The Construction Of VBM-Based Enterprise Performance Evaluation System

The enterprises are facing more competition today, more and more enterprises begin change the concept, from the traditional financial management to value management. VBM as a new management concept, which is not only makes a fundamental change to corporate management mode and financial control procedure, but also has a signification impact on the theory system and the enterprise synthetic financial analysis system. The performance evaluation is an important part of business actibities, so it is necessary to introduce VBM into the performance evaluation activity. At the same time, the existing performance evaluation system has many defects, such as the over-emphasis on financial indicators, ignoring efficiency in the use of equity capital, corporate long-term development strategy and other stakeholders on the performance evaluation. Faced with these shortcomings, we need to reconsider how to establish a perfect and resonable performance evaluation system. In view of this, this article attempts to build a performance evaluation system from VBM perspective, which is based on VBM.The purpose of this paper is to create a new performance evaluation system base on the the discussion of the VBM theory and the relationship between VBM and performance evaluation, and analysis of shortcomings of the present performance evaluation system. In this case, this paper combine the financial indicators and non-financial indicators to creat a systematic, comprehensive system, which will reflect business performance and core competitive advantage well.This paper covered the following four parts:The first part describes the research background and significance, then review the related literature and describe the structure of this paper. The second part presents some relevant theories of the performance and VBM to lay the theoetical basis for the following analysis.The third part reviews the development stages of the performance evaluation systems of our country, and analysis of shortcomings of the present performance evaluation system. In this case, the introduction of VBM performance evaluation system will need.The fourth part builds an enterprise performance evaluation system based on the VBM theory. The writer from the value creation perspective to build this system, which is use BSC as the basic framework and EVA as the core index of the financial indicators, and finally proposed issues should be noticed in the application of this system.