Emprical Study On Value Relevence Of Enterprises Performance Evaluation System Evidence From Listed Manufacturing Companies.

On the condition of separation for the owner power of owner and operators, ,the operators employed by investors, the enterprise has the right to operate, investors need a true reflection of the business performance evaluation system to assess the operator's performance. The traditional indicators of performance evaluation are mainly profit, return on investment etc, and these indicators are mostly related data which calculated through the financial report . Since the preparation of financial reports with a certain degree of flexibility in many cases ,they does not truly reflect the company's operating results , the incidence of fraud of financial statesments of listed company has been frequently illustrated this point. Therefore, if we use the data which calculated alone from report indicators to evaluate the operator's actual operating results ,and to giving the corresponding remuneration is likely to be inappropriate, so the theoretical circles have started studying the new financial evaluation methodology and evaluation indicators. .In order to strengthen the management of state capital in 1999, the Ministry of Finance and other four ministries jointly issued the "State-owned Capital Performance evaluation of the rules," the identity of an investor proposed a set of state-owned enterprises and state holding enterprises performance evaluation system. Compared with the EVA which is now popular in the West performance ,the performance evaluation system ,which a is more valuable than correlation becomes worthy of study.In this paper, 2006-2007, China's Class A shares of listed companies, mechanical instrumentation for the study sample, using the value of research-related compensation model frequently used (Easton harris 1991) and selected Grahamh and Kingy (2000) Comparison of the methods to analyze the efficiency of state-owned markes EVA evaluation system and the value relevance and incremental value relevance. The results showed ,2006-2007 there is some value the relevance and incremental value relevance. between Performance evaluation of state-owned capital value and return on listed companies, the value relevance and incremental value between EVA and the market rate of return are low.The results show that state-owned enterprises in the capital-intensive industry, performance evaluation system in comparison with the EVA, and the value of the business more relevant.