| With the gradual perfection of market economy system of our country, the function of government management and enterprises' supervision mechanism change completely. The valuation of operating performance becomes the focus that decision makers concerns. It is useful for the management, reformation and development of state-owned enterprises to research deeply into this problem and establish the scientific normative system of enterprises' operating performance valuation as soon as possible.The thesis studies the basic theory of valuation of enterprises' operating performance. The thesis improves the traditional valuation indicator system of enterprises' operating performance on the basis of pointing out the defects. This article introduces Economic Value Added an Refined Economic Value Added, improves on some financial indicators so as to reflect enterprises' operating performance and operators' performance more objectively, impartial and accurate. At the same time, we suggest adding indicators that reflect the utilization and benefits of intangible asset and human asset such as the ratio of intangible asset devotion and output, the human asset yield. Combining Robert Kaplan's Balanced Scorecard and Stern Stewart's Economic Value Added, based on the situation of our country, we set up the valuation indicator system of enterprises' operating system from four aspects: finance, customers, inside operating process, development and study. The financial valuation includes before-mentioned improved indicators. This system gives prominence to the reflection of the investment, utilization and efficiency of intangible asset and human resource. Considering the importance of non-financial valuation and using overseas experience, we decrease the right of financial indicators from 80% to 60% and increase the right of non-financial indicators from 20% to 40%. Finally, we put forward detailed methods to consummate the operating performance from four aspects: enhancing the collection and auditing of elementary data information for valuation; improving the standard system of enterprises' operating performance valuation; strengthening the construction of social agencies institutions; establishing the announcing system of results of enterprises' operating performance valuation. |
