Study On The Construction Of EVA Performance Evaluation System Introduced By Jinfengyuan Grain And Oil Company

With the development of market economy,enterprises have shifted their focus from profit to value,and more and more enterprises have gradually realized the importance of maximizing shareholder value.Traditional performance evaluation has been unable to meet the practical needs of enterprises,and EVA just fits the new requirements of performance evaluation.The jinfengyuan grain and oil company selected in this paper is engaged in the trade of bulk agricultural products such as wheat,corn and soybean.After more than ten years of development,it has become a private agricultural trade enterprise with healthy financial status and good business performance.KPI,the current performance evaluation of the company,has made a certain effect.However,there are some problems in the current performance evaluation system,such as,Inadequate reflection of real long-term performance,highly subjective of the evaluation results,Lack of process assessment.Its reason mainly lies in the lack of attention to the cost of capital,scientific planned value is difficult to setting,assessment indexes fo r results oriented indicators.In view of the above problems,the company's industry background and its own characteristics,this paper,under the guidance of EVA related theories,constructs the performance evaluation system that introduces EVA from the perspective of shareholders.Begin from the introduction of EVA performance evaluation index system construction principle,constructed including EVA index,financial indicators and non-financial indicators three categories of index system,by EVA,EVA rate,EVA rate of growth,asset-liability ratio and liquidity ratio,accounts receivable turnover,inventory turnover,net turnover,staff training,human resources,customer retention and customer number growth,overdue debt ratios,timely delivery rate 13 sp ecific indicators.Then,the accounting adjustment and capital cost estimation method in EVA calculation are designed.Finally,through the principal component analysis of the 2014-2017 data of jinfengyuan head office and three branches,the weight of the above 13 indicators was determined,and the normalized value of the 13 indicators was used to calculate the total score of the performance evaluation.The performance evaluation index system constructed in this paper not only comprehensively considers the cost of capital by introducing EVA,but also avoids the subjectivity of incorporating planned value into the performance evaluation system,and also includes result-oriented index and process-oriented index.In addition,from the concept formation,organizational system,compensation incentive three aspects of the performance evaluation will be introduced into the implementation of the safeguard measures.This paper provides ideas and methods for grain and oil trade processing enterprises to improve the performance evaluation system by introducing EVA.