2012年ACCA考试《F9财务报告》讲义辅导32

2012年ACCA考试《F9财务报告》讲义辅导32
Shareholder impact of non-financial objectives
　　The impact of the pursuit of non-financial objectives upon shareholder wealth is not clear cut. There are many writers who would argue that companies which pursue a wide range of objectives find that they create for themselves a very positive public image, and this serves to increase shareholder wealth. Others would argue that community type projects simply add to costs and thus erode profit, thereby reducing shareholder wealth. In reality, the truth probably lies somewhere between these two extremes. Carefully selected projects, particularly those which are community related, may well serve as a form of indirect advertising, and raise the corporate profile and associated shareholder wealth. Other projects may simply represent a gesture of goodwill, on which no return is either sought or earned.外语学习网
　　For example, suppose that a company decides to pursue an image of high product quality as a secondary objective. The aim is clearly non-financial in nature, but it will involve spending money on quality control and management projects which could add to costs and reduce profits. There is substantial research evidence from people like Juran, which suggests that "quality is free". In other words, the gains from higher sales levels and reduced costs of warranty claims exceed the costs of the investment in quality improvements. Where this is the case, then the shareholders actually gain from the fact that the company has chosen to pursue a non-financial objective.中华考试网
　　In other cases, the shareholder impact will be much more difficult to identify. Some companies have a very good reputation in terms of the facilities which they provide for employees. Such provision clearly costs money, and absorbs funds which could be used elsewhere within a business, and so it might be easy to take the view that pursuit of the objective of employee welfare is detrimental to shareholders. In fact, it may work that such policies serve to reduce staff turnover rates and increase productivity. It is quite possible for the aggregate benefits from such a policy to exceed the costs, so that shareholders see profits rise over the longer term. As with many things, whether a strategy has a positive or negative effect depends upon the time frame within which it is being judged.

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