Research On State-owned Capital Performance Evaluation

Research on state-owned capital performance evaluation is an importance task while deepening the reform of economic system,improving state-owned capital's management,raising the allocation efficiency of state-owned enterprise's resources.State-owned economy is the core of the national economy,controlling and leading the lifeline of national economy.The quality of state-owned economic is the constraints on other economic development.State-owned capital is the material basis and the carrier of state-owned economy.How to organize, manage and operate state-owned capital is important for enhancing the efficiency of state-owned economy and ensuring economic health and orderly development.In recent years, the state owned capital plays the leading role of the national economy. There is a series of initiatives to increasing the value of state-owned capital, including joint-stock reform and improving the corporate governance structure, strengthen the state-owned economic adjustment and enterprise restructuring and so on.These initiatives not only have a profound impact on the state-owned enterprise reform and the process of economic adjustment, but also have affected the pace of reform and development of the entire national economy.To ensure the value growth of state-owned capital and its ability to guide and control the national economy, needs to build a scientific and rational system of performance evaluation of state-owned capital to judge the performance of state-owned capital. On the one hand, to test the effectiveness of these policies (joint-stock reform of state-owned enterprises, improved governance of state-owned, strategic adjustment of economic structure, and so on.) on the other hand, to measure performance of state-owned capital operation, need a sound performance evaluation system of state-owned capital.However, on the review of current relevant academic literature of state capital performance evaluation,we found the existence of the following aspects:(1) Performance evaluation in these studies, has no distinction of state-owned capital, state-owned enterprises, state-owned enterprises and state-owned enterprise manager performance.State-owned enterprises performance has taken place of the operating performance of state-owned capital, or state-owned enterprises performance replace the performance of state-owned enterprise managers. In fact, the state-owned capital operation and state-owned enterprises management are two different types of operations, performance of state capital and performance of state enterprises have many different. Their respective performance evaluation is irreplaceable; (2) Some literature have no distinction of different business entities in the state-owned capital management, which led to the evaluation of performance not matching with the business entities objectives; (3) The profit or the value of state-owned capital or other financial indicators are the main indicators of performance,even the only indicators. In fact, the state capital management has diverse business objectives,which making the performance evaluation also diversity and complexity.The research objectives are:based on economic theory, management theory, and national financial theory, constructing a theoretical system performance evaluation of state-owned capital management. Specific research ideas:First, based on the state financial theory, the study analyz the target the state-owned capital management, and further explore the path to achieve the objective of state capital. On this basis, building the content of the performance evaluation system corresponds to goals of managing state-owned capital. Then,constructing the "three levels" of state-owned capital management structure of the performance evaluation system is adapt to state-owned capital management system features.Finally, based on different levels of functionality and characteristics of objectives of state-owned capital management,building state-funded investor performance evaluation system, corporate investor performance evaluation system, and corporate governance evaluation system. This article is divided into eight chapters.This paper makes contributions to the literatures on the presentation of items in the following three dimensions:First, building the suitable content system of the performance evaluation corresponds to state-owned capital business objectives.Second, building the "three levels" of of the performance evaluation system corresponds to state-owned capital management structure.Third, the paper distinguishes the main function of position between different levels of state-owned capital business. Building national investor performance evaluation,corporate donors performance evaluation,and corporate governance performance evaluation, corresponds to state-owned capital management system.