Study On Performance Evaluation System Of State-owned Enterprises In Terms Of Multiple Goals

The performance evaluation of state-owned enterprises has always been one of thehot topics of modern economics and management science. However, the presentstudies on the theory and empirical analysis of the performance evaluation ofstate-owned enterprises are conducted using the economic benefit as the standard. Inthis paper, detailed investigations on performance evaluation of state-ownedenterprises in terms of multiple goals are carried out according to the facts.Two parts are included in this study. One is the micro-performance evaluation ofstate-owned enterprises in terms of the economic benefit goal, and the other is themacro-performance evaluation of state-owned enterprises in terms of multiple goals.In the study of the micro-performance evaluation of state-owned enterprises interms of the economic benefit goal, the theory and empirical analysis at home andabroad are collected systematically. The common limitations in the theory ofownership determinism and multi-factor determinism are pointed out, i.e., to whatextent the goal of profit maximization has achieved is used as the sole standard of theperformance evaluation and hence the state-owned enterprises is defined as thepursuer of the sole goal of economic benefit in essence. Data Envelopment Analysis(DEA) is used in this paper for empirical analysis of economic benefit of China’sstate-owned enterprises from1998to2008. Compared to private enterprises,enterprises from Hong Kong, Macao and Taiwan and foreign-owned enterprises,China’s state-owned enterprises have brought out a fundamental improvement.In the study of the macro-performance evaluation of state-owned enterprises interms of multiple goals, the review of the theory, the historical analysis andinternational comparison are conducted, respectively. Also the contents, inevitablenature and necessity for existence of multiple goals of China’s state-owned enterprisesare analyzed, respectively. Considering the objectivity of existence, the generalperformance evaluation system of state-owned enterprises in terms of multiple goalsis built instructed by the Goal-Performance model. This performance evaluationsystem is not only to reflect the goals of state-owned enterprises assigned by the state(the government) more reliable and more comprehensive, but also to be used as ananalysis tool for macro-performance evaluation of state-owned enterprises. The statistical analysis method of the industrial concentration degree is used in this paper toanalyze the variation trend of the adjustment of industrial layout of China’sstate-owned enterprises from1998. The results demonstrate that the multiple goals ofnon-economic benefit, e.g., supplying public products, functioning pillar industries,implementing the policy of industry development, controlling strategic resources, etc.are definitely assigned to state-owned enterprises. Furthermore, as an oil importer,multiple goals assigned to national oil company in China are investigated. TheGoal-Performance model is used for building the performance evaluation system ofnational oil company in oil-importing country and the performance evaluation isobjectively conducted for10national oil companies including3in China.