| Enterprise performance evaluation system is very important in enterprise management. With the knowledge age coming, the enterprise’s business environment has being changed. In this new economic form, the important enterprise capital is no longer the traditional monetary capital, but human capital. Therefore, the enterprise performance evaluation must consider human capital ownership’s interests, and not only regard monetary shareholder’s benefit maximization as the center. But, current enterprise performance evaluation system is still based on the theory of "currency is supreme", which can’t meet the need of the enterprise in the new situation.Based on the human capital theory, this paper proposed "ternary capital structure" enterprise concept, and the characteristics of human capital were mainly studied, including the human capital equity, earnings, cooperativeness, heterogeneity. In order to overcome the lacks of current human capital cost pricing model, a new human capital cost pricing model based on level classification was proposed. Case analysis show, this model can measure the cost of human capital in different levels and can be meaningful for the design of enterprise performance evaluation index.According to the capital structure characteristics of modern enterprise, a new performance evaluation index (HEVA) based on the "ternary capital structure" theory has been constructed innovatively for "ternary capital structure" enterprise in this paper, which introduced the human capital into the EVA evaluation system, and treated human capital and the monetary capital equally.Applying HEVA index, the enterprise performance of a high-tech enterprise from2005to2009was evaluated and the analysis results were compared with the results from EVA index. The comparison analysis show that the HEVA index can solve the principal-agent problem and short-sighted problem and can meet the needs of enterprise in new economic situation, which prove its rationality and superiority. |
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