Study On The Enterprises Achievement Appraising System Based On Value Maximization

Along with the economic development, the competition among the enterprises is more and more intense. During the competition, enterprises'operational objectives have been changed from the original pursuing profit maximization to pursue enterprise value maximization. Along with the constant regulating and developing of the securities market, gradually taking shape of the investors'concept, the functions of achievements appraisal of listed companies in the aspects of guiding the investor rationality investment, assisting the market managers to strengthen supervising and managing, urging enterprises to strengthen internal management have become more important. Our country's enterprise achievements appraisal system takes financial targets seriously too much, lacks the sustainable development targets, neglects the cash flow and does not consider industry characteristics. It already could not correctly appraise the achievements level of enterprises. Therefore, a clear business goals and fair and objective evaluation of enterprise achievements have the important theory significance and the practical significance.This article has used the method of combining theoretical research with real diagnosis analysis, qualitative analysis with quantitative analysis, and quantitative analysis with many kinds of appraisals methods, done some research into the achievement appraising system based on value maximization of enterprises. By reviewing the existing literatures on enterprises achievements appraisal methods at home and abroad, this dissertation summarizes the research findings of enterprise achievements appraisal. It constitutes the basis for the consequent researches of this dissertation. On the basis of introducing the related theories about enterprise value and the enterprise achievements appraisal, this article also introduces the commonly used methods of enterprise achievements appraisal. During the analysis of development process of enterprise achievements appraisal, this article clears the goal of enterprise achievements appraisal: enterprise value maximization. In view of the existence shortcoming such as being short of the non-financial targets in our country's enterprise achievement appraisal, this article proposes a design thinking of achievements appraisal system. And it takes clearing business objectives, focus on the non-financial targets, focus on the sustainable development and attention to cash flow as the main leading idea. Basing on the idea, this article then detailed designs the achievement appraising system based on value maximization of enterprises. Design four levels targets taking the enterprise value maximization as the core, definite target weight using analytic hierarchy process and appraisal enterprise achievements using Likert scale,efficacy coefficient. The real diagnosis part of this article takes the manufacturing industry steel and iron tectonic plate as a sample, applies the achievement appraising system based on value maximization of enterprises in practice. It takes the Anshan Iron and Steel Company stock as the example to compute its achievement scores, appraisal its achievements level, and then according to the results propose the corresponding improvement opinion to constantly improve the level of the enterprise achievements.