The Performance Assessment Study Of Management Level In Listed Companies

In the generalized proxy relations, the relation between principals(shareholders) and agents (managers) of enterprise are the most important aspect. Shareholders request managers to realize the maximum effectiveness of shareholders, but, managers can possibly do harm to shareholder's interest in order to pursue their own profit maximization , thus appears the behaviors of reversion choice and moral risk of executives. In order to avoid this kind of situation which caused by the asymmetrical information appear and enable the management level to have strong incentives to automatically select the behavior which can be to advantage shareholders, shareholders should positively work out the compensation contract with the management level in order to cause minimum conflict between the bilateral, but the compensation contract formulation must be established on the basis of performance assessment of the management level. Therefore, how to assess the management level performance with the fair and the scientific measures, enhances managerial efficiency of the companies, make the management level to move along the track which can realize the maximization of the shareholder benefit, is the current emphasis of research in both economic and the managerial science.This article first reviewed and summarized the research of performance evaluation of enterprise in China and Western countries, and used the research method which unified the theoretical discussion and the empirical analysis on the basis of discussing the integrant part of traditional management level performance evaluation system in listed companies, and construct the performance assessment index system of management level of listed companies from two aspects of the objective performance assessment and the subjective performance assessment according to the characteristic of listed companies in china, simultaneously introduced one objective weighted method—principal components analytical method, and discussed the feasibility which applied the principal components analytical method to the performance assessment of management level of listed companies. In this foundation, this article used the principal components analytical method and the form of the questionnaire inquires to realize the quantitative and qualitative union of the performance assessment system of management level of listed companies, and finally utilized this index system to have the synthetic evaluation and obtains the result of A shares of 58 medical manufacturing industry of the listed companies in share marker of both Shanghai and Shenzhen, constructed an operational strong performance assessment index system on the basis this analysis.Introduced the subjective performance assessment in the new performance assessment of management level of listed companies on the basis of evaluating the objective performance of management level of listed companies which realized the union of the objective performance assessment and the subjective performance assessment, effectively solves the contradiction of single index and the multi-index, and advantageously promotes executives to consider both the long-term and short-term benefit, better realization enterprise's strategic target. Simultaneously considered, under the current market economic environment, outside factors of uncertainty increases, the people more and more pay attention to the information on cash current capacity, therefore this article considered the index of cash current capacity in the objective performance assessment system.