基于经营绩效评价表的经营绩效评价体系

本文具体介绍了20世纪90年代在美国兴起,并迅速推广应用的企业经营绩效评估法——BSC(BalancedScorecard)法,并着重探讨了BSC法的核心与优势。BSC是建立在“综合平衡观”、“战略观”基础上的综合绩效评估体系,它除了传统的财务绩效衡量指标外,还融合了三类非财务绩效衡量指标,包括顾客导向、企业内部业务流程、学习创新与成长等长期性绩效指标。BSC突破了传统绩效评估的局限性,也超越了单纯的绩效评价功能,它把传统意义上的业绩评价还原于企业的竞争能力,把管理绩效和长远发展规律紧密联系起来,是对传统绩效评价观念与模式的一次重大改革。     

The impact of service R&D on the performance of Korean information communication technology small and medium enterprises

In recent years, research and development (R&D) in the service industry has attracted a great deal of attention from both academia and industrial firms. However, compared to the manufacturing sector, little research exists on the implications of R&D for the financial and/or non-financial performance of firms in the service industry. The purpose of this study is to examine the impact of service R&D on the performance of information communication technology (ICT) firms. We identify five categories of R&D activities and investigate their impact on the financial and non-financial performance of 100 ICT firms, with a focus on small and medium enterprises (SMEs) in South Korea. We postulate positive relationships between R&D efforts and a firm's performance. However, the findings only partially support our hypotheses; unexpected results demonstrate that the presence of R&D management negatively influences a firm's performance. We present detailed statistical results and discuss the implications of the study.     

You Learn From What You Measure: Financial and Non-financial Performance Measures in Multinational Companies

According to recent studies in international management, relationships between headquarters and subsidiaries in the global economy are characterised simultaneously by elements of organisational interdependence and local autonomy. These characteristics challenge the traditional design and use of performance measurement systems (PMSs). Contemporary approaches to PMSs emphasise the role of performance indicators for strategy implementation and advocate the adoption of non-financial indicators in addition to traditional financial metrics. We investigated the factors associated with the inclusion of non-financial indicators in PMSs used in relationships between headquarters and subsidiaries. Our empirical study is based on 141 questionnaires collected from Italian subsidiaries of foreign companies and 13 interviews with respondents. Non-financial performance indicators contained in PMSs refer equally to customer, internal processes and people measurement perspectives. Furthermore, we find that the inclusion of non-financial indicators is positively associated with relative performance evaluation, interactive use of PMSs, subsidiary size, headquarters nationality and subsidiary participation in the design of PMSs. Information gathered through interviews provides explanations of our results, and suggests that the inclusion of non-financial perspectives in PMSs contributes to the strategic alignment of international organisations by supporting learning and dialogue within relationships between headquarters and subsidiaries.     

代工模式下的竞争优先权与企业绩效关系研究

根据对江苏省135家中小工业企业的调研,将代工模式下的竞争优先权划分为成本、质量、交货和柔性,企业绩效划分为财务绩效和非财务绩效,利用因子分析探索了竞争优先权与企业绩效之间的相关关系。结果表明,质量、交货和柔性对财务绩效和非财务绩效都有显著的正向影响,其中交货影响最大,但成本对企业绩效没有影响。这为中小工业企业选择竞争要素提供了决策依据。     

Performance measurement frameworks in public and non-profit sectors

In the last decade much attention has been devoted to developing performance measurement systems (PMS), which could encompass both financial and non-financial measures. Many frameworks have been conceived in order to allow companies to better evaluate their own performance by means of collected data, but few attempts have been made to provide public and non-profit organizations with PMS devoted explicitly for their needs. The aims of this paper are to review the frameworks currently developed and implemented in public and non-profit organizations and to identify the requirements of a framework, which can be applied in this context.     

基于非财务指标的企业财务危机模糊预警模型研究

针对企业财务危机预警难以做到真实、准确的问题,提出了基于非财务指标的企业财务危机模糊预警模型。应用多级模糊综合评判法对财务风险因素进行定量化评价,对定性的非财务指标采用模糊统计的方法,从定量与定性相结合的角度出发,构建了财务危机的模糊预警模型,并对其进行了检验,以期使预警结果更加真实、准确。     

Conformance and performance roles of bank boards: The connection between non-performing loans and non-performing directorships

This study evaluates how non-performing loans and different types of board turnover—which we link to performing directorship (natural turnover) and non-performing directorship (forced turnover)—impact the economic performance (ROA) of banks. The proposed model and hypotheses, based on the conformance and performance roles of boards, are tested on a rich sample that includes all banking firms operating in Costa Rica between 2000 and 2012. The results indicate that the negative effect of non-performing loans on ROA is significantly greater in banks with non-performing directorship associated with high rates of unexpected changes in the board. The findings of the study highlight that the competence of boards matters. The results also give evidence of the importance of balancing financial and non-financial goals if superior governance and economic performance are the objectives pursued by organisations.     

Board of directors structure and firm financial performance: A qualitative comparative analysis

Previous research about the effects of board structure and process on the firm financial performance is based on conflicting theoretical perspectives, and empirical results, mostly based on regression analysis, are inconclusive. Building from Complexity Theory and configurational analysis, this study offers clarity to inconclusive previous empirical results about the link among several board features and firm financial performance. From a sample of 295 non-financial firms from Southern Europe for the period 2001–2010, and by using fuzzy set qualitative comparative analysis, findings of this study show that firm financial performance depends on a complex configuration of several board features (board size, board independence, leadership structure and board activity) and several corporate characteristics (firm size, firm leverage and firm age). This paper has implications for academics. Despite different theoretical arguments and inconclusive results of the wide empirical literature addressing the effect of board characteristics on the firm performance, building from Complexity Theory this paper adds to our knowledge because it empirically explores under which circumstances different board features should contribute positively or negatively to firm performance. The results of this study have also implications for policy makers and practitioners by providing some useful hints to the controversial relationship between corporate governance and financial performance. In this sense, general corporate governance recommendations must be rethought.     

Measuring business performance in the high-tech manufacturing industry: A case study of Taiwan's large-sized TFT-LCD panel companies

The nature of competition in the high-technology manufacturing industry has changed dramatically over the last two decades, and any of the traditional indicators of business performance are insufficient today. We have identified a new set of financial and non-financial performance indicators that can be used by high-tech manufacturing companies and have developed a business performance evaluation model. A data envelopment analysis (DEA), an analytic hierarchy process (AHP), and a fuzzy multi-criteria decision-making approach are used in the model. Data from large-sized thin-film transistor liquid-crystal display panel companies in Taiwan were collected via a field survey and from various published databases and were fed into the model to determine the relative business performance of the companies. We hope that our findings will help high-tech manufacturing executives determine their companies’ strengths and weaknesses and lead to future improvements in business operations.     

Privatizing Australian Airports: Ownership, Divestment and Financial Performance

This article addresses the performance of the three largest Australian airports following their privatization. The airports represent cases of divestment of government business enterprises into privately-owned businesses each with differing ownership arrangements. The performances of the privatized airports are considered using financial data obtained from general purpose financial reports of the entities. There are significant implications for future divestment policies, including the value of divestment as a policy response in uncompetitive environments, the use of particular infrastructure investment models, and the nature of the linkage between ownership structure and financial performance.     

The impact of corporate social performance on the cost of debt and access to debt financing for listed European non-financial firms

This study addresses the controversial issue of how non-financial performance affects the cost of debt capital and access to it. The relationship between corporate social performance and two measures of debt cost (accounting-based and market-based) and the measure of debt access are analysed by means of a multi-theoretical framework combining economics with social theories. By observing a sample of listed European non-financial firms over an 8-year period from 2005 to 2012, we find a negative relationship between corporate social performance and interest rate. Consistent with this result, we find a positive relationship between corporate social performance and debt rating. Thus, corporate social performance has a positive role in reducing the cost of debt capital. Moreover, firms with better corporate social performance are more attractive to lenders in terms of leverage allowance. Overall, our findings provide deeper insight into the reasons why companies should improve their corporate social performance.     

Strategic performance measurement in a healthcare organisation: A multiple criteria approach based on balanced scorecard

The Balanced Scorecard (BSC) methodology focuses on major critical issues of modern business organisations: the effective measurement of corporate performance and the evaluation of the successful implementation of corporate strategy. Despite the increased adoption of the BSC methodology by numerous business organisations during the last decade, limited case studies concern non-profit organisations (e.g. public sector, educational institutions, healthcare organisations, etc.). The main aim of this study is to present the development of a performance measurement system for public health care organisations, in the context of BSC methodology. The proposed approach considers the distinguished characteristics of the aforementioned sector (e.g. lack of competition, social character of organisations, etc.). The proposed measurement system contains the most important financial performance indicators, as well as non-financial performance indicators that are able to examine the quality of the provided services, the satisfaction of internal and external customers, the self-improvement system of the organisation and the ability of the organisation to adapt and change. These indicators play the role of Key Performance Indicators (KPIs), in the context of BSC methodology. The presented analysis is based on a MCDA approach, where the UTASTAR method is used in order to aggregate the marginal performance of KPIs. This approach is able to take into account the preferences of the management of the organisation regarding the achievement of the defined strategic objectives. The main results of the proposed approach refer to the evaluation of the overall scores for each one of the main dimensions of the BSC methodology (i.e. financial, customer, internal business process, and innovation-learning). These results are able to help the organisation to evaluate and revise its strategy, and generally to adopt modern management approaches in every day practise.     

An analysis of anti-money laundering in the German non-financial sector

Journal of Management and Governance - European anti-money laundering (AML) law obliges both financial and non-financial private companies to contribute to combatting money laundering. Since the...     

Unpacking the relationship between post-entry speed of internationalization and export performance of SMEs: A capability-building perspective

Prior research has acknowledged the merits of firms' post-entry speed of internationalization (PSI) for export performance. However, remarkably little attention has been devoted to the transformational mechanisms that enable firms to convert their PSI into performance outcomes. Drawing on the capability-building perspective, we examine the mediating role of two key firm-specific capabilities, i.e., knowledge capability upgrading (KCU) and adaptive capabilities (ADC), on the relationship between PSI and financial and non-financial export performance. Employing a sample of 208 New Zealand exporting SMEs, we found a positive relationship between PSI and both KCU and ADC and found support that PSI's effect on export performance is conveyed through ADC. We found that although KCU does not directly mediate the PSI-export performance relationship, it acts as a driving factor for ADC, which in turn contributes to export performance. This study contributes to the evolving literature on post-entry dynamics of internationalization and capability-building perspective.     

基于动态因子Copula模型的行业间系统性风险分析

国际金融市场间的相关关系以及系统性风险受到很多学者的重视，本文则以我国股市的行业指数作为研究对象进行实证研究。通过构建动态因子Copula模型，文章对行业的日收益率数据进行了动态相关性分析，并基于风险预期占比度量了我国行业之间系统性风险的溢出效应。本文分析了2006年1月4日至2016年7月1日的28个行业指数数据，基于GAS动态负荷因子的变化路径来刻画其相关关系，通过风险预期占比来研究行业间的风险溢出效应。研究表明，各个行业指数收益率之间存在较强的关联性。就单个行业来说，化工行业与其他行业关系最为不稳定。就金融与非金融行业而言，金融行业对非金融行业的影响较大且较为平稳。本文所得研究结果可以为投资者和风险管理者在进行决策时提供一定的指导。     

The effect of trust on international joint venture performance in China

The role of trust between the parent companies of international joint ventures (IJVs) is re-examined, and it is suggested that trust between parents is not only a major predictor of the achievement of financial and non-financial goals by IJVs as reported in the literature, but also moderates the relationship between IJV performance and certain contextual factors.Based on the responses of senior executives of IJVs and their parent companies in China, it is confirmed that trust influences IJV performance. The moderating effects of trust on the relationships between IJV performance and local reliance and the experience of executives were confirmed for the senior executive sample, but the moderating effect of cultural distance was not consistent between the firm-level and country-level measures. There was no significant result regarding these moderating relationships for the parent sample, except local reliance.     

中国情境下高绩效工作系统与企业绩效关系的元分析

用传统的定性综述方法对中国情境下高绩效工作系统与企业绩效的关系强度的研究,至今尚未得出一致结论.本文运用定量综述研究最重要的统计学方法——元分析,对中国情境下高绩效工作系统与企业绩效关系的53篇实证研究文献进行了合并,共获得8788个独立样本、316个效应值,总样本量达58946个.元分析结果发现:(1)高绩效工作系统对企业绩效存在显著正向影响(rz=0.419.p＜0.001),并且它对非财务类绩效(创新绩效、人力资源管理绩效、组织运作绩效)的影响大于对财务类绩效(财务会计绩效、资本市场绩效)的影响;(2)高绩效工作系统与企业绩效的相关性在中国情境下比在西方情境下更大,并且高绩效工作系统对企业绩效影响程度大于单个实践对企业绩效影响程度的简单加总;(3)信息分享与沟通、绩效考核与管理两项高绩效工作实践在中国情境下与企业绩效高度相关,而在西方文化中与企业绩效的相关性并不显著,之前国内的定性综述结论中也认为信息分享与沟通对企业绩效的贡献不大.本文的研究结果可让中国情境下高绩效工作系统与企业绩效的关系研究得出定论,并为未来的高绩效工作系统相关研究指明方向.     

FinTech信贷规模能刺激金融机构提升涉农贷款占比吗？

金融科技提升了金融机构的风险承担水平。作为一类重要的金融科技,非金融机构的FinTech信贷规模能因为刺激金融机构提升风险承担水平,而使其加大涉农贷款投放以提高涉农贷款占比吗？本文将非金融机构的FinTech信贷规模及金融机构风险承担水平引入Opiela的模型,构建代表性金融机构的目标函数和约束条件,进行理论分析并提出研究假说;然后基于2009—2017年中国31个省市区平衡面板数据,采用个体固定效应模型,检验研究假说,探讨FinTech信贷规模与涉农贷款占比之间的关系问题。研究结果表明,FinTech信贷规模可提升金融机构的涉农贷款占比,但涉农贷款占比增速边际递减。进一步研究表明,市场化水平和房地产发展状况还通过FinTech信贷规模的部分中介效应,间接影响涉农贷款占比。最后,就发展FinTech信贷、助力乡村振兴战略的实施提出了相关政策建议。     

Path-related empirical research on M&A-outcome: review and research agenda

This article attempts to reflect the current state and progress of contemporary research on financial and non-financial M&A outcome. Based on a review of 183 empirical M&A studies an integrative framework is developed, in which impact factors are classified into four major dimensions to explore the impact on M&A outcome: antecedents, transaction content characteristics, transaction process characteristics, and the transaction itself. The review reveals that M&A research is dominated by studies focusing on state variables at the expense of path-related variables. The review also shows that, to date, neither state-related research nor path-related research on financial and non-financial M&A outcome categories have reached maturity. Although there is still room for clarifying the impact of various state-related variables, the most valuable new insights are expected to emerge from researching path-related variables. Building on these insights, an extensive future research agenda is presented, which focuses on path-related research questions and methodological issues.     

The boys in the bubble: Internet entrepreneurs and stock market value

This paper expands the set of non-financial indictors of internet stock value to include that attributable to the retention of the founding entrepreneur. The failure of traditional financial value metrics to adequately explain the Internet stock boom has already provoked much research on non-financial indicators of firms value. The current paper adds to this trend of seeking “intangible” sources of Internet stocks value, by focussing on the role of the founding entrepreneur.