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在两权分离的条件下,经营者受聘于投资者而经营一个企业,其经营业绩如何,需要有一个公正、合理的评价。传统的业绩评价指标主要有利润、投资报酬率等,并且这些指标大多是通过财务报告的有关数据计算出来的。由于财务报告的编制具有一定的弹性,很多情况下不能真实地反映企业的经营业绩,近几年上市公司财务的不实现象已说明了这点。如果仅凭报表数据计算出来的指标来评价经营者的实际经营业绩,给予相应的报酬很可能是不恰当的,因此理论界着手研究新的财务评价方法和评价指标。
Under the condition that the two rights are separated, if an undertaking is employed by an investor to run an enterprise, its business performance requires a fair and reasonable evaluation. The traditional performance appraisal indicators are mainly profit, return on investment, etc., and most of these indicators are calculated from the relevant data of the financial report. Due to the flexibility of the preparation of financial reports and the failure to truly reflect the business performance of enterprises in many cases, the financial unrealization of listed companies has shown this point in recent years. It is probably not appropriate to appraise the managers’ actual business performance based solely on the indicators calculated from the report data, so theorists start to study the new financial evaluation methods and evaluation indicators.