MckinseyのValuation（後半部分）、再開しました。夏バテ解消のため、今日は気合を入れて２章分読みました。 
以下は、14章 Performance Managementの感想です。
Performance valuation systems play a key role in corporate value creation. Valuation systems include strategic plan, budgets, and compensation systems and so on. These systems should be closely linked with corporate strategies which bring value or profits to a corporation. The discussion of this chapter reminded me of a famous theory : Balanced Scorecard(BSC). BSC is an integrated set of measures that gives comprehensive views of business to senior managements. Even so, this chapter doesn’t explain BSC at all.
Recently, companies have been focusing on shareholders value creation and adopting compensation systems such aｓ stock options which are closely related to shareholders value. However, no matter how effective systems are introduced, inadequate implementation will lead to failure.
There are four critical factors which govern the effective value-based management. Firstly, leadership of top management is a must. If top managements neglect the system, rank-and-file employees are less likely to accept the system. Secondly, clear linkages between value drivers and metrics are crucial. If the linkages are blurred, employees will not emphasize these metrics. Thirdly, motivation by setting challenging but not unreasonable targets is of great importance. Unreasonable or unreachable targets will demotivate the staff. Finally, fair and robust evaluation systems are necessary. If performance evaluations are not based on the metrics, employees may not make an effort as much as possible.
In sum, company-wide value creation mind-set will result in successful value creation process. Corporations should instill the value creation mind-set continuously throughout the corporations.
【読書記録】
McKinsey & Company, Valuation 4th ed., John Wiley & Sons Inc.
Performance measurement p.383-p.403
Performance management p.405-p.426