A Study On State-owned Enterprises Operating Performance Evaluation System From The Investor Perspective

Performance evaluation is the evaluation of operating results of an enterprises management for a certain period using the scientific method and certain indicators to examine relative responsible persons incentives based on evaluation results. The construction of enterprise performance evaluation systems is not only an important part of the duties of investors that the state-owned assets supervision and administration bodies fulfill, but also the power source to strengthen enterprise management, continuous innovation and enhance their core competitiveness. So the exploration of establishment of state-owned enterprises operating performance evaluation system will not only help strengthen the state-owned assets supervision, carry out the responsibility of maintaining and increasing the value of state-owned capital, developing the, but also promoting the reform and development of state-owned enterprise.Applying normative and positive analysis, this thesis studies the construction of the state-owned enterprises operating performance evaluation system from the investor perspective. For the normative analysis, the thesis reviews the basic theory and methods of state-owned enterprises operating performance evaluation, including the operating performance evaluation theoretical basis, objectives and methods, and the importance and necessity. By comparison and reference of performance evaluation system for the evolution both from home and abroad, the thesis clarifies the relationship between corporate governance, incentive mechanism and performance evaluation combined with a new state-owned assets supervision and management system, followed by a conclusion of appraisal to maximize shareholder value.For the positive analysis, taking Shandong Province as an example, the thesis analyses the content, methodology and implementation effects of provincial state-owned enterprises operating performance evaluation system and points out relative problems existed. On the basis of referring to foreign advanced theory in operating results of enterprises, it re-construct the operating performance evaluation system of Shandong Province provincial state-owned enterprises, that is based on the economic value added to establish indicators of the state-owned enterprises operating performance evaluation system.Based on previous literature of development of innovation and research results of fulfilling the duties of investors, the thesis studies the state-owned assets responsibility as the starting point and final goal. Characterizing the realization of the operational measures, the thesis believes that its results will help CASAC to improve state-owned enterprises operating performance evaluation efficiency from theory and practice. The thesis is based on an economic value-added evaluation system framework. An actual in-depth study of China's state-owned enterprises combining the practical, economic value added is another new research topic.