基于价值的管理（VBM）的框架设计及其应用研究

【作者】 刘超；

【导师】 李伯圣；

【作者基本信息】 扬州大学 ， 企业管理， 2008， 硕士

【摘要】 基于价值的管理(Value based Management,VBM)是伴随着西方现代企业制度与资本市场的发展而逐步产生和确立的理论体系和实践方法,是上世纪末到本世纪最热门的管理理论之一。这一理论突出了价值理念在企业管理中的核心地位,立足于企业整体价值的提升,强调企业的外部市场价值与内在经济价值的统一。随着市场化进程的推进,我国企业由于缺乏价值管理理念,仍盲目追求企业规模和片面侧重年度财务指标,导致竞争优势无法持久保持。这已经成为我国企业继续生存、发展壮大,甚至走出国门的瓶颈。而寻求突破这一瓶颈的途径,业已成为理论界和实务界共同关注的课题。构建基于价值的管理(VBM)的框架体系,摆脱理论研究与企业具体实施相脱离的尴尬处境,对完善VBM理论和指导我国企业的VBM实践具有重要意义。本研究在探讨分析VBM基本内涵、价值管理层次理论、价值创造系统以及价值计量尺度等VBM相关理论的基础上,构建了基于价值的管理(VBM)的分析框架体系和层级绩效评价核心指标体系。并以汽车工业上市公司为样本企业,验证了相关假设。首先,基于对相关理论的梳理,构建基于价值的管理(VBM)的框架体系。框架以价值管理层次理论为基础,其核心思路包括VBM的三个重点研究方面:战略规划分析、价值源泉和价值驱动因素分析,以及绩效管理分析。其次,分别探讨上述VBM三大重点研究方面的具体实施。其中,绩效管理分析中的层级绩效评价核心指标体系的构建是本研究的重点,也是实证分析的基础。最后,结合汽车工业上市公司进行实证研究。采用相关性分析和回归分析等方法,分析各层级绩效评价核心指标与企业价值的相关性,从而验证关键成功因素归纳的有效性以及VBM框架设计的合理性。本研究的主要创新点有:(1)在价值管理层次理论基础上,构建基于价值的管理(VBM)的框架体系。从价值网的角度归纳分析企业的价值源泉,并结合基于贴现现金流模型的三大价值驱动因素,深刻揭示企业的关键成功因素。(2)构建与VBM框架体系相适应的层级绩效评价核心指标体系,并以汽车行业上市公司为样本,验证其各层级绩效评价指标与企业价值的相关性。更多还原

【Abstract】 Value-based Management is not only a practical process but also a theoretical system. It is promoted with the progress of modern capital market and firm institution, and is the most popular management theory from the end of last century to this century. It makes the value philosophy as the core of the principle position in the enterprise management, concentrates on promoting the value of the enterprise, and emphasizes enterprises’unification of exterior market value and internal economy value.As the market process forward, lack of value-based management philosophy has made our country enterprises still pursuiting of the enterprise scale blindly and focusing on annual financial targets one-sidedly, and then lead to which lasting competitive advantage can not be maintained. This has been the bottle-neck hindering the existence and development of our country enterprises. How to break through this bottle-neck has become a common concern theoretically and practically. Therefore, constructing the framework of value-based management is of great significance in perfecting VBM theory and guiding the development of our country enterprises.Based on the related theories of VBM, the paper analyzes the components of the VBM framework, and lays out the core targets of performance evaluation. It testifies the correlated hypotheses through the listed companies of automotive industry in China.Firstly, based on summarizing the related theories, the paper constructs the framework of value-based management. The core idea of the framework includes three key research areas of VBM, such as strategic planning analysis, the source of value and value-driven factor analysis, and performance management analysis.Secondly, the paper discusses the specific implementation of above three key research areas of VBM respectively. In particular, the construction of the core indicators in performance evaluation is the focus of this study, and is also the basis of empirical analysis.Finally, the paper conducts the empirical research on the listed companies of automotive industry in China. It verifies the correlation between the core indicators and value of enterprise by using correlation analysis and regression analysis, then testifies the effectiveness of summarizing critical success factors and rationality of VBM framework.The innovations of the paper are as follows. (1) The paper constructs the framework of value-based management by theory of level-value management. Analyzing the source of value from the view of value-net, and combining with discounted cash flow model which contains three major value-driven factors, it profoundly reveals the critical success factors of enterprise. (2) It lays out the core indicators system of level-performance evaluation which adapts to the VBM framework. What’s more, the paper takes the listed companies of automotive industry as samples, and verifies the correlation between the core indicators and value of enterprise.更多还原