业绩评价是现代公司控制体系的三大支柱之一，是完成企业战略、创造企业价值的关键制度之一。基于VBM的业绩评价系统是业绩评价的发展方向，对此进行深入研究，对促进业绩评价理论和实务的发展有很大帮助。
本文创新之处包括：（1）提出理想的企业业绩评价系统应具备的要素是：目标明确、综合指标、价值动因、价值理念。（2）提出对企业业绩最综合的评价指标是股东价值增长率。（3）构建了公司层面和业务层面两个层面的基于VBM的业绩评价系统，既可以从总体上评价企业业绩，又可以从具有操作性的价值动因方面改进企业经营行为，从而提升企业价值和股东价值。
本文的主要观点是：（1）企业业绩评价的目的是促使企业创造最大的股东价值。（2）基于价值的管理（VBM）和价值管理（VM）两者之间具有很多的区别。（3）提出价值动因是基于VBM的业绩评价系统的核心。（4）对2006年4月7日国资委颁布的央企业绩评价系统进行了分析，提出该业绩评价系统并没有真正达到“战略管理”业绩评价的层次，只是对原有评价指标体系中少数几个评价指标的改进。（5）要克服以前各种业绩评价模式的缺点，只有采用基于VBM的业绩评价系统。
本文的结论：企业业绩评价系统应该采用一个综合指标对企业业绩进行评价，同时该评价系统要能够以“价值地图”的形式表现出来，从而能够找到业务操作层面的价值动因，以达到改善具体经营行为，提升业绩、创造价值的目标。基于VBM的业绩评价系统是达到这种要求的理想业绩评价系统，是企业业绩评价的发展方向。
关键词：业绩评价；价值动因；股东价值
Abstract
Performance evaluation is one of the three pillars of the modern enterprises’ control systems and it is one of the key systems for completion enterprise strategic and creation value. The VBM-based performance evaluation is the development direction of enterprise evaluation. So an in-depth research about it will be great help to promote the development of theory and practice of enterprise evaluation.
There are three innovations in this paper. The first, to bring forward the four elements for an ideal enterprise evaluation system, they are clear objective, integrative indicator, value-drivers and value mind. The second, to bring forward that the rate of shareholder value growth (RSVG) is the ideal integrative indicator for enterprise performance. The third, to construct two levels of VBM-based performance evaluation systems: enterprise level and operational level. This can not only evaluate overall enterprise performance but also improve business operation from many operational value-drivers. This can help to create enterprise value and shareholder value.
There are five opinions in this paper. The first, the objective of enterprise evaluation is to spur enterprise to create the largest shareholder value. The second, there are many differences between VBM and VM. The third, value-driver is the core of VBM-based performance evaluation systems. The fourth, the enterprise performance evaluation system of SASAC is not the strategic management level evaluation, and it only replaced few indicators for original indicators system. The fifth, VBM-based performance evaluation system can overcome most of the shortcomings of the previous enterprise performance evaluation systems.
After the research, the following main conclusions are obtained: The ideal enterprise performance evaluation system is that can evaluate enterprise performance in one indicator which is the rate of shareholder value growth (RSVG).At the same time, it should can be diagrammatized in the form of “value map”, which can help to find out value drivers in operational level. Only this can get the goal to improve operational behavior, create shareholder value. The VBM-based performance evaluation system is the ideal mode and the development direction of enterprise performance evaluation.
Key Words：Performance Evaluation；Value Drivers；Shareholder Value
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