The Theory Research On Performance Appraisal System Of Enterprise Investment

Enterprise investment is an important tache to achieve the maximize of enterprise value,high quality and efficient investment can enhance the competitiveness of enterprises andultimately increase the corporate value. But there are also some problems such as investmentinefficiency and failure in enterprises of our country at present, therefore we should establisha maturity performance appraisal system of enterprise investment, which makes enterprisesanalyze scientifically before investing, monitor continually during investing and summarizeexperience after investing. It can promote the effectiveness, efficiency and reduce inefficient,failure of enterprise investment at last.This article will research the performance of enterprise investment on two aspects. Onone hand, we will research on the theoretical level of performance appraisal of enterpriseinvestment. On the other hand we will research on the applied level of performance appraisalof enterprise investment. Specifically, the theoretical level of performance appraisal ofenterprise investment will be divided into two aspects which are effectiveness and efficiencyof investment. Furthermore, the efficiency of investment can also be divided into staticefficiency and dynamic efficiency of investment. Through the analysis of these two aspects,we can finally get their impact factors and can do the specific analyze through the factorsanalysis. In the research on effectiveness of investment，we will stand on the view ofcorporate legal and use the fluctuant EVA system based on cash flow to research it. EVA is notonly an indicator but also an ideological. This article will consult the EVA ideological, varythe existing EVA ideological combined with the content of this part and ultimately get thefluctuant system based on the cash flow of the EVA system. Using this system, enterprises cancalculate the EVA’NCFvalue based on the realistic data, considerate whether the EVA’NCFisqualified, or else, we can check out the factors which lead to unqualified, then adjust andimprove.In this paper, the research on the application level of performance appraisal of enterpriseinvestment is based on the "time view" for the project-investment. The research on project-investment in this paper is only for the feasibility of a single project-investment, aswell as the concurrent and feedback appraise of this single project-investment. Specifically,this article will take the idea of contrasting before and after. Firstly, we will divided the timeof the performance appraisal process into three time periods, that is, analyze before investing,analyze during investing and analyze after investing. Secondly, we will discuss the appraisalmethod and the data. Finally, we will determine on the indicators, the weight of each indicatorand the appraisal system in each stage, then we can exhibit the performance appraisal in aquantitative manner and complete all the process.I believe it can play a guiding significance in investing practice and it can promote thehigh quality and efficiency, reduce the inefficient and failure of enterprise investment, what’smore, it can make the final aim--achieve the maximize of enterprise value--come true.