外文文献翻译译文一、外文原文Corporate Performance ManagementAbstractTwo of the most important duties of a chief executive officer are (1) to formulate strategy and (2) to manage his company’s performance. In this article we examine the second of these tasks and discuss how corporate performance should be modeled and managed. We begin by considering the environment in which a company operates, which includes, besides outside stakeholders, the industry it belongs and the market it supplies, and then proceed to explain how the functioning of a company can be understood by an examination of its business, operational and performance management models. Next we describe the structure recommended by the authors for a corporate planning, control and evaluation system, the most important part of a corporate performance management system. The core component of the planning system is the corporate performance evaluation model, the structure of which is mapped into the planning system’s database, simulation models and budgeting tools’ structures, and also used to shape information contained in the system’s products, besides being the nucleus of the language used by the system’s agents to talk about corporate performance. The ontology of planning, the guiding principles of corporate planning and the history of ”MADE”, the corporate performance management system discussed in this article, are reviewed next, before we proceed to discuss in detail the structural components of the corporate planning and control system introduced before. We conclude the article by listing the main steps which should be followed when implementing a performance planning, control and evaluation system for a company.1.IntroductionTwo of the most important corporate tasks for which a chief executive officer is p rimarily responsible are (1) to formulate strategy and (2) to manage the company’s performance. In this article we examine the second of these tasks and discuss howcorporate performance should be modeled and managed.To perform is to accomplish, to achieve (desired) results or outcomes. So, when talking about corporate performance, we are referring to the degree by which desired results or outcomes are achieved by a company. Managing corporate performance involves planning, controlling, analyzing and evaluating, not only the results achieved by the company, but also the means by which these results are reached. Among the results, or goals, pursued by most companies we can mention growth, market share, profitability and value creation; and the means to achieve these results include productivity, effectiveness, innovation and competitiveness. Those are the type of things we should have in mind when specifying a corporate performance management system.Before discussing how to model corporate performance, it is convenient to consider the environment in which a company operates, which includes, besides outside stakeholders, the industry it belongs and the market it supplies. The main aspects of an industry to be looked at when considering its influence on corporate performance are structure and regulation, the main competitors, entry barriers, substitute products and supplier’s negotiating power. Associated questions are: How production is organized, vertically or horizontally? How much competitive is the industry and who are the main competitors, those that capture the largest part of the market share? Is it unregulated, self-regulated or regulated by a government agency? How strong are barriers to the entry of new competitors? Can products from other industries function as substitutes for the ones produced in the industry? What about the power industry suppliers have when negotiating prices and trade conditions?At the opposite side of the industry in the corporate environment we have the market where the company trades its products, its main attributes being size, growth rate, segmentation, exit barriers and consumers’ negotiating power. Typical questions that should be asked when assessing its effect on corporate performance are: What is the market size, in dol lars, for each of the company’s products? What are the short-term and long-term market growth rates? Is it a wholesale or a retail market? Are the sales cyclical? How can the market be segmented (by geography, purchasingpower, customer age, etc.)? Which barriers does a client run into when changing suppliers? Do clients have the power to impose prices and trade conditions?We call the people who have interest in or are affected by a company’s performance its “stakeholders”,and group them in the categories of “insiders” and “outsiders”. The insiders are the company’s entrepreneurs or controlling shareholders and its managers and employees. The outsiders include customers, suppliers, minority shareholders, debt holders, the government in its roles of public goods supplier, regulator and tax collector, and also the communities where the company does business. It is important to note that stakeholders, besides being affected by, also influence corporate performance and it is often necessary to search for the effects of this influence when appraising performance.That is meant to increase the depth of this brief analysis of corporate structure and external relations.Microeconomic theory considers the company as a social production unit that uses a certain technology to produce a set of outputs from a set of inputs. The function that maps input quantities into maximum output quantities obtainable from the inputs is called the “production function”or “production frontier”. Knowledge of this function is important for measuring the technical efficiency of a production unit, a very significant performance metric. Several techniques exist for the specification of production functions or frontiers, grouped under the names of “Data Envelopment Analysis” and “Stochastic Frontier Analysis”.Companies are created by entrepreneurs, the agents that organize and coordinate production with the help of professional managers. Entrepreneurs play a crucial role in shaping corporate performance. On one side, recognized entrepreneurial capacity ─and also large contact networks ─ are vital for raising the financial capital necessary to build structural or physical capital. On another side, the entrepreneurs’ reputation and contacts are essential to attract the intellectual capital that, together with the structural capital, is the foundation of innovation capacity .A business model is a conceptual representation of the way a company does business. Its main components, are: the company’s value proposition; the targeted market segments; the distribution, marketing communications, and customerrelationship channels; the core competencies needed; operating and management technologies; the partners’ network; and the revenue, cost and value creation models. Understanding the business model is the first step to implement a corporate performance management system. The model should indicate whether the company has a broad customer base or targets specific market segments, and in the second case, identify these segments. The goods and services provided by the company and the commercial conditions under which they are sold (including such things as guarantees, technical assistance, etc.), comprise the value proposition. The channel used for product distribution can be a direct-tocustomer sales channel through the Internet, or be comprised of bricks and mortar companyowned stores, wholesale agents, retail companies, etc. The company can use several marketing channels to get messages through to its customers, such as TV and printed media, and employ a call center to give support and receive complaints and suggestions from them. Core competencies are the ones the company needs to master in order to gain a competitive advantage in relation to other companies in the same marketplace. These competencies should rest on proper operational and management technologies, and be supplemented by a network of partners, if necessary. As a final point, a business model must include a revenue, a cost and a value creation model in order to be profitable to the company’s shareholders.We can think of the operational model of a company as encompassing an organizational model, a functional model and a corporate data model . The organizational model depicts, in an inverted hierarchical tree, the roles of the agents involved in the compa ny’s operation. The func tional model portrays all the activities that together form the whole to which we refer by the expression “company’s operations”, structured in logical, sequential steps forming operational processes. At last, the corporate data model is an entity-relationship diagram that shows the main entities about which the company collects data with its attributes and the relationships between them.The last model we need to examine in order to understand the functioning of a corporation is the performance management model it uses, which is, in general,composed of four building blocks. The corporate governance system, the corporate performance planning, control and evaluation system, the individual managers performance planning, control and evaluation system and the management variable compensation system (or bonus system). The corporate governance system comprises three well known actors, the chief executive officer, the directors and the shareholders, and is designed to mediate the relations between them. Under the governance system, we find two planning and control systems, having as its targets the performance of the company (as a whole and of its divisions) and the performance of its individual managers, respectively. Linking these two systems we find a compensation system that assigns fractions of a bonus pool, which is a function of the aggregate company performance, to its managers on the basis of their individual performances. An effective management model should be forward-looking, that is, centered on the improvement of future performance, and focused on value creation.A thorough understanding of all the models described above is a necessary prerequisite for one to be able to plan, monitor, analyze, evaluate and control corporate performance. In the next section we will examine in more detail a crucial component of the management model previously described: the corporate performance planning, control and evaluation system.2. The Corporate Performance Planning, Control and Evaluation System.That shows the structure recommended by the authors for a corporate planning, control and evaluation system, the most important part of a corporate performance management system. The core component of the planning system, as can be deduced from its central position in the mentioned figure, is the performance evaluation model. The structure of this model is mapped into the system’s database, simulation models and budgeting tools’ structures, and also used to shape information contained in the system’s p roducts, besides being the nucleus of the language used by the system’s agents to talk about corporate performance. The corporate planning and control process is formed by the coordinated actions of the planning and control agents, whose aim is the generat ion of the system’s outputs, which include assumptions, goals, forecasts, plans, budgets, investment projects, performance valuations, varianceanalysis, etc. These products take the form of paper and electronic documents and spreadsheets, and of PowerPoint presentations. The agents follow an agreed upon time schedule and rely on a business intelligence (BI) software to support their actions. The BI software implements the performance evaluation model for the purposes of representing and simulating corporate performance and provides the necessary tools for the system’s agents to produce the system’s outputs. Data used by the system comes from the accounting and other corporate databases. In the following sections of this article we will examine in detail each of the aforementioned planning system components.Before proceeding, however, we will make a pause to discuss the ontology of planning. One can readily identify in this figure three major structures: the strategic, the motivation and the action frameworks. In the strategic framework, which is chiefly related to the risk versus return dialectics, we can identify the external influences to corporate performance, comprising both opportunities and threats, and the internal ones, materialized by strengths and weaknesses. Suppliers and consumers negotiating power, entry and exit barriers, competitors and substitute products are the main determinants of external influences. Technological change has also a pervasive influence on corporate performance. Comparing the motivation (ends) and action (means) frameworks, we can associate various levels or layers in which corporate aims are defined to the corresponding action classes, that is, vision to mission, long term goals to strategy, short term goals to tactics and actual results to actual actions. Policy and business rules are restrictions under which strategy and tactics, respectively, must be formulated, and actual action carried out.It may be convenient, at this point, to give a general definition of the terms “planning” and “control”.Corporate planning is a process by which management define the desired future performance of a corporation, and identify and decide on the actions that need to be taken in order to achieve that performance. The main steps comprising a planning cycle are exposed . Corporate control, on the other hand, is an operational process which aims to check whether the actual performance is in accordance with the planned one, and, eventually, to modify the planned actions inorder to guarantee that the final desired performance will be met. The corporate budget is one of the most important outputs of the corporate planning and control process. It is the prime management tool used to improve corporate performance and to align management interests with those of the shareholders. We can conclude this section by stating the nine guiding principles of corporate planning and control:i. Planning is concerned in first place with results and in second place with the means to achieve these results.ii. Planning is concerned with the present value of costs and benefits to be incurred in the future as a consequence of decisions undertaken in the present.iii. The main objective of planning is to create value for the corporation’s shareholders.iv. For the ab ove goal to be met, it is necessary to fulfill customers’ expectations concerning quantity, price and quality of marketed products at the least possible cost, and to maintain a skilled and fully motivated workforce.v. Planning and control activities should be organized through a system whose components are the planning and control agents, process, time schedule, products, models & tools, and database.vi. The corporate budget should be the planning and control system’s product that consolidates the results which the company plans to achieve in the next period and the actions it should undertake in order to meet them.vii. The corporate budget must contain all the information necessary for the evaluation of the short term planned performance of the company, its marketing, operational, economic, patrimonial and financial aspects being dully considered.viii. The corporate budget should not be viewed exclusively as a means of cost reduction or control, but mainly as a tool to enhance performance and increase the company’s economic value.ix. The planning process in itself is as important as its outputs, and should contribute to leverage management’s knowledge about the company’s internal workings, and also to help focus its efforts on the critical areas of corporate performance.Source:Pedro Góes Monteiro de Oliveira STARPLAN Consultoria Empresarial Ltda. ,2009. “Corporate Performance Management” . Working Paper , vol.41, no.4, pp.1-7..二、翻译文章译文：企业绩效管理摘要行政总裁两个最重要的职责是：制定战略和处理他的公司表现。