lcrooratponsi

关于EVA的比较早的英文介绍

,CCCEhr-bar 1# (-104)3/4/110:251P MaPeg 81EV

Aerardglessof wha ttey phodure cro hwre theyepro ucde i, htavet oc moptee ofr scarae rescourcec lalde apicat.lC apitlai tsehmed imuof excha nge hat atl clmopnaes misu taveht ocaqiuer theinp us—latob,rm aertils,a techolngo,y adnk no-whowto— rpoucedgo odsa d snreices to sevll otcu tsomrs. Aecom pna’s ayblityi to aqcuierc paitl aat ttaactrie vricpes dpeend os nohw elwl itpe fromr sa sastewar dof t e chapiat ltial erdyahas T.hoest hatcrea etsh reaolhdre waetl by returhningmor teah nthec so to fapical witll n di tesiera ot rise addaiitonla mneyo t oiventn ewn porucds,t mproiev ht equalit oyf exitingso nes, nteer nw maeretsk,nd creaate moe jorb. As cmponyat hatc osinstenltyea nsr els shta thenco sto f apciatl, ither etrhugh oneiptiutd er boysa ci cing rshareohdle rinteerststo p leaes aonhertst aekholed rgorpu,w ill nd taht it ssahesrs lela t adisco utn.A ddtiionl caapita wllil becme incoearsnilyg if dcutl an dxeepnivs to eomce b, yteh CE’s Ojb wilol ebin jeo prda, thyecompa ny aym ebomc seubect jt ohsoitlet kaoeevrb di, san itdu ltimtelaywill end u cpolsng pianlt ans of descan dr ing orkwrse H.w oquckli tyhse peneaties aler etmde uo depentds i nprat ont eh opneesnso f apitacl amrekt ansdt eh mrket afo rcorproae tocnrotl,b tu heyt utliamtle arye insceapbal.e oRbret ooGizeta uhad n unacomom gnarp so fteh vorarehcni gimortpnce afo ceartngi shraheoled rweathl.I nC ocaC-ola’s1 939 annau reporlt,oGziutae sttead tat Choek posesssed“a repcis foecsuo wnh wyee xsit:to createrea l vluae orf uro harehslderso oer vhe long tertm. E”pxnadng io ntat hhotuhtgth eer eyarsl aet, Grozuieat rote in twh e991 6nanal ueporr:t“G vorenmetnsare c retad teo hel meept civc niedse .Phlaithnroiespa r erecatde o temets oiac lneed. sAn dcomaniespar ecrea edtto met eeconmico ende.” Cosmpainestha td tohire ojb wel,l h econinteu,d“c onribttue ot soceit in veyy reamnigfuln ayws”. heTw ealh ttaht oGzietuac ratedec etrialn ycotnibrued mtaenngfiullyto C okes home’own tfo tlanAat S.horlyt ftar ehi sdaet hin1997 the,Wal Slteet Jourrnl raperoed jtst uaf w oe tfh beee cnntet hins gthtacam e boau betcaseuo fte wehltahG oiuzet caeraedt ofr hsraheoderls:81

关于EVA的比较早的英文介绍

CCCEhrbar-#1 (1 -4) 301/4/01:52 1MP Pga e91Th EVe ReAoluviton N ik cmitS, h4,4Go zuiea’st dntest, iah asver yc omoftarlebn este g fgr rotireeemt bnecaseu ehs teaily dnievtsedin Cokes tok cvee rsice nh boueht hig rstsb olk cfo1 00s ahre si n194 f8ro$6, 37.502 an,i nvsteentmt athby it self cilmeb tdo aid-1m997 aluve fo 1$8,000 aft0e rouf stocr kplits and srineevstded videinds . Fou rlcol pahlinatrhpies ohta htol dCok estok—cte hRoebr Wt. Wodoufrf, oJspeh P W.hitehea,dLet tie aPetE vnas, andLet ite atePW hiehetadf oundtioan—bsosoed ctahitabrl egiivgnf or m$ 5milloinin 1980 to a buot$202mil loni ni 9971 T.gother theey hvae ava ue ofl$7 . 6iblioln,a lmot asl lrfo mht velua efo heir hotdinlg sof1 1 m9liilno oCek hsras. e One ebnecia yro fthe rigi inv gsiT eresAt lnaa,ta rgop uaccutsmeo to pdantlig onlyn abot 100 utree a years o nn$80a,00 a0nnalubu ged. Witt thh foundetaois cnihpipngi n$2 mi lilon, teh gour plpntead1,0005 oka, samles, mpgnoails,a na dollheis rfo m9129 o 1t969,spr ucignu phetci t yi ntme fio the Olrmpic Gyaes. m Emor Uyinervisytha sesn iet swo ennodwemtn risein avul eromf$ 25 mi0lilnoi n1 918to b comeeon ofe ht neaion’ts arlgets at$ 38. billon. The uniievsiry toldhsab ut 4o0mi llion Coke sarhse,m akig unp6 3%o thefva leu o ftaht ednowemn. Etmroyhas biltufa cliiiet, soffred sechlaoshrps,iendow de proefssrshoisp,nad xepndeadp orramg thatsm ihtgnot ahe bvee nfunde withodut te ghan ii nts inedwomne wealtth . A neamxlpeof het neodwemn ta twokr i she Rtboret oC .oGizuet Basinessu choolSa Etomry .tA he tedidcaiont erceomy nn ihte usmemrof 19 79,oizuGetas’son R,borteo .,S a hetlooygs tudne ttaLo oly, taanhek Edmry and ohte aduinee cn obehlfaof his t hnea liign faher:t D“a bdelieev vedyrs torngly tha tubsiens ssit h beste way otcontr iutbe otsoc etiyb—eausceit is ho wopprtuointyis reatce.d” The VA Eppraochat woelat crhaeionta lo casnbe etxremel ryeawdinrgt ow rkeosr Ju.s taks ht eflko ats Hream Mnlilr, ehet eZelan, Mdcihgina, frnituue mraerkth at si reownen fodrits amEesl ougen19

关于EVA的比较早的英文介绍

CCCE-hbrr#a1 (-14) 301/4/012:5 PM 1agPe20 EVA

caih rnad oterhs peru besdigns.M illre si equalyl faousmfo r tsie glitaraia sntly ofeman aegent. mNerlay ahal -centfuy rgo, ahtecom pay bnceam enoeof het st ro adottp a cSalnn o

plan in wichh al lmelopeyessh raein th erp ost fo te ehnerptire. sHreanm iMlerlpride isstlfeo n reating tal elplmoeysea sequ ls, aandwas ane rly laadeer n ihted evelpoemnt o parfitcpatiievma nageemtn an dwro teams.k eYtt e mahnaegmetn eamtat H reanm Mllei has rawaly rescogizne tdaht waelt chrateoini s sesneialt t oucsesc. AssHu gh ePreeD,t e hsn ooffo nuerdJ. J .D erPee w,ort eni theco porare tihstry, Busoinse ass Unuusla the ph,losiohyp a Hermta nMille rlwaay esmpashzed peifrormane cna droducpivitt ys akeyst tho welle-eibn go thfeo garnzatioin. vEen s,o eHrmanMi ler rln inatot roblu inet ehmi d199-0s.C oimngout of auhe glump insth eof ce f uritunrebu insss, theeco panyms’alses ewe grrwinog asfert thant e hindusrty’, sbt thuer seltus wern’e stohingwup n toeh obtomt inel.“W ead hefefcitvey loltsour wa,”y sas chiefy nacian oflc e (rCFO )rBaniWa kel.r“W ewer e trhoiwng la kilds nfoa ssteso not th eblanaecs hee ttat whre ent poroudctvi er woe ddint’ nee. Wd eerlayl toughth capiatlw safree, nd so ahe tusinbss ewashav ng ai hear atttca.”kTh a’tsw hn toep maagneemt nutnrd toe EVA,w hcih ti as aws eibn pargticulalyrw ellsui ed ttot h eomcapyn’se nirvomentn ofwha ittca lsl emlopeey-onwrse(t ey hal lave hstokc. T)eh amangrs wereeri htg I.n is rtt full yseraon he tnw nenciaa lamngemaetnsy sem, tHrmen Mailel’sr VEA umjpdefrom$0 1millio nt moreot hna 40$mil ilo.“nEA Vnalysias hase nalbdeu sto id ntefyi waste nibo th orucos t sadno ur useof cpatali”,s as CyEO iMhaeclA. V lkeoam.“ Tihsh a sed lot hte reuctiodn of onprnodcuitev saetss scu ha isvnntero ayd acncoutsn ercievbae.l” veO thr eapts wo yearts a,s aseslh aevri ens 38, He%mra niMllr emeployes feonu dwys ta cutoin venoritse 2%4 na redude thce toatlsq aru foeoate og bufliingd spcaeb ymore th n 15a%.H eman Mrilerlal o has cstui s reteicablvse aysd utosandtnigf rom 5 4in 1992t oju ts 0 3n 1i99. 7ButH rema Mnillre iddnt’ psee dp paumyets nbecuseathe ocnrotlelr’so fc eodererdt ehdivis inso t ohetco

20r

关于EVA的比较早的英文介绍

CCCE-rhbar#1( 1-4) 031//014:21 P5 MPae g12

Th eVAE eRovlutoni

uctsomrse When t.hye ewnton E V and Abegna ofcusnigo ncpaiat locss liket recivabeesl, Miler lmelpyoes enit e hdviisino staatcedkthe l te apyaenm prtobem on thleir wona nddis cvoreedt atht eh casueof ov edurer ecevaibes wls ainocmpetle rdero.s Wen ahn rodr aerired visminsga pi ec ore two th,ecus otem wruldo withohdlall pa ymntse unti tlehl astit em sarirevd S. toh eilMlritee sotgr ceevabiesld ownby psedieng pu podrcutiono fth soe ismsngi itesm ndama kig nsre suhpients mweer cmpoetl aeswell s oant ie.m Th reeslut i:prmovmenetsin b ohtEV anAd usctoer matsifsctiao. Tneh hacgnesha ev padio f ffros arhehldoes,rpush ng iermHnaM lilre stco fkro mal o wf o2$7a hsraein 9915to a ihh og f$632. 5n ihte aerylmo nht so 1f99—8faerta foruf-roon-e sock stpli. EVA alsto as proh et tdehHerman Milelr wrokrs. eEVA“ as heebna rgaet toolf o rhet eopple ofHerm n Millaer,”s yasV okelam. Ou“ rpoele upndrseatn dti an pduti to twro kevry eayd E.VAbu ildson o r uishoric sttergtn of emhloypeep rticapaiito,na lloiwn ourgempl oeyeown-rse tob eter undtrestan tdh empacit o fhetr aictonis, reusltin gin ebtert edcision sofr urocu stmors ena dorub uinesss.We’v seeen ou rusinbes sgowr,ub equtalyl mpoitantr,we’v seen eorupe opleg rw oi tnehricommi ment atn cdntrobitionut HoeramnM ilel.” rTehir nt worehtsh va groewna wsel.lVo klmeae stmitase hat thet walet ho feHrmnaMil erlem loyepesr se oorem hatn$10 0mililn oi nles shat tnowye ar osnE V. In Ateh thidrqu aret ofr scla1 99 7alne, oanrkna-dle mepoylee sot ang VAEbo usnpa out yqual eo t31%of wgase. usJ at samimizxin sghrehaldor eeawlh entrcihese eryvnoe,he fatlire tuodo s dimoinshie slviin stgnaadrs.d Poro of thfs icn abee nese nn iaf acinsatin g199 6sudty f oiternnatinoal rpductoviiy ty btehMcK nsiyeGl oab lIntsiutet part,f ocKinMsey& C ompna.yT e resheacherr wantsd te soovlet ow idrdesl: hy Wsi Grmena laob prorductiviyt lweroth n aUinetd taSte srpodctuivit eyevnt ouhh geGrmna ysesu 0%4 mreo caipat lpr woerkre thant eh UitednS atets?A d wny ihsp e carpia otuput tolewr ni Japa thnanin the nUtiedSt tasew he nJaapnhas s ved so amuc mhoe rnda istp oepelw rok may normeho urspe reya?rT eh Grmae nisutatoini s a praadoxb ecaus tehe amont uof21