某咨詢公司財(cái)務(wù)成本分析

某咨詢公司財(cái)務(wù)成本分析目錄德勤咨詢簡(jiǎn)介德勤咨詢對(duì)于石化成本分析項(xiàng)目的理解德勤咨詢對(duì)于石油化工行業(yè)的成本分析案例介紹股東價(jià)值驅(qū)動(dòng)的分析模型如何在石化一體企業(yè)中實(shí)施財(cái)務(wù)分析系統(tǒng)德勤咨詢推薦的對(duì)于石化成本分析的解決方案規(guī)劃德勤咨詢實(shí)施工具介紹問(wèn)答在全球75個(gè)國(guó)家中有超過(guò)13,500名顧問(wèn),年收入超過(guò)30億元,德勤咨詢是全球頂尖的管理咨詢公司德勤咨詢是DeloitteToucheTohmatsu的一部分.DTT是全球?qū)I(yè)服務(wù)的領(lǐng)導(dǎo)者,他有82,000名員工,在129個(gè)國(guó)家提供咨詢,審計(jì),稅務(wù)和相關(guān)服務(wù).德勤咨詢集中給以下七大行業(yè)提供服務(wù):能源化工消費(fèi)品制造業(yè)通訊行業(yè)金融服務(wù)政府衛(wèi)生保健德勤咨詢簡(jiǎn)介82,200staff130countriesUS$9Brevenue13,500staff26CountriesUS$2.1Brevenues

3,000staff

AsiaPacificAfrica8個(gè)辦事處超過(guò)200專業(yè)人員1999&2000年超過(guò)100%增長(zhǎng)率在上海、廣州和北京有辦事處在中國(guó)大陸共有超過(guò)60名咨詢顧問(wèn)在大中國(guó)區(qū)(香港與臺(tái)灣)還有80名咨詢顧問(wèn)在中國(guó)正在進(jìn)行的項(xiàng)目-5在中國(guó)完成的實(shí)施項(xiàng)目-18德勤咨詢?cè)诖笾袊?guó)大中國(guó)區(qū)總裁：沈達(dá)理先生策略轉(zhuǎn)變業(yè)務(wù)轉(zhuǎn)變信息管理轉(zhuǎn)變價(jià)值鏈管理共享服務(wù)供應(yīng)鏈管理程序領(lǐng)導(dǎo)管理收購(gòu)與兼并外包服務(wù)客戶關(guān)系管理系統(tǒng)集成培訓(xùn)與教育服務(wù)領(lǐng)導(dǎo)制度變更業(yè)務(wù)流程重組人員轉(zhuǎn)變電子交易電子商務(wù)知識(shí)管理信息系統(tǒng)規(guī)劃企化戰(zhàn)略與財(cái)務(wù)管理德勤咨詢提供你所期望的從世界頂尖咨詢公司所能獲得的各式服務(wù)德勤咨詢簡(jiǎn)介我們的工作方式使我們與眾不同與眾不同的解決方法高度協(xié)作的工作方式給我們的雇員無(wú)窮的動(dòng)力來(lái)進(jìn)行合作與知識(shí)技能的傳輸以現(xiàn)實(shí)的方式來(lái)處理業(yè)務(wù)流程使我們獲得我們所承諾的策略和技術(shù)所帶來(lái)的結(jié)果帶來(lái)與眾不同的結(jié)果客戶可以依賴我們所交與的結(jié)果,因?yàn)樗麄冎涝谖覀冸x開(kāi)以后,他們還可以進(jìn)行自我的提高客戶可以在我們所交與的結(jié)果上發(fā)展,因?yàn)槲覀兯鶐椭⒌牡慕M織比以前更強(qiáng)大,并適合于變幻莫測(cè)的環(huán)境中國(guó)石油化工股份是一家上中下游一體化、石油石化主業(yè)突出、擁有比較完備銷售網(wǎng)絡(luò)的股份制企業(yè)，成立于2000年2月28日。中國(guó)石油化工股份是由中國(guó)石油化工集團(tuán)公司根據(jù)《中華人民共和國(guó)公司法》，并遵循"主業(yè)與輔業(yè)分離、優(yōu)良資產(chǎn)與不良資產(chǎn)分離、企業(yè)職能與社會(huì)職能分離"的原則，通過(guò)"業(yè)務(wù)、資產(chǎn)、債權(quán)債務(wù)、機(jī)構(gòu)、人員"等方面的整體重組改制后，以獨(dú)家發(fā)起方式設(shè)立的公司。中國(guó)石油化工股份實(shí)行集中決策、分級(jí)管理和專業(yè)化經(jīng)營(yíng)的事業(yè)部制管理體制,其框架是一級(jí)法人為主、三級(jí)管理，即：總部是投資決策和資金運(yùn)營(yíng)中心；事業(yè)部、專業(yè)公司和子公司是利潤(rùn)中心；分公司是成本控制和生產(chǎn)管理中心。公司注冊(cè)資本688億元人民幣，董事長(zhǎng)為公司法定代表人。

中國(guó)石化股份的獨(dú)家發(fā)起人--中國(guó)石油化工集團(tuán)公司成立于1998年7月，是國(guó)家組建成立的特大型石油石化企業(yè)集團(tuán)。中國(guó)石油化工集團(tuán)公司是國(guó)家獨(dú)資設(shè)立的國(guó)有公司，是國(guó)家授權(quán)投資的機(jī)構(gòu)和國(guó)家控股公司。中國(guó)石油化工集團(tuán)公司實(shí)行總經(jīng)理負(fù)責(zé)制，總經(jīng)理為法定代表人。注冊(cè)資本1049億元。中國(guó)石油化工集團(tuán)公司組建后，實(shí)現(xiàn)了政企分開(kāi)和上下游、內(nèi)外貿(mào)、產(chǎn)銷一體化，既保持了石油化工技術(shù)和規(guī)模等方面的優(yōu)勢(shì)，又增加了原油、天然氣勘探開(kāi)發(fā)及成品油批發(fā)零售等業(yè)務(wù)，整體實(shí)力進(jìn)一步增強(qiáng)。在美國(guó)《財(cái)富》雜志評(píng)選的2000年世界500強(qiáng)企業(yè)中，按銷售收入排名位居第58位。中國(guó)石油化工股份簡(jiǎn)介中國(guó)石油化工股份有限公司為建立現(xiàn)代企業(yè)制度，提高企業(yè)的競(jìng)爭(zhēng)力，建立了統(tǒng)一的財(cái)務(wù)管理信息系統(tǒng)。

（1）建立了全公司三級(jí)（決策中心、利潤(rùn)中心、成本中心）統(tǒng)一標(biāo)準(zhǔn)的財(cái)務(wù)管理和會(huì)計(jì)核算網(wǎng)絡(luò)系統(tǒng)。

（2）建立了滿足中國(guó)會(huì)計(jì)準(zhǔn)則、國(guó)際會(huì)計(jì)準(zhǔn)則，基于財(cái)務(wù)邏輯網(wǎng)絡(luò)的總部、分（子）公司、生產(chǎn)廠三級(jí)統(tǒng)一的財(cái)務(wù)管理和會(huì)計(jì)核算體系；

（3）提高了會(huì)計(jì)信息的及時(shí)性、準(zhǔn)確性，加強(qiáng)監(jiān)管能力，為決策支持提供更豐富的財(cái)務(wù)信息；

（4）支持公司總部績(jī)效考核管理體系，為領(lǐng)導(dǎo)決策提供科學(xué)、準(zhǔn)確、快捷的服務(wù)；（5）開(kāi)發(fā)符合國(guó)際會(huì)計(jì)準(zhǔn)則和上市信息披露規(guī)則的財(cái)務(wù)管理和會(huì)計(jì)核算軟件；

（6）建立了分布式財(cái)務(wù)數(shù)據(jù)庫(kù)，支持財(cái)務(wù)會(huì)計(jì)數(shù)據(jù)的實(shí)時(shí)向上復(fù)制、向下穿透查詢和網(wǎng)上在線對(duì)帳；中石化財(cái)務(wù)管理信息系統(tǒng)建設(shè)的整體目標(biāo)中石化產(chǎn)業(yè)鏈與成本管理

原油勘探

原油開(kāi)采

煉油

化工生產(chǎn)

產(chǎn)品銷售成本核算/管理生產(chǎn)成本管理

成

本銷

售成

本全方位成本管理采夠成本股東價(jià)值驅(qū)動(dòng)的分析模型指標(biāo)運(yùn)作價(jià)值管理需要以下三個(gè)核心部分有效地運(yùn)作價(jià)值管理戰(zhàn)略超前的戰(zhàn)略領(lǐng)先的地位系統(tǒng)流程管理準(zhǔn)確的指標(biāo)準(zhǔn)確的尺度價(jià)值衡量需要有一整套指數(shù)EVA

isaregisteredtrademarkoftheSternStewartCompany…最可靠的衡量指數(shù):股東回報(bào)率TotalShareholderReturn(TSR)投資資本的現(xiàn)金流回報(bào)Cashflowreturnongrossinvestedcapital(CFROI)加權(quán)平均的資本成本W(wǎng)eighted-AverageCostofCapital(WACC)可持續(xù)的資產(chǎn)增長(zhǎng)率SustainableAssetGrowthRate未來(lái)現(xiàn)金流量的凈現(xiàn)值Netpresentvalueoffuturecashflows(NPVorDCF)是否在創(chuàng)造價(jià)值?表現(xiàn)如何?什么是最低投資回報(bào)?如何衡量增長(zhǎng)?公司的價(jià)值?需要衡量的對(duì)象....股票價(jià)格分紅獲利率和增長(zhǎng)率驅(qū)動(dòng)股價(jià)股東回報(bào)率(TSR)衡量分析指數(shù)投資者回報(bào)TSR定義投資資本的現(xiàn)金流回報(bào)CFROI可持續(xù)增長(zhǎng)自由現(xiàn)金流投資資本的現(xiàn)金流回報(bào)CFROI全面衡量公司業(yè)績(jī)當(dāng)上市公司擁有以下特征時(shí)，較為適合使用CFROI:長(zhǎng)年限的固定資產(chǎn)(平均超過(guò)15年)具有大量固定資產(chǎn)固定資產(chǎn)非常陳舊或非常新具有大型投資模板和行為益處

CFROI定義跨國(guó)家，跨行業(yè)，跨時(shí)間比較不受資產(chǎn)的年限和組合的影響全面使內(nèi)部決策和外部資本市場(chǎng)的表現(xiàn)掛鉤提供投資項(xiàng)目的回顧審計(jì)與資本成本可直接比較資產(chǎn)年限營(yíng)運(yùn)資本總現(xiàn)金流動(dòng)量總投資額CFROI=IRRonabusinessCFROI計(jì)算結(jié)果(1999年)542406446,06822,29210,4119,36948,140564216312141383891NetIncomeDepreciationInterestExpenseMinorityInterestGrossCashFlowNetWorkingCapital+Land+Investments=NonDepreciatingAssetsNetFixedAssetsAccum.Depr.*InflationAdjustment*GrossInvestment資產(chǎn)年限=20營(yíng)運(yùn)資本+土地Sinopec1999($millions)Source:DCAnalysis,CompanyfinancialstatementsCFROI=IRR=6.1%48,1404,0796,068*DCEstimatesPeers?CostofCapital?PlanCFROI?IRR：內(nèi)部收益率592707396,66622,89710,5999,53949,7011926*2322*814*110*5172*NetIncomeDepreciationInterestExpenseMinorityInterestGrossCashFlowNetWorkingCapital+Land+Investments=NonDepreciatingAssetsNetFixedAssetsAccum.Depr.*InflationAdjustment*GrossInvestment資產(chǎn)年限=20營(yíng)運(yùn)資本+土地Sinopec2000($millions)Source:DCAnalysis,CompanyfinancialstatementsCFROI=IRR=8.6%49,7015,1726,666*DCEstimatesPeers?CostofCapital?PlanCFROI?CFROI計(jì)算結(jié)果(2000年)IRR：內(nèi)部收益率PositiveSpreadBusinessNeutralSpreadBusinessNegativeSpreadBusinessDiscountRate:WACCIncreaseCFROIHoldCFROI GrowAssetsErodeCFROI GrowFasterIncreaseCFROIThenGrowIncreaseCFROIReduceReinvestmentDivestorLiquidateCFROI%StrategiesforValueCreation任何業(yè)務(wù)都可創(chuàng)造價(jià)值–但需要按不同的情況設(shè)定戰(zhàn)略Note:thisappliestobusinessunitsaswellascorporationsoverall市場(chǎng)是如何設(shè)定股價(jià)的?CFROIAssetSizeFadeNetCashFlows1+DiscountRateSharePriceAssetGrowth=Investors評(píng)估使用表現(xiàn)指標(biāo)和貼現(xiàn)現(xiàn)金流量GrossInvestmentSustainableGrowthPVCashFlowExistingAssetsPVCashFlowFutureInvestmentTotalEconomicValue-MarketValueofDebt1)EquityValue34236-102633210-12687205231)ST<,minorityinterest2.2%$49,701m8.2%10%$mil$29.83/shareFadeRateDiscountRate7.0%CFROISinopec,Fiscal2000estimate的股價(jià)是由CFROI和增長(zhǎng)決定的4.22.20.2RealAssetGrowthRate(%)CFROI(%)15.7417.1117.814.230.70

29.8328.628.246.5243.2340.0612.2Sinopecequityvalue(fiscal2000)BaseCaseWhatisitworthifweimprove?Note:GrowthonlyimprovesvalueifCFROIimprovesto“positivespread”如何在一體企業(yè)中實(shí)施財(cái)務(wù)分析系統(tǒng)CEO/BoardBusinessUnitsOperationsHowdoIinfluenceSharePrice?Whatisthebestwaytoallocatemycapital?HowdoIimproveexecution?Determinewherevalueisbeingcreated/destroyedAllocatecapitallikeaportfoliomanagerImplementaconsistent&planningprocesslinkedtoKPI’sandcomp.CommunicatetothemarketinalanguagetheyrespondtoFundManagersShareholdersHowdoImaximizeshareholderreturns?Realizemaximumvalueforshareholders-TSR股價(jià)和運(yùn)營(yíng)的聯(lián)接LinktoKPIs各種價(jià)值指標(biāo)的波動(dòng)直接影響股價(jià)ValueSinopecCFROI1.1%AssetLife20yearsAssetTurns0.36GrossPlantAssetTurns0.44NetCashFlowAssetGrowth0.46%FadeRate10%/yearSizeDifferential-.72LeverageDifferential+.57GrossCashFlow2.394AdjustedGrossAssets48,002Non-Dep.Assets6,666OperatingMargin16.2%SalesGrowth-??%COGSasa%ofSales78.1%SG&Aasa%ofSales5.6%InventoryTurns3.98A/RTurns9.11CFROIVariabilityHighPloughbackLowtoAverageCountryDiscountRate6.5%1+WACC=UnitVolumePriceRealisationLinktoKPIsXXXPECChemicalsMarketingRefiningUpstreamStrategyfocusedoncompetitivepositionandnewproductsCostcontrol,capacityutilization,newproductdevelopmentandproductlinemanagementStrategyfocusedoncompetitivepositionPricing,regionalshiftsandformateconomicsarekeydriversManysmallbetsValuedrivenbycustomerstrategy,storeeconomicsandgrowthStrategyfocusedonflexibilityversusefficiencyLockedintoLPMindset?Find“outofbox”optionsCostcontrolandthroughputarekeyshort-termvaluedriversStrategyfocusedoninvestmentoptionsFieldversusnewgeographyinvestmentandexplorationcostsversussuccessratearekeydriversManybetsValuedrivenbypriceinvestmentstrategyandoperatingeffectivenessProductlineTSR,PlantCFROIBUTSR&StationCFROIProjectIRRandrefineryCFROIBUTSR&projectIRRMetricsimplemented按不同的事業(yè)部特性確定價(jià)值衡量指標(biāo)LinktoKPIs%GrossInvestmentCFROI102030405060708090100-5051020GasExploration6.0ChemicalsRefiningandMarketingCostofCapital15各類投資項(xiàng)目的審核從劃分事業(yè)部起始GrowthProjectsCFROIImprovementProjectsCFROIImprovementProjects:Assetmanagement%ofGrossInvestment%AvgCFROIinPlan102030405060708090100-505101520253035Chemical1ExplorationGas1Chemical2Gas2Gas3MarketingRefining6.0CostofCapitalChemical3Chemical4而事業(yè)部進(jìn)一步按業(yè)務(wù)類型細(xì)化石油開(kāi)采事業(yè)部市場(chǎng)零售煉油舉例：細(xì)分后的不同結(jié)果LinktoStrategyCleaningSuppliesHouseholdProductsChemicalAdditivesFertilizersSpecialtyPlastics產(chǎn)品市場(chǎng)零售工業(yè)商業(yè)政府直銷MajorMarketMinorMarketNocurrentmarket舉例(續(xù))：按銷售渠道進(jìn)一步細(xì)化市場(chǎng)零售事業(yè)部LinktoStrategy利潤(rùn)表:銷售利潤(rùn)管理費(fèi)用利息折舊稅務(wù)資產(chǎn)負(fù)債表:應(yīng)收帳款存貨固定資產(chǎn)應(yīng)付帳款負(fù)債可獲取可獲取按人力分配按負(fù)債額分配預(yù)定年限D(zhuǎn)ivisionrate按產(chǎn)品可獲取特殊區(qū)分按銷售成本按負(fù)債/權(quán)益會(huì)計(jì)科目表預(yù)計(jì)流程而進(jìn)一步將資產(chǎn)分配到各市場(chǎng)單位可深入分析投資回報(bào)率LinktoStrategy102030405060708090100-10-5051015202530商業(yè)直銷零售工業(yè)政府CFROI%%GrossInvestmentWACCConsolidatedCFROI渠道獲利率分析揭示了渠道的強(qiáng)弱LinktoStrategySleStoresCFROISiteKeep?KeepFixCloseStrongWeakWeakStrongStoresweregroupedfornextstepsCostofCapital6.0%Cons.CFROI17.0%-5051015202530Management而零售渠道的進(jìn)一步細(xì)分可揭示各零售點(diǎn)的強(qiáng)弱LinktoStrategyPrice/OrderOrderSize01234560102030405060708090100Problemorders而工業(yè)渠道注重于挖掘擴(kuò)展能使之盈利的顧客LinktoStrategyCorporateOfficeInternal“CapitalMarket”BU1BU2BU3ProjectLifeOutlayProjectLifeOutlayCashFlowCashFlowProjectProjectInternalViewInvestorsExternal“CapitalMarket”Stock1Stock2Stock3ExternalViewAccountingDataSharePriceIncomeStatementBalanceSheetEPS,ROE,ROCECFROIGrowthWACCFadeCFROICashFlowGrossAssets

AssetLifeCFROI既用于外部投資，也由于內(nèi)部管理CFROIRevenueCostsOperatingProfitTaxProfitandLossStatementWorkingcapitalFixedAssetsLiabilitiesDebtEquityBalanceSheetCFROI汲取了利潤(rùn)表和資產(chǎn)負(fù)債表中的各類數(shù)據(jù)(1)CFROI汲取了利潤(rùn)表和資產(chǎn)負(fù)債表中的各類數(shù)據(jù)(2)RevenueCostsOperatingProfitTaxProfitandLossStatementOperatingMarginGrossMarginExpenseMarginSellingcostsAdmincostsOverheadcostsOthercostsRawMaterialcostsRefiningCostsOverheadcosts計(jì)劃驅(qū)動(dòng)預(yù)算8.2%8.7%8.7%ActualBudgetKey16.2%16.5%CFROIOperatingMarginAssetTurnover22.1%23.5%GrossMargin5.6%5.0%ExpenseMargin65.2%60.5%RawMaterialRefiningCosts4.0%3.5%SellingCostsAdminCosts.87.90FixedAssets12.014.0WorkingCapital8.010.0Receivables18.020.0Inventory75%80%UtilisationRate10%12%Maintenance0.738.7%0.8017.3%16.7%1.0%1.0%驅(qū)動(dòng)預(yù)算三個(gè)主要方面ProvidesafinancialprofileofthebusinessforcommunicationandanalysisNon-financialmanagersbroughtintovalueequationSummarymeasuresbrokendownintopartsforgreaterfocusGraphicallydisplaysacomparisonofperformancestandardsActualversusbudgetCurrentversushistoricSinopecperformanceversus“bestpractice”Relationshipscanbeusedfor“whatif?”analysis:10%Improvementin:ResultsinCFROIChangeof:Revenue1.7%CostofGoodsSold2.1%OperatingCosts4.4%OverheadCosts1.1%AFAFinancialInvestmentAeltusInvestmentMgmt.,Inc.AlexBrownCapitalAlliedInvestmentAdvisorsAllianceCapitalMgmt.Corp.AmericanCenturyAmericanCenturyInvestmentAtlanticCapitalMgmt.AtlasCapital,L.P.ArdenGroup,Inc.,TheAuchincloss&Lawrence,Inc.BPAmerica,Inc.BTRCapitalManagement,Inc.Bahl&GaynorInvestmentCounselBankofAmericaBayIsleFinancialBoys,Arnold&CompanyCambiarInvestmentInc.CanyonPartnersInc.CapitalResearchCo.CapitalTechnologyCastleRockPartnersChaseInvestmentCounselCorp.CitibankCliffordAssociatesColumbiaManagementCo.CompositeResearch&ManagementCompu-ValInvestmentsCrabbeHusonGroup,Inc.Cramblit&Carney,Inc.CreeksideInvestmentManagementCrestwoodAssetManagementDavisSelectedAdvisors,L.P.DavisSkaggsInvestmentMgmt.DeanWitterIntercapitalInc.DelawareInvestmentAdvisors,Inc.EagleGlobalAdvisorsEatonCorporationEdwardJones&Co.EnrightFinancialConsultantsEquinoxCapitalManagementEveans,Bash,Magrino&Klein,Inc.FarmersInsuranceGroupofCompaniesFirstNationalBank,SWOhioFlemingCapitalManagementFrontierInvestmentManagementCo.FrostNationalBankGMG/SenecaCapitalManagementGEMLandCompanyGeneralAccidentInsuranceCo.GeneralMotorsInv.Mgmt.Corp.GlobeFlexCapitalGoefen&Glossberg,Inc.GreenleafCapitalManagementGriesFinancialCorp.Guardian,TheHGKAssetManagement,Inc.Hotchkis&WileyHowardHughesMedicalInstituteHughesInvestmentManagementCo.HutchensInvestmentManagementInvestmentAdvisors,Inc.InvestmentCounselors,Inc.JanusJohnsonInvestmentCounsel,Inc.Jurika&Voyles,Inc.,InvestmentMgmt.KPMInvestmentManagement,Inc.KalmarInvestments,Inc.KanawhaCapitalManagementKempnerCapitalManagement,Inc.KennedyCapitalManagementKunathKarrenRinne&Atkin,Inc.LegacyCapitalManagementLeggMasonCapitalMgmt.,Inc.LeonardManagementGroupLockheedMartinCorpLoganCapitalManagement,Inc.LutherKingCapitalMgmt.LutheranChurch,TheMcMurreyInvestmentAdvisors,Inc.MercantileTrustMeridianInvestmentCompanyMerrillLynchAssetManagementMesirowFinancialMississippiValleyAdvisorsMontagManagementNationalCityBankNikeSecuritiesL.P.NoroianCapitalManagementNorwestCapitalAdvisorsNWQInvestmentManagementCo.OppenheimerCapitalOppenheimerFunds,Inc.OppenheimerManagementPacificAllianceCapitalParnassusFund,ThePeregrineCapitalManagementPhilipV.SwanAssociatesPioneeringManagementCorp.PlazaInvestmentManagers,Inc.PrudentialMutualFundInvestmentPSAFinancialPutnamCompanies,Inc.RCMCapitalManagement,LLCRMInvestmentManagement,Inc.RichardBlum&AssociatesRoberts,Glore&Co.RobertsonStephens&Co.RogerH.Jenswold&Co.,Inc.Roulston&Company,Inc.SalomonBrothersAssetManagementSandHillAdvisors,Inc.SchneiderCapitalSCICapitalManagementScholtz&CompanySecuritiesManagement&ResearchSeligman,J.W.&Co.,Inc.SentinelTrustCo.SMCCapitalManagementSheffieldInvestmentManagementShields/AllianceSignetAssetManagementSmithBarneyInvestmentAdvisorsSorosFundManagementSovereignAdvisors,Inc.SpearsBenzakSalomon&FarrellSperoSmithInvestmentAdvisers,Inc.StaffordTradingStandardPacificCapitalLLCStarBankStarbuck,Tisdale&AssociatesStateofNewJerseyStateStreetResearchSteinRow&FarnhamSterlingLtd.StonebridgeCapitalManagementInc.StoneleighInvestmentCounselingStrongCapitalManagement,Inc.Sturdivant&Company,Inc.SummitInvestmentManagementSunLifeofCanadaTigerAssetManagementT.RowePriceTexasCommerceBankTRUSCOCapitalManagementTrustCompanyoftheWestUSAAInvestmentManagementCo.VARetirementSystemW.D.Hutchinson&AssociatesWashingtonInvestmentAdvisorsWeiss,Peck&GreerInvestmentsWellingtonManagementCompanyWoodsideAssetManagement

FidelityInvestmentsInvescoCapitalManagement.在美國(guó)使用CFROI的財(cái)務(wù)機(jī)構(gòu)AeltusInvestmentManagement,Inc.AMPInvestmentsAustraliaAmericanExpressAssetManagementIntlAXA–SunLifeInvestManagementService*BOEAssetManagementBFGBankAGBankersTrust–JapanBaringInternationalBritishAerospacePensionInvestmentCIS–Co-operativeInsuranceSocietyCSAssetManagementCapitalGroupCompanies,Inc.CitibankGlobalAssetManagementDEKA–DeutscheKapitalanlagegesellschaftDresdnerRCMCapitalManagementDresdnerRCMGlobalInvestorsAsia,Ltd.DeutscheMorganGrenfelAssetManagementEquitilinkFidelityInvestmentServicesFirstStateFundManagersLtd.,AustraliaFlemingInvestmentManagementGartmoreInvestment