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th·894·Proceedingsofthe4InternationalConferenceonProductInnovationManagementResearchonEnterprisePerformanceEvaluationSystemBasedonBSCandEVAZhaoZheyu,ZhangChunyingCollegeofIndustrial&CommercialManagement,TianjinPolytechnicUniversity,Tianjin,P.R.China,300387(E-mail:zhaozheyu874361@126.com,zhchy169@163.com)AbstractAtpresent,themajorityofforeignenterprisehavealreadygotridofthepatterntakingthepurefinancialcriterionastheweightperformance,theyusetheBSC(BalancedScorecard-BSC)systemprimarily.While,theEVA(EconomicValueAdded)istakingasonekindofevaluatingindicatorsystemtobeabletoobtaintheshareholdervalueaswellastheenterpriseincreaseinvalueperformance,ithasreflectedtheenterprisestrategyoperationobjectivesdirectly.Thisarticleintroducesperformanceevaluationsystems--theBSCandtheEVA,proposesonenewperformanceevaluatingindicatorsystemunifyingtheBSCandEVAbasedontherelationshipbetweenthetwosystems,andexplainsthesetupprocedureofthissetofsystem'stargetstakingABCCorporationastheexample.Keywordsenterpriseperformance,performanceevaluation,BSC,EVA1IntroductionSincenearhundredyears,thecompanyperformanceevaluationfundamentalresearchofWesternCountryhasdevelopedunceasingly,especiallytheAmericaneconomistsandmanagementscientistshaveplayedveryimportantroleinpromotingthefundamentalresearchandthepracticeexplorationoftheenterpriseperformanceevaluation.Meanwhile,thepracticeexplorationofenterpriseperformanceevaluationhavealsoenormouslyenhancedthebusinessmanagementlevelandmanagedcapacityofWestCountry.Inthe1990s,manycompaniesrealizedtheinsufficiencyofthesolefinancialnorm,andattemptedtoseekforamoreeffectivemethod.Thereforetheyintroducedtwoevaluatingindicatorsystems--BSC(BalancedScorecard-BSC)andEVA(EconomicValueAdded-EVA)inthe1990s.Actually,thesetwokindsofmethodswhichareapprovedasinternationallymaturemanagementtoolsstillhavethereowndeficiency.Forexample,EVAcannotovercometheinsufficiencywhichusesthesolefinancialnormtoweightheenterpriseperformance,while,theBSChasalsocontainedmanyquantificationtargetswhicharedifficulttobeobjective.ThisarticlebelievesthatBSCandEVAhavemanydifferencesfreely,buttheultimateobjectiveisconsistent,thatistoserveforcreatingenterprisevalue.Ifwecanunifythesetwoperformanceevaluationsystemorganically,theymayenhancestrongpointsandavoidweaknesses,andplaystherespectiverolewell.ThisarticleanalyzesassociativityofBSCandEVA,hasestablishednewenterpriseperformanceevaluatingindicatorsystembasedonBSCandtheEVAtakingABCCorporationastheexample,inordertoachievethegoalofweighingenterpriseperformanceeffectively.2BSCPerformanceEvaluationSystemBSC(BalancedScorecard-BSC)isonekindofbrand-newevaluationsystemwhichwasproposedbyAmericanProfessorssuchasR.S.Kaplanin1992.BSChasbecomeonekindofstrategicmanagementpatternfromonekindofperformancemanagementpatterngradually,andhasbeenconsideredasoneofthemostpopularmanagementtoolsatpresent.Itsbasicphilosophyistocarryonthequalitysyntheticevaluationoftheenterpriseperformancefocusingonforeessentialaspects--financial,customer,theinternalprocedure,studyandinnovation.BSChasrealizedthebalancebetweenenterprise'sfinancialnormandthenon-financialnorm,thelong-rangeobjectiveandtheshort-termgoal,theresulttargetandtheactuationtarget,theenterpriseinteriorandexteriorbenefitcounterparts,theleadingtargetandlaggingindicator.However,BSCalsohastheobviousflaw,itlacksthetargetreflectingenterprise‘soverallgoal,thuslosestherelevancewiththeenterprisevalue.BSCinvolvesfouraspectevaluatingindicators--financial,customer,internaloperationflow,studyandgrowth,theconcretetargetsmayhavemorethan20,ifeachtargetbecomestheevaluatedgoal,thentheenterprisehasnumerousgoalssimultaneouslytopursueandtorealize.Thus,enterpriseoperatorsoftenareataloss,theydonotknowhowtoproceedwhenthesetargetsconflicteachother.Therefore,BSCisnotreallyaveryperfectsystemwhichneedstobemade thProceedingsofthe4InternationalConferenceonProductInnovationManagement·895·thefurtherimprovements.3EVAPerformanceEvaluationSystemTheEVA(EconomicValueAdded)isproposedbytheUSSternStewartmanagementconsultantfirm,itscorethoughtis:Anenterpriseisconsideredtocreateextravaluefortheshareholderonlyintheconditionthatitscapitalincomesurpassestototalcostofobtainingthisincomeinvestment.Thistargetiseconomicvaluetargetobtainedfromreadjustmentaftertheresidualincome.Itmaybedefinedas:thedifferencebetweennetbusinessprofitaftertaxwhichhasbeenadjustedandopportunitycostofexistingpropertyeconomicvalue,whichisexpressedbytheformulaasfollow:EVA=NOPAT-K*NANOPATisadjustednetbusinessprofitotherthantax,Kisenterprise'sweightedaveragecapitalcost,NAistheenterprise‘sopeningpropertyeconomicvalue.IfEVAisapositivenumber,itexplainsthatenterprise'sincomehasnotonlymadeuptheshareholdercapitalcost,butalsohascreatedthewealthfortheshareholder;Otherwise,itindicatesthatenterprise'sincomecouldnotmakeuptheshareholder‘scapitalcost,andtheshareholder‘swealthhasbeendestroyed.ThequantificationdegreeofEVAevaluationishigher,butEVAlimitsmerelyinthebusinessfinanceperformanceevaluationaspect,itisunabletoreflectthenon-financialinformationtotheenterpriseperformanceevaluationinfluence.4CombinationofBSCandEVAFeasibilityAnalysisToachieveacombinationofBSCandEVA,wecanstarttoanalyzethefollowingaspects:(1)BSCfinancialaspectisanimportantpart.NewfinancialtargetsfromtheEVAisBSC'sanaturalchoice,nottomentionthesuperiorityofEVAcanbequantifiedhasbeenwidelyrecognized.(2)BSCandEVAareperformanceevaluationsystemswhichareproducedundertheconditionthatthetraditionalperformanceevaluationsystemdoesnotadapttotheenterpriseperformancemanagement,bothaimtoservingthenewfinancialcontrolgoal—maximizationoftheenterprisevaluefinally.BSCwaspointedoutthatonlyfocusonallstakeholderssothattheycanmaximizethebenefitstomaximizeenterprisevalue.EVAstressedtheimportanceofshareholdersandatthesametimedonotdenythatitsstakeholders,EVAthat,whiletheshareholdersandotherstakeholdersinaconflictofinterestbetweenintheshort-term,butultimatelytheinterestsbetweenthetwoisthesame.Usethewordsofitscreatorisconcerned,EVAisnottakenintoaccountthedistributionofthetraditionalcake,butwewillworktogethertomakeabiggercake.(3)BSCandEVAarefull,all-round,theideaofthewholeprocessofmanagement.EVAprinciplesoftheviewthatresearchanddevelopmententerprisesandhumaninvestmentcanbringbenefitsinthelongtermbusiness,whichtheseexpendituresshouldbecapitalized,Therefore,EVAdoesnotencourageperformanceattheexpenseoflong-terminterestsinexchangeforshort-term.BSChasbeenintroduced,suchaslearningandgrowthindicators,thestrategicobjectivesofenterprisesbrokendownintorealisticgoals,sothatthecompany'stolinkwithlong-termstrategyandshort-termaction.(4)EVAistheonlyfinancialindicators,withalagcharacteristics,cannotpredictthefuturewithEVAanditsfuturegrowthopportunities;TomaintainsustainedgrowthinEVA,itshouldreflectunderstandingthevalueofleadingindicatorsandshouldStudyfactorsdriveofthevalueofnon-financial,thelargestcharacterizeofBSCisconsideredbynon-financialfactors.Fromthispointofview,BSCandEVAcanjustlearnfromeachother.Therefore,thecombinationofBSCandEVA,whichcangivefullplaytotheroleofEVA,andconducivetotheimplementationofthestrategytoimprovethefunctionofBSC.Enterprisescanachievecomprehensiveandeffectiveevaluationofperformancemanagement,andmakecommonservicesinthelong-termdevelopmentstrategy.5ResearchonEnterprisePerformanceEvaluationSystemBasedonBSCandEVA5.1BackgroundCurrenttransformerindustrycompetition,theevolutionofwhichfromthenumberincreasedtothequalityimproved,fromproductqualitycompetitiontoqualityofservice.Transformercompetitionperformanceisdisplayedfromtheproducts,technology,advancedtechnology,productvarieties,functions,after-salesservicetoconsumersinareas.ABC,asthetransformerindustryinChina,oneofthemostpowerful,isalsofacingthelastfewyearsavarietyofchallenges.ToimprovethespeedofcompetitorshasbeenmorethanABC'spaceofdevelopment,ABC'sleadnarrowingtohighlighttheir"corecompetence"hasbecomeveryimportant.ABCcompanyinsuchamarketenvironmentmadea th·896·Proceedingsofthe4InternationalConferenceonProductInnovationManagementdifferenceinstrategytoachieveleadershipthroughproductdifferentiation,theconsolidationofABCinthetransformerindustryleadingposition.5.2ABCcompany'sperformanceevaluationsystemBasedonBSCandEVAperformanceevaluationsystemestablishABCCompany'sactualsituation,fromfinance,customer,internalprocesses,learningandinnovationinthefour-dimensionalanalysis.5.2.1Thefinancialdimension(financialindicator)Inthisdimension,EVAontheBSCtothefinallinkinthecausalchain,useofBSCwillbeABC'sstrategyintospecific,measurableobjectives,integratedwithEVAfinancialindicatorsthattotestThesuccessoftheABCcorporatestrategyormission,combinedwithBSCintheenterprisetotheroleoflong-termstrategyandEVA-orientedevaluationsystem.ABCenterprisesofallprogressisnecessarilyreflectedinthegrowthofEVAon,EVAgrowthistheprimaryobjectiveandsuccesscriteria.Inthisgoal,companies,departments,employeesofallactionsshouldfocusongrowthinEVA,theEVAevaluationsystemsothatonlytheseniormanagementoftheAdaptationoftheincentivemechanismtoexpandthescopetoallthestafftoformacross-cuttinginallaspectsofbusinessandthelevelofcausalchain,andtherebyconstituteanewtypeofEnterpriseperformanceevaluationsystemfortheimportantpart.ForABCCompany,thecompany'sfinancialincomeincreasedbyamoresubstantial,butslowergrowth,netprofitnotonlyfailedtoincreaseinsteadofadownwardtrend.Reflectedincostofsalesincreasedfasterthanthespeedofgrowthinsalesrevenue.Thereasonforthetargetmarketfoundnewentrantstostrengthenthecompetitivenessoftheolddropincustomerloyalty,leadingtothegoalofenteringthenewmarketistoincreasesales,buttheproblemsintheoldtargetmarket,resultinginoverallrevenuegrowthrateslow.Puttinginalotofnewmarketsasaresultofmarketdevelopmentcosts,resultinginanincreaseincostofsales.ItisveryimportantthatNeedtohandlerelationshipbetweenthenewmarketandtheinherenttheoldmarketandhowtomaintaintheoldcustomerrelationshipisveryimportant.Dimensionofthefinancialindicatorsinclude:EVA;Costreductionrate;Differentproductsrevenueandincomegrowth;Rateofpercapitaincome5.2.2Guestdimensions(customerindicators)ABC,asthedomesticfirst-classtransformermanufacturingcompany,hopestoincreasedomesticandoverseasproductmarketsharethroughtheexpansionofproductionscale.Inotherindicators,asindicatorsofcustomersatisfaction,thedifficultytoobtainaccurateinformation,highlysubjectivefeedback,cannotbefullyquantified,itisimpossibletodothenecessarymanagementofthequantify,customersatisfactionindicatorsthereforecannotasthepreferredindicator.Closetocustomerstohelpstabilizethemarketpositionandestablishabrandimagetocreateword-of-mouthspread,sofortheABCcompany,customerretentionandcustomerprofitabilityasthepreferredindicator.Intoday'sbuyer'smarketinthesituation,ABCinadditiontoconcerningabouthowtoretaincustomers,howtoattractcustomers,howtoexpandmarketshare,butalsoshouldpayattentiontohowtheaffirmationofthecommunity,theGovernment'ssupportandhowtowinthegoodreputationofthepublic,suchasindicators,thereforesetupinthisdimensionindicatorsofthesocialcontributionrateintherelationshipbetweentheenterpriseandexternalstakeholders,andadirectimpactonthegrowthofEVA.Tosumup,ABCcorporateclientsdimensionindicatorsinclude:Marketshareofnewproducts;Customerretentionrate;Customerprofitability;Socialcontributionrate.5.2.3Dimensionsofinternalprocesses(internalprocessindicators)BSCinternalbusinessprocessfortheassessmentofindicatorsofinnovation,managementandafter-salesservice.Innovationindicatorsrelatedtothemeasureofcorporateresearchanddevelopmentexpenses.Productionandoperationofperformancemeasurementindicatorsusedtomeasurebusinessprocess,whichisfromacceptedcustomerorderstocompletedproductbedeliveredtocustomers;serviceprimarilytoguaranteethequalityofproducts,maintenanceservices,aswellasdefectiveandreturnsprocessing,includingservicetime,costandsoon.FortheABCcompany,enterpriseproductionandmanagementperformanceindicatorsisparticularlyimportant,quantityandqualityisthemostimportant.ABCcompanyhasbeenasaresultofproductionbottlenecks,resultinginalotofcustomerdemandcannotbemetinatimelymanner,whichhasresultedinthelossofsomecustomers.FortheABCcompany,thelossisenormous.Qualityisthelifeofcompany,ABCcompanytodevelopsofastisbecausetheABChasbeenfocusingonenterpriseproductquality,thisadvantageshouldbemaintained.Anotherproductinnovationiscritical,thecurrentABCcompany'sproductsmorepopularintheinternationalmarket,butalsocannotignoretheproductdevelopment,theneedtomaintaintheleadingpositionintheindustry.Therefore,thisdimensionofthepreferredindicatorsinclude:Newproductdevelopmentcycle;Order thProceedingsofthe4InternationalConferenceonProductInnovationManagement·897·fulfillmentrates;Productsthefirsttestpassrate;After-salesservice5.2.4Dimensionoflearningandinnovation(learningandinnovationindicators)BSCemphasizedinvestmentfocusisthefutureinvestmentprojects,suchasnewproductsandnewequipment,researchanddevelopment,ratherthanthetraditionalareasofinvestment.ABCCompanyforthedifferenceofthestrategicobjectivesandmoreenterprisemanagersandstaffshouldcontinuetocarryoutnewtechnology,trainingtolearnnewknowledgetomeetthedevelopmentneedsofthetimes.Thedevelopmentofnewproducts,theproductsreceivedbythemarkettomeettheneedsofconsumers.Takentowaitforthemarketwithproducts,ratherthantodesignproductsaccordingtomarketinnovativeideas.Aneffectiveinformationsystemisestablishedfortimelyaccessingtoinformation,whichinordertoestablishagoodincentivemechanismtostimulatetheenthusiasmofallstaff.Therefore,thecombinationofforeignBSC‘slearningandtheexperienceofthedimensionsoftheprinciplesofinnovation,ABCestablishedtheindicatorsofdimensionsoflearningandinnovationinclude:Acceptedthenumberofnewproductinnovation;Thenumberofstafftraining;Stabilityofkeystaff;Thedegreeofinformation.Basedontheaboveindicators,ABCCompanycanbemadetoimprovetheeconomicaddedvalue-drivenmodeloftheBSCasshowninFigure1.EVAFinanceCostreductionDifferentproductsrevenueRateofpercapitaandincomegrowthincomeGuestMarketshareofnewCustomerretentionrateCustomerprofitabilitySocialcontributionrateproductsNewproductProductsthefirsttestInternalprocessesdevelopmentcycleOrderfulfillmentratesAfter-salesservicepassrateAcceptablenumberofLearningThedegreeofinnovativenewTrainingStabilityofkeystaffInnovationinformationproductsChart.1ABCCompanyBSC-drivenmodelFigure1EconomicAddedValue-DrivenModeloftheBSCIntheBSCinthekeyfinancialindicatorsareEVAvalue,EVAisthestartingpointoftheBSCisalsothedestinationBSC.WecanseefromthechartIfyouwanttomaintainsustainedgrowthinEVA,andonlyaftersuchaway:Throughstafftrainingandtheestablishmentofasoundincentivemechanismtomeettheneedsofstaff,speedupthelevelofenterpriseinformationandincreaseinnovationcapabilitytocompletetherequirementsofthestudyandthegrowthsurface.Staffqualityandimprovementinthelevelofinformationmakeadirectimpactontheoptimizationofinternalbusinessprocesses.Inthisway,newproductdevelopmentcycle,theordercompletionrate,thepassingrateofatestproductandqualifiedafter-salesservicelevelswillbeimproved,itwillprovidecustomerswithbetterqualityproductsandservicestoenhancemarketcompetitiveness.Increasedsalesandreducedcostswillbringmoreprofittothecompany.Inaddition,throughthissetofindicatorsoftherateofcontributiontosocietytoenhancebusinessandsocietyrelationshipthatinordertobetterrealizetheEVA.Fromtheaboveanalysis,wecansee,thecombinationofBSCandEVAachievealeadingindicatorandlaggingindicatorsoftheABCcompany,andachievearealbalanceofquantitativeindicatorsandnon-quantitativeindicators.5.3ThecharacteristicsofthecombinationofBSCandEVAofnewsystemperformanceindicatorsBSCandEVAwillbetwotypesofperformanceevaluationsystemsintegration,thatis,BSCasthecarriertoEVA-oriented,whichmakeBSCintheenterprisetheroleoflong-termstrategyandEVAevaluationsystemtocombine,inpractice,theseindicatorsareseenascontinuousintegratedwhole,havethefollowingtwomaincharacteristics:(1)BSCcontainsalotofdifficultobjectiveandquantitativeindicators,aswellastheimplementationneedtospendalotofenergyofitsmanagers,throughthetop-levelestablishEVAindicators,sothatBSChasaquantifyindicatorsofharddata,replacingsubjectiveevaluationofthe th·898·Proceedingsofthe4InternationalConferenceonProductInnovationManagementtrouble.(2)BSCwillbedesignedasareal-timesystems,theEVAislinkedwiththeoperationofeachstep,businessprocessesandstrategicplanning,Managementdecision-makingbehaviorofwhichreflecttheimpactonperformancetimely.Overall,BSCandEVAcombinedwiththenewsystemofperformanceindicatorsclearwhatthegoalistoremainunchanged,andcreatemoreEVA,EVAislikethecompassontheBSC,allotherindicatorsandstrategiestorunaroundit.Ontheotherhand,combinationofbothcontributestothebusinessmanagerstousethispowerfultoolBSC,achievingtheobjectivesofthecourseofEVAtomaketimelyadjustments.BusinessuseonlyacombinationofBSCandEVA'snewenterpriseperformanceappraisalsystemtomakeenterpriseperformanceappraisalsystemismorerealisticandfeasible,topaymoreattentiontolong-termdevelopmentofenterprises.6ConclusionInthispaper,basedontheBSCandEVAhavebeentheresultsofresearchwithacombinationofbothdepthofanalysis,establishedtwonewperformance-basedevaluationsystem.ItcombinesthestrengthsoftheBSCandEVA:theformerwhichstrategytopaycloseattentiontothedevelopmentofenterprisesatpresent,recentandfutureneedtopayattentiontothemostimportantgoal;andthelatterastheultimatemeasureofshareholdervaluestandards,otherfinancialandnon-financialindicatorscloselytogether,toachieveaneffectiveperformanceevaluation.ThisarticleisalsotoABCcompanyforexample,toachieveacombinationofBSCandEVA,BSCandEVAidentifiedacombinationofindicatorsofvariousdimensions,andcompleteditsdrivemodel,andstriveforourenterprisestoestablishtheperformanceevaluationsystemtoprovidethatreferenceandclues.References[1]RobertSKaplan,DavidPNorton.TheBalancedScorecard[M].USAHarvardBusinessSchoolPress,1996:7-9[2]LiuJin.ComprehensiveEvaluationIndexSystemofEnterprisesBSC[J].BusinessManagement,1998,(11):36-38(InChinese)[3]YangChengyan.EVAIntegratedBSCSystemPerformanceEvaluation[J].IndustrialTechno-Economic,2006,25(4):74-75(InChinese)[4]DavidYoung,StephenAuburn.EVAandEnterpriseValueManagement[M].SocialScienceDocumentationPublishingHouse,2002:62-63[5]RobertS,Kaplan,DavidPNorton.TransformingtheBalanceScorecardformPerformanceMeasurementtoStrategicManagement[J].American.AccountingHorizons,2001,15(1):35-38 ResearchonEnterprisePerformanceEvaluationSystemBasedonBSCandEVA作者：ZhaoZheyu，ZhangChunying作者单位：CollegeofIndustrial&CommercialManagement,TianjinPolytechnicUniversity,Tianjin,P.R.China,300387本文链接：http://d.g.wanfangdata.com.cn/Conference_WFHYXW349204.aspx
