国有企业绩效考核体系：改革及其经济后果

This project will investigate how the performance appraisal system of state-owned enterprises (SOEs), as well as its reform, affects the operating and financial decisions in SOEs. The performance appraisal system is an important part of corporate governance, and its feasibility and reasonableness play an important role guide the SOE's decisions, including the operating, financial, and other related decisions. However, neither the specific performance appraisal system nor its reform is out of recent research, most researches neglect the fact of reforming SOEs to some extents..In this project, based on the regulations issued by State-owned Asset Supervision and Administration Commission (SASAC) of the State Council and local governments since 2004, we use the accounting and other related information disclosed by listed firms and unlisted firms to investigate the effects of performance appraisal system of SOEs and its reform. We will focus on three basic areas: (1) how does the specific performance appraisal system in SOEs, especially the introduction of compulsory cash dividend requirement in 2007, economic value added (EVA) to replace the classic return on equity (ROE) in performance appraisal since 2010, affect the operating, financing and investing decisions; (2) how does the specific performance appraisal system and its reform affects the incentive compatibility in listed and unlisted SOEs; and (3) how does the performance appraisal system and its reform affects the social responsibility taken and disclosed by SOEs, compared with the firms controlled by private owners, .This project will not only help us to improve the comprehensive understanding about the role the performance appraisal system and its reform is played in every aspect of SOE's decisions, but also to provide strong evidences to judge the past experiences of reform, as well as to guide future reform in SOEs, which we think will in turn improve the efficiency of economic resource allocation and the socially sustainable development.

本课题将系统研究我国国有企业绩效考核体系对国有企业财务决策和薪酬的影响。作为公司治理的重要组成部分，绩效考核体系的科学性和合理性，对企业相关决策具有直接的引导作用。而国有企业的绩效考核的特殊性及其对我国经济体制改革的影响，仍然是有待探索的重要领域。.本课题拟以上市公司和非上市公司的经验数据，系统研究国有企业绩效考核体系及其改革，包括现金分红、社会责任和经济附加值等指标的引入，对公司经营行为和财务决策的可能影响。在此基础上，综合探讨国有绩效考核体系改革对资本市场改革和经济发展中的作用。.本课题研究将有助于全面了解国有企业绩效考核体系在公司治理中的作用，更好地把握国有企业绩效考核体系及其改革在我国经济体制改革中的作用，总结我国国有企业改革的经验，进一步丰富具有我国特色的公司治理和财务理论。

本课题对我国国有企业绩效考核体系及其改革如何影响国有企业财务决策和高管薪酬进行系统研究。绩效考核体系的科学性和合理性是公司治理的重要组成部分，能够对企业经营、财务及其他相关决策产生直接的影响。所以，研究我国国有企业绩效考核的特殊性及其对我国经济体制改革的影响，具有重要的现实意义。. 本课题以国资委从2004年起颁布的一系列绩效考核文件为基础，运用上市或者非上市企业的相关经验数据，系统地对国有企业绩效考核体系及其改革，包括现金分红、社会责任和经济附加值等指标的引入，对公司经营行为和财务决策的影响进行了研究。在此基础上，综合探讨国有绩效考核体系改革对资本市场改革和经济发展中的作用。本课题研究成果有助于理解国有企业绩效考核体系在公司治理中的作用，更好地把握国有企业绩效考核体系及其改革在我国经济体制改革中的作用，总结我国国有企业改革的经验，进一步丰富具有我国特色的公司治理和财务理论。