Business Performance Evaluation Index System Study

The accession to the WTO and the acceleration of the globalization provide opportunities to participate in the competitions of global merchandise and capital markets for the Chinese enterprises, which also bring about severe challenges for their internal governance system. The modern enterprise is the product of the capital property rights and the management power separation, and the entity which capital owner entrusts professional managers to operate. The inconsistency of targets of the client and the agent and the information asymmetry bring about problems of moral hazard and adverse selection. To resolve the agency problems and lower the agency cost, it is necessary to evaluate the agent's performance which could restrict and encourage to the behaviors of the agent and increase enterprise's value continuously. Evaluating the performance of the enterprise and establishing the index system scientifically and reasonably play an important role to evaluate the operating results of the enterprise and the contribution of the agent properly, improve the levels of management, and establish the effective encouragement mechanism.Performance evaluation is an old but everlasting topic, which is the focus of both theoretic field and enterprise field around the world in recent years. It's a core problem in any economic system, which exists in each respect of economic lives. As to indexes of the enterprise's performance evaluation, many scholars have made researches and issued their own views. However, the existing performance evaluation index systems both have their advantages and shortages. In this circumstance, basing on existing documents, this text makes a research on some related problems of the performance evaluation index system, trying to establish a more overall, scientific and reasonable evaluation index system and to enhance the efficiency and effect of the performance evaluation. This text comprises five parts:The introduction mainly presented the incentive of selecting this subject, research actuality, research method and innovative standpoint.The first part is on the basic theories of the enterprise operating performance evaluation. It lays the foundation for the following contents by the introduction of the fundamental knowledge, such as the concepts, factors and procedures.The second part is on the development and evaluation of the enterprise operating performance evaluation index system. This part reviews the development of the performance evaluation index system, and selects the representative traditional performance evaluation index, the economic value added (the value pattern), the balanced score card (the balanced pattern) and the system of state-owned capital performance evaluation to describe in detail, to point out their advantage and deficiency.The third part is on how to reconstruct the enterprise operating performance evaluation index system, which is the key of the text. According to the quality characteristics and constitution principles of the performance evaluation index system, following the analysis mentioned above, this part puts forward that we should make the long-term value maximization as the ultimate target of the enterprise, adopt EVA as the key of the system and the theory with an emphasis on stakeholders' factors, and improve the system of state-owned capital performance evaluation. We can conclude that we should balance the important stakeholders' benefits in the process of carrying out the ultimate target of the enterprise, which is the foundation of performance evaluation and rewards.The fourth part is on the imagination of how to establish the performance evaluation index system of the high-tech enterprises during their first stage. This part is an innovative try of the text. Basing on the view of the risk investors, combining the basic theories of the performance evaluation, we try to establish the performance evaluation index system of the high-tech enterprises during their first stage for the purpose of lowering investment risks and raising the feasibility of performance valuation during this stage.