股东价值最大化

围绕股东价值最大化的根本目标，EVA激励体系将在目标类型选择等五个方面对股东和经理人的博弈行为产生影响。

Around the top objective of " shareholder value maximization ", EVA incentive system has effects upon the game from 5 perspectives .

目前大部分企业的战略目标依然是企业价值最大化或股东价值最大化，采用的是粗放型的成长方式。但从发展趋势来看，企业战略目标正在转型，有利于提高公司财务治理效率。

Currently , most corporate strategic objections remain to maximize corporate value or shareholder value maximization , meanwhile , using the " extensive " growth mode .

经过以上分析，本文认为，EVA指标比其他公司估价指标具有更多的优点，它是对一个公司真实经济利润的衡量，其理念符合现代财务管理的核心&股东价值最大化。

As a scale of the real economic profit of a corporation , EVA accord with the core of modern financial management , namely maximize of the stockholder value .

以股东价值最大化为目标是公司实施价值基础管理（VBM）的动源力。

Maximize shareholder value is the main reason that a company carries out value-based management ( VBM ) .

本文首先阐明了研究企业经营管理者报酬激励的必要性和意义，提出在当前国有企业分配制度改革的背景下，将代表股东价值最大化的指标EVA引入报酬激励进行研究。

This thesis points first out the significance of research the compensation incentive for managers . On the background of the reforming of allocation system of Stated-owned Enterprises , EVA , the index of representation of .

但是到了1995年，面对敌意收购的威胁，ICI的管理层宣布：我们的目标是实现股东价值最大化，专注于具有市场领先地位、技术优势和全球成本优势的业务。

But , by 1995 , the threat of a hostile bid galvanised the management , and the company declared : Our objective is to maximise value for our shareholders by focusing on businesses where we have market leadership , a technological edge and a world competitive cost base .

公司治理的目标是考虑利益相关者需要的全体股东价值最大化。

The goal of company management is to maximize the shareholders value .

公司价值最大化应该是股东价值最大化。

The maximization of company value should be the maximization of shareholder value .

将股东价值最大化也不是可以激励第一线员工的目标。

Maximizing shareholder value is also not an objective that motivates employees on the front-line .

它信奉股东价值最大化的经营导向，是一种市场主导型的模式。

It believes the operational orientation of maximizing shareholders ' value and it is a market-oriented model .

只要股东价值最大化仍是我们的指导原则，任何监管方面的改革都无法改变这种基本行为方式。

So long as shareholder-value-maximization remains our governing principle , no change in regulations will change the fundamental behavior .

对股东价值最大化的关注，让一些学生将其它重要行为准则最小化。

" The focus on maximising shareholder value causes some students to minimise other important codes of behaviour ," he says .

该公司早先表示，根据成本削减计划停止某些付款，以实现股东价值最大化。

It has previously said it is withholding some payments under a cost - reduction programme to maximise value for shareholders .

在实践中，许多资本主义经济体的确减轻了股东价值最大化和公司控制权市场的风险。

In practice , many capitalist economies do mitigate the risks of shareholder value maximisation and the market in corporate control .

他们宁愿管理，拥有大量的股票，因为它们具有相同的诱因为股东价值最大化。

They prefer management that owns a lot of stock as they have the same incentive as shareholders to maximize the value .

这些奖项旨在肯定银行实现股东价值最大化的同时，在业务经营中融合社会、环境、公司治理目标方面所取得的成绩。

The awards recognise the progress banks are making in integrating social , environmental and corporate objectives into their operations while maximising shareholder value .

遗憾的是，我们搞砸了这种思考，得出了糟糕的结论，那就是“股东价值最大化”。

Unfortunately , we have made a mess of this . That mess has a name : it is " shareholder value maximisation . "

但是，追求将股东价值最大化会遇到几个实际问题，在利益相关者之间也会产生严重的利益冲突。

But again , seeking to maximize shareholder value runs into several practical problems as well as severe conflicts of interests among stakeholder groups .

股东价值最大化和股东控制的经济理由是，其他所有利益相关者都受到合同的保护，但股东们没有。

The economic argument for shareholder value maximisation and control is that , while all other stakeholders are protected by contract , shareholders are not .

公司治理的目标是追求股东价值最大化，其他利益相关者应该通过契约和法律形式实现利益保护。

The purpose of corporate governance is to pursue the maximization of shareholder value , while the other stakeholders should be protected by contracts and laws .

公司管理者对股东价值最大化的忽略、投资者的偏好和风险规避态度是造成上述结果的主要原因。

The manager ′ s neglect of maximizing the wealth of shareholders , the investor ′ s preference and risk aversion may cause the above results .

价值管理的目标是实现股东价值最大化，而实现这一目标的基础是企业能够持续的创造价值。

Value management goal is to maximize shareholder value , which is based on the consistent value creation . EVA pays special attention to capital cost .

米凯克表示，就目前而言，Celtra致力于“股东价值最大化”和“不断实现”计划。

For now , the company is focused on " maximising shareholder value " and " constantly delivering " on its plans , says Mr Mikek .

随着市场的发展，企业开始强调股东价值最大化的目标，并由此逐渐完善了财务及管理体系，经过各种理论的演变逐渐形成了价值管理体系这一较为成熟的理论。

With the development of the market , more companies emphasize the goal of maximizing shareholders ' value , and gradually improve the financial and management system .

然而，如果金融体系被证明为功能紊乱，那么我们能在多大程度上依赖股东价值最大化，作为引导企业的方法呢？

Yet if the financial system has proved dysfunctional , how far can we rely on the maximisation of shareholder value as the way to guide business ?

应该用“股东价值最大化”来约束管理者，但要想达到这一目的，股东必须具有一定的发言权至少在选择自己的代言人上。

" Maximising shareholder value " is supposed to discipline managers , but only does so if shareholders have some say at least in choosing those who represent them .

企业价值或股东价值最大化目标要求管理者对企业资本进行有效的配置，投资于能够带来价值增值的投资项目是企业创造价值的重要途径。

The maximization of Corporate value or shareholder value requires effective allocation of the enterprise capital , investment in value-added projects is an important way for enterprises to create value .

以股权分离学说为基础的代理理论认为管理者倾向于自身效用最大化而不是股东价值最大化。

The quintessential agency theory based on the separation of ownership and control considers the managers may make decisions that maximize their own utility but fail to maximize shareholder value .

股东价值最大化的信条让我们相信，这些长期存续、等级分明的强大实体的存在，没有从根本上改变市场经济。

The doctrine of shareholder value maximisation has allowed us to believe that the existence of these long-lived , hierarchical and powerful entities has not changed the market economy fundamentally .

商业银行作为以股东价值最大化为最终追求目标的企业，借助预算管理促进目标实现已成共识。

The ultimate goal of commercial banks is in order to maximize shareholders ' value . It has become a consensus that by using budget management to promote the achievement of objectives .