Performance Evaluation On Value Management Of Innovative Enterprises In China Based On The Stakeholder Theory Framework

Under the independent innovation-drived new compepitive economic climate, themushroom development of high-tech and innovative industry with its basiccharacteristics of high risk exposure, high investment,high growth rate as well as afocus on knowledge and technology paves the way for the world-wide economy aftera tsunami of financial and economic depression. To put the sort of theory into practice,to encourage and take control of the value creative activities of local enterprises inorder to leads the accomplishment of administrative goal of maximizing the value ofcompany ownership came into the vision of economic and administrative themeframework. Meanwhile, as the target of maximization of interest of shareholders andprofit-oriented view have already been played down, the interest of the stakeholdershave not been paid sufficient attention. Especially in the high-tech enterprises,intellectual capital which consists of human capital, physical capital and innovationcapital has undoubtedly become core competitiveness of the enterprises which canlead to the higher new distinguished value added key point. the encouragements andconstraints towards human capital is still the tough issues in value based managementprocedure. Thus, under three pairs of contradictions, which are "encouragement-constraint","return-risk","the value added and distribution match", given thesecontext, the situation of brain drain, the stagnation of research and development, theenterprise bankruptcy are make sence. As the key component of value basedmanagement procedure, indicator system of performance appraisal plays a more andmore important role in modern corporation management.This essay is started with the connotation and extension of enterprise value, in theviewpoint of stakeholders’ value, follow the path of value added and evaluate theperformance of domestic high-tech enterprise value based management and attempt to find out a series of solution on performance appraisal, which could not only stirup the potential of value creativity but also diversify the extra risk exposure, not onlyregulate technical personnel effectively but also provide sufficient encouragement andtemptation to stay with their intellect and originality, not only satisfy the expectationof enterprise on value added requirement but also ensure the stakeholders share in theprofits and benefits fairly and reasonably.For that reason, this essay first elaborates the theme framework of Value BasedManagement, Stakeholders Theories, the Performance Evaluation Theories as well asthe Resources integration theories and synthesizes related literature in hand to reviewon research status and development tendency of the above theory. Then follows theprocedure of the enterprise value based management of "management objectives-value creation-performance evaluation-value distribution", discriminates the keydriving factors on enterprise value and classifies the capital elements according todistinguished investors and distinguished behaviors among those stakeholders.Meanwhile, to take the internal loop of "management objective-driving factors-competitive edge-enterprise performance-management objective" and theresource-management logic of "discrimination-acquisition-utilization-integration-recomposition" into account, illustrated the mechanism of synergistic effect of capitalelements on the value creativities. Finally, design a performance evaluation system tofit the actual performance of domestic high-tech companies and quantify thecontribution each capital element made. After that, in oerder to evaluate the rationality,feasibility and systematicness of the indicator system of performance evaluation,selected "BEIWEI TX" as the object of research and completed the case study onperformance appraisal, then provided some recommendations on the basis of itsevaluation results.