外文文献翻译译文一、外文原文CorporatePerformanceManagementAbstractTwo of the most important duties of a chief executive officer are (1) toformulates t rat egy and(2)tomanage h i s c ompany’s p er f orm ance.Inthisa r ticlewe e xaminethe second of these tasks and discuss how corporate performance should be modeledand managed.Webeginbyconsideringtheenvironmentin whichacompanyoperates,which includes, besides outside stakeholders, the industry it belongs and the marketit supplies, and then proceed to explain how the functioning of a company can beu nder s t ood by a nex a m i nationof i ts bus i n ess,o per a ti ona landperform a nce managementmod els.Nextwedescribethestructurerecommendedby theauthorsforacorporateplanning,controlandevaluationsystem,themostimportantpartofa corp orate performance management system. The core component of theplanningsystem is the corporate performance evaluation model, the structure of which ism apped i nt o the pl anning sys t em’s da ta b ase,si m ula t ion modelsandbudgeting t ool s’structures, andalsousedtoshapeinformationcontainedinthe system’s products,besidesbeingthenucleusoft helanguageusedbythe system’s agentstotalkabout corporateperformance.Theontologyofplann ing,theguidingprinciplesofcorporate planningandthehistoryof”M ADE”,thecorporateperform ancemanagementsystem di scus s e d inthisarti c le,arere vi ew e dn e xt,before w ep ro cee d todisc us s i nde t ailt h e structural components of the corporate planning and control system introduced before.We conclude the article by listing the main steps which should be followedwhen implementing aperformance planning, control and evaluation system for a company.1.IntroductionTwo of the most important corporate tasks for which a chief executive officeris primarilyresponsibleare(1)toformulatestrategyand(2)tomanagethecompany’s p erf ormance. In thisarticle we examine the second of these tasks and discuss howcorporateperformance should be modeled andmanaged.T operfo r mistoac c ompli s h,t o a chieve(de s i r ed)r e s u ltsoroutc om es.So,whe n talkingabo utcorporateperformance,wearereferringtothedegreebywhichdesired resultsoroutcomesarea chievedbyacompany.Managingcorporateperformance involves planning, controlling, analyzing and evaluating, not only the resultsachieved bythecompany,butalsothemeansbywhichtheseresultsarereached.Amongthe re sults,orgoals,pursuedbymostcompanieswecanmentiongrowth,marketshare,profitabilityan dvaluecreation;andthemeanstoachievetheseresultsincludep roductivi ty,effect i veness,innova t iona nd c ompetiti ve nes s.T hos e a rethe t y p eofthings we should have in mind when specifying a corporate performancemanagement system.Before discussing how to model corporate performance, it is convenienttoconsider the environment in which a company operates, which includes, besides out s i de sta ke holde rs, the indust r y i t be l ongs and the marke t it suppli e s. Themain aspectsofanindustrytobelookedatwhen consideringitsinfluenceoncorporateperformancearestructureandregulation,themaincompetito rs,entrybarriers,substituteproductsand supplier’s negotiatingpower.Associatedquestionsare :How production is organized, vertically or horizontally? How much competitive isthe i ndustry and who are the m a in competitors, t h ose tha t ca pt ure th e l a rges t part oft hemarketshare?Is itunregulated,self-regulatedorregulatedbyagovernmentagency?Howstrongarebarrierstotheentryofnewcompetito rs?Canproductsfromother industries function as substitutes for the ones produced in the industry? Whataboutthe power industry suppliers have when negotiating prices and tradeconditions?At the opposite side of the industry in the corporate environment we havethe marketwherethecompanytradesitsproducts,itsmainattributesbeingsize,growth rate,segmentation,exitbarriersand consumers’negotiating power.Typicalquest ions thatshouldbeaskedwhenassessingitseffectoncorporateperformanceare:Whatis the marketsize,indollars,foreach of the company’s products?Whatarethe short-term and long-term market growth rates? Is it a wholesaleor a retailmarket?Are the sales cyclical? How can the market be segmented (by geography, purchasingpower,customerage,etc.)?Whichbarriersdoesaclientrunintowhenchangings uppli e rs? D o c l ients ha v e t he power t o impose pric e s and t ra de conditions?Wecallthepeoplewhohaveinterestinorareaffectedbya company’s performanceits“stak eholders”,andgroupthemin thecategoriesof“insiders”and“outsiders”.Theinsidersarethe company’s entrepreneursorcontr ollingshareholders and its managers and employees. The outsiders include customers, suppliers, minority shareholders, debt holders, the government in its roles of public goodssupplier,regulatorandtaxcollector,andalsothecommunitieswherethecompany doesbus i ne s s.It isim port ant t onote t hats t a kehol de rs,bes i desbeinga f fecte db y,al s oinfluencecorporateperformanceanditisoftennec essarytosearchfortheeffectsof this influencewhen appraisingperformance.That is meant to increase the depth of this brief analysis of corporatestructureand external relations.Microeconomictheory considers the company as asocial p roductionunittha t uses a certa i ntechnolo g ytop r oducea s eto f outputsfromas e tof inputs.Thefunctionthatmapsi nputquantitiesintomaximumoutputquantities obtainablefromtheinputsiscalledthe“productio n function”or“productionfrontier”.Knowledge of this function is important for measuring the technical efficiency ofaproduction unit, a very significant performance metric. Several techniques existfort hespe c ifi c at i on of pro duc tion funct i ons or fro nt iers, gr oupe d und e r the nam e so f“Data Envelopment Analysis”and“S tochasticFrontier Analysis”.Companies are created by entrepreneurs, the agents that organize andcoordinate production with the help of professional managers. Entrepreneurs play a crucialrolein shaping corporate performance. On oneside, recognized entrepreneurial capacity─and also large contact networks ─are vital for raising the financial capitalnecessary tobuildstructuralorphysicalcapital. On anotherside,the entrepreneurs’reputation and contacts are essential to attract the intellectual capital that, together withthe structural capital, is the foundation of innovation capacity.A business model is a conceptual representation of the way a companydoes business.Itsmaincomponents,are:the company’s valueproposition;thetargetedmarket segments; the distribution, marketing communications, and customerrelationshipchannels;the core competenciesneeded;operating and managementt echnol og ies;t hepar t ner s’ne tw ork;andtherevenue,costand va lue creat i on m ode ls.Understandingthe business modelis the first step to implement acorporate performancemanagementsystem.The modelshould indicate whether the company has a broad customer base or targets specific market segments, and in the secondcase,identifythesesegments.Thegoodsandservicesprovidedbythecompanyandthe com mercial conditions under which they are sold (including such things asguarantees,technicalassistance, etc.), comprise the valueproposition.The channelused forp roductdistr i buti on ca n bea di re c t-t oc ustomer s a l esc ha nnelthroughthe I nte r net,orbe comprised of bricks and mortar companyownedstores, wholesale agents,retail companies,etc.Thecompanycanuseseveralmarketingchannelstogetmessages thro ughtoitscustomers,suchasTVandprintedmedia,andemployacallcentertogive support and receive complaints and suggestions from them. Core competencies ar e t heon e sthecomp an y ne edstomas t erinorde r toga i nac om pet i tivead va nta g ei n relation to other companies in the same marketplace. These competenciesshould restonproperoperationalandmanagementtechnologies,andbe supplemented by a network of partners, if necessary. As a final point, a business model must includea revenue,acostandavaluecreationmodelinordertobeprofitabletothe company’s s hare h old e rs.We can think of the operational model of a companyasencompassinganorganizationalmodel,afunctionalmodelandacorporatedatamodel. The organizationalmodeldepicts,inaninvertedhierarchicaltree,therolesoftheagents involve dinthe company’s operation.Thefunctionalmodelportraysall theactivitiesthattogetherformthewholetowhichwereferbytheexpression“company’s operations”,structuredinlogical,sequentialsteps formingoperationalprocesses.At last, the corporate data model is an entity-relationship diagram that shows themain entitiesaboutwhichthecompanycollectsdatawithitsattributesandtherelationshipsbetw eenthem.Thelastmodelweneedtoexamineinordertounderstandthefunctioningofacorporation is the performance management model it uses, which is, ingeneral,composedoffourbuildingblocks.Thecorporategovernancesystem,thecorporatep e rfo rmanc ep la nnin g,control a nde va lua t ionsyste m,t he individual m anage r sperformance planning, control and evaluation system and the managementvariable compensation system (or bonus system). The corporate governance systemcomprises three well knownactors, the chief executive officer, the directors and theshareholders,andisdesignedtomediatetherelationsbetweenthem.Underthegovernancesyste m,we find two planning and control systems, having as its targets the performance ofthe company(asawholeandofitsdivisions)andtheperformanceofitsindividualm ana g ers,re s p e ct i vely.L i nking t heset w osyste m sw e finda com p ensa t ions y st e mthat assigns fractions of a bonus pool, which is a function of the aggregatecompany performance,toitsmanagersonthebasisoftheirindividualperformances.An e ffective management model should be forward-looking, that is, centered ontheimprovement of future performance, and focused on valuecreation.A thorough understanding o f a ll t he m od e l s des c ribed above is anec e s s ary prerequisiteforone tobeabletoplan,monitor,analyze,evaluateand controlcorporate performance.Inthenextsectionwewillexamineinmoredetailacrucial component of the management model previously described: the corporateperformance planning, control and evaluationsystem.2.The C orporate P erf o rmanc e Planni ng,C ontrolan d Eva l u at io n System.That shows the structure recommended by the authors for acorporateplanning,controlandevaluationsystem,themostimportantpartofacorporateperforma nce management system. The core component of the planning system, as can bededucedfrom its central position in the mentioned figure, is the performance evaluationmodel.Thestructureofthismodelismappedintothe system’s database,simulationm odels and budgeting tools’structures, and also used to shape information contained in the system’s products,besidesbeingthenucleusofthelanguageusedbythe system’s agentstotalkaboutcorporateperformance.Thecorporateplanningand controlprocessisformedbythecoordinatedactionsoftheplanningandcontrolagents,whoseaimist hegenerationofthe system’s outputs,which includeassumptions,goals,forecasts, plans, budgets, investment projects, performance valuations, varianceanalysis,etc.Theseproductstaketheformofpaperandelectronicdocumentsands pread s heets,a nd of PowerPointpresent a t i ons.T he a gents fol lowanagreedupontime schedule and rely on a business intelligence (BI) software to support theiractions.TheBIsoftwareimplementstheperformanceevaluationmodelforthepurposesof rep resenting and simulating corporate performance and provides the necessarytools forthe system’s agentstoproducethe system’soutputs.Datausedbythesystem comes from the accounting and other corporate databases. In the following sectionsof thisarticlewewillexamineindetaileachoftheaforementionedplanningsystemc ompon ents.Before proceeding, however, we will make a pause to discuss the ontologyof planning. One can readily identify in this figure three major structures: the strategic,the motivation and the action frameworks. In the strategic framework, which ischiefly related to the risk versus return dialectics, we can identify theexternal i nf l uence s to corporat e performa n ce, c om pris i ng both opportuni ti es a nd threats, and the internal ones, materialized by strengths and weaknesses. Suppliers and consumersnegotiatingpower,entryandexitbarriers,competitorsandsubstituteproductsarethe ma in determinants of external influences. Technological change has also apervasiveinfluence on corporate performance. Comparing the motivation (ends) andaction(means) fr a meworks, we can as s ociate v a rious levels or l ayers in w hich c or po ra t e aimsaredefinedtothecorrespondingactionclasses,thatis,visiontomission,longtermgo alstostrategy,shorttermgoalstotacticsandactualresultstoactualactions.Policy and business rules are restrictionsunder which strategy and tactics,respectively, must be formulated, and actual action carriedout.It may be convenient, at this point, to give a general definition of theterms“planning”and“control”.Corporateplanningis a processbywhichmanagement define the desired future performance of a corporation, and identify and decide onthe actionsthatneedtobetakeninordertoachievethatperformance.Themainstepscomprisingap lanningcycleareexposed.Corporatecontrol,ontheotherhand,isan operational process which aims to check whether the actual performance isinaccordance with the plannedone, and, eventually, to modify the planned actionsinordertoguaranteethatthefinaldesiredperformancewillbe met. The corporatebudg etisoneo f themostim port antoutputs o fthec orpor atepl a nninga n dcont rol proces s.Itistheprimemanagementtoolusedtoimprovecorporateperformanceand toalignmanageme ntinterests withthoseoftheshareholders.Wecanconcludethis section by stating the nine guiding principles of corporate planning and control:i.Planning is concerned in first place with results and in second placewiththe means to achieve theseresults.ii.Planning is concerned with the present value of costsand benefits to bei ncurred in the f ut u re a s a cons e quence of dec i s i ons undertaken in t he pres e nt.iii.Themainobjectiveofplanningis to createvalueforthe corporation’s shareholders.iv.Fortheabovegoal to bemet,itisnecessarytofulfill customers’expectations concerning quantity, price and quality of marketed products at the least possiblecost,and to m ai nta i n a skilled and full y m otivat ed w or k force.v.Planning and control activities should be organized through a systemwhosecomponents are the planning and control agents, process, time schedule,products,models&tools,anddatabase.vi.Thecorporatebudgetshouldbe the planningandcontrol system’s product t hat consol i dat e s t he r es ul ts w hi ch the company p lans to achi ev e i n the next period and the actions it should undertake in order to meetthem.vii.The corporate budget must contain all the information necessary forthe evaluation of the short term planned performance of the company, itsmarketing,operational, economic, patrimonial and financial aspects being dullyconsidered.viii.The corporate budget should not be viewed exclusively as a means ofcost reductionorcontrol,butmainlyasatooltoenhanceperformanceandincreasethe company’s economicvalue.ix.The planning process in itself is as important as its outputs, andshould contributetoleverage management’s knowledgeabout the company’s i nternal workings, and also to help focus its efforts on the critical areas ofcorporateperformance.S ource: Pedro Góes MonteirodeOliveira STARPLAN ConsultoriaEmpresarial Ltda.,2009.“Corporate Performance Management”.WorkingP aper,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。