Using Balance Score Card to Evaluate Performance of High-Tech Companies

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1 , pp Usng Balance Score Card to Evaluate Performance of Hgh-Tech Companes Lu Kebn, Wang qang 2 and Zhu Benxao 3 Anhu Xnhua Unversty, Commercal College, Hefe, , Chna 2 Mltary General Logstcs Department, East Chna mltary materal purchasng Bureau, Shangha , Chna 3 Anhu Xnhua educaton group company, Hefe, , Chna Wgq0yq@63.com Abstract Ths paper analyzes the characterstcs of Hgh-tech Enterprse performance evaluaton and gves desgn prncples of ts rsk nvestment performance evaluaton, and makes an emprcal study about fve auto companes on the performance evaluaton of rsk nvestment based on the BSC, to make up for the drawback of tradtonal performance apprasal whch pays too much attenton to the fnancal ndcators, to provde a useful exploraton for the comprehensve evaluaton of rsk nvestment performance of Hgh-tech Enterprse. Keywords: Hgh-tech Enterprses, Rsk Investmen, BSC, Emprcal Research. Introducton At the begnnng of the 900s, domestc and foregn scholars have embarked on the study of the system of performance evaluaton n enterprses. James C. Hayton[] (2005) has made a study on the performance of hgh-tech enterprses, explorng the relatonshp between organzatonal reputaton and human resource captal, revealng a strong postve correlaton between the two factors. L Janl(2006)[2] brng forth the exstence of cost on the use of captal for decson-makers by calculatng the cost of captal of nvestment n projects, usng the theory and methodology of Eonomce Value Added (EVA). Fan Hong, Wang Mn and Pan Yueq (200)[3] ponts out the mportance of captal n guaranteeng the exstence and contnued development of enterprses, emphaszng the need of large amount of captal to support R&D, producton and sales of hgh-tech companes. The captal made avalable by rsk nvestment can ease the lack of captal and greatly advances the nnovaton of hgh-tech ndustres, whch leads to ther growth. Drawng on the Grey System Theory Zhou Xaozh (203)[4] constructed an evaluaton model system ncludng fnancal and non-fnancal factors as ndcators to evaluate the rsk nvestment n nnovaton-drven hgh-tech SMEs. Lu Kebn, Wang Qang and Zhou Hu (203)[5] studes the means of the entrance of captal to nnovaton and ts nfluence on the nnovaton performance of hgh-tech SMEs. Quan Rong (204)[6] constructs a model whch reveals the mpacts of rsk nvestment on the performance of enterprses usng mult-regresson analyss wth the software STATA. The Balanced Score Card, BSC, s a new system of performance management n the four perspectves of fnance, customers, nternal operaton, learnng and growth to turn the organzaton strateges to operable and measurable ndcators and objectves. It was developed by Robert S.Kaplan and Davd P.Norton n 992 n ther frst thess on BSC---The Balanced Score Card Measures that Drve Performance n Harvard Busness Revew. Afterwards, BSC began to receve more ISSN: IJUNESST Copyrght c 205 SERSC

2 attenton from ndustres and was gradually appled to the practce of performance evaluaton of enterprses [7]. Zhang Daoha [8] and Zhang Tongjan dentfes the natural fttng between BSC and the performance evaluaton of hgh-tech SMEs, thus provdng an effectve strategy for evaluatng the performance of hgh-tech SMEs. Tao Qng [9] draws on the method of BSC n performance evaluaton and ntroduces some non-fnancal ndcators n the predcaton of fnancal crss and management. Because of the Comprehensveness, fathfulness and accuracy of BSC n analyzng fnancal crss n enterprses, t s easer to be wdely used by enterprses. The objectves of performance evaluaton of hgh-tech enterprses wll provde bass for ther strategc long term development. Enterprses are n demand of gudance of theores whch has practcal values. At the same tme, due to the shftng dynamcs of nternal and external envronment n whch enterprses face, the evaluaton of performances of rsk nvestment should not only take nto account fnancal factors but also customers, nternal and external factors to gan a comprehensve outlook on the value and development status of enterprses. The thess uses BSC to evaluate the performance of enterprses nstead of sngle fnancal ndcators such as DuPont Analyss System, EVA and trend analyss approach whch lacks comprehensveness n evaluatng performance and analyzng operatonal problems systematcally, leadng to the falure to ntegrate strategc goals of enterprses wth strategc management tools. The orgnalty of the research of ths thess les n helpng admnstrators n dscoverng problems n operaton n a tmely manner, constructng desgn prncples of evaluaton of rsk nvestment performance of hgh-tech enterprses, combnng quanttatve and qualtatve methods, and analyzng problems through emprcal data, and provdng evdences to evaluaton of performance of the automoble ndustry. It not only explores the hghlghts of achevng strategc objectves and revenue and net proft, but also focuses on the customer loyalty as well as R&D, thus provdng valuable references for enterprses. 2. Rsk Investment and Performance Evaluaton n Hgh-tech Enterprse Hgh-tech enterprses performance evaluaton s usng scentfc, rgorous evaluaton methods and based on pre-determned busness targets, to analyze the hgh-tech enterprse s operatng results wthn a certan perod, whch ncludng fnancal benefts, ant-rsk capablty, development capacty ndcators etc. There are sgnfcant dfferences n the performance evaluaton of hgh-tech enterprses and tradtonal enterprses. Frst, the evaluaton focused on ntellectual captal and ntellectual captal, whch are corporate ntangble assets. Compared to tradtonal enterprses, hgh-tech enterprses compettveness depends on ntangble captal nstead of tangble captal, especally ntellectual captal [0]. Second, the dfferent development perod that the hgh-tech enterprse n wll result n dfferent evaluaton crtera. The lfe cycle of the hgh-tech ndustry n general wll go through the stage of seed, establshment, growth, maturty and declne. In dfferent lfe cycles, enterprses are facng dfferent nternal and external envronment, whch determnes that the performance evaluaton crtera and evaluaton methods for each lfe cycle of hgh-tech enterprses may not be the same. Fnally, we evaluate the enterprse s condton based on the strategc pont of vew. Performance evaluaton can transfer the enterprse's strategc objectves nto concrete, actonable targets that most people agreed wth, whch wll contrbute to the specfc mplementaton of strategc objectves of hgh-tech enterprses, makng the performance evaluaton system resolve nto the whole strategc management 374 Copyrght c 206 SERSC

3 process, and revealng the role that the performance evaluaton plays n the hgh-tech enterprse strategy management. Snce the thrd technologcal revoluton, the hgh-tech ndustry, an mportant pllar of modern ndustry, has become an mportant ndcator to measure a country's comprehensve natonal strength. However, the development of modern hgh-tech ndustres often hnges on captal, talent, technology and other factors, so that the rsk nvestment came nto beng under such crcumstance. Snce the frst ntroducton n the Unted States, the rsk nvestment has been known as "the embedded damond n the US economy for ts contrbutons n promotng hgh-tech ndustres n the Unted States. The development of rsk nvestment and hgh-tech ndustres complement each other, as hgh-tech enterprses develop and expand wth the support of rsk nvestment, whle the venture captal also acheve a tremendous captal apprecaton n the same process. The rsk nvestment, as an emergng nvestment and fnancng method, has ganed a huge amount of nvest return but also facng huge rsk. Amercan scholar Amrer beleves that for the captal owner, the rsk nvestment s to bet on a hgh-rsk busness, as the nvestment may never return, or t may be returned as hundreds tmes of earnng. The nvestment s long-term, and by the means of equty partcpaton. In addton to hgher rsk, the nvestment objects are often those new busnesses wth rapd growth, so that the rsk nvestment s expected to get huge profts. The Amercan economst Douglas Greenwood opned that venture captal s ready to take rsks, t s prepared for a rapd development of promsng new companes or new product development fundng ntally subjected to rsk, rather than for the purchase of captal and the company or product related to the varous assets. " Snce rsk nvestment was brought n to our country, t s valued by many people. However, the successful rsk nvestment accounts for only a small part, the man reason s the lack of effectve rsk management and performance evaluaton of nvestment projects and venture captal companes before and after the nvestment, whch requres companes or rsk nvestment companes to establsh a scentfc and reasonable performance evaluaton system to acheve ths goal. Based on the performance evaluaton of hgh-tech enterprses and the characterstcs of rsk nvestment, ths paper argues that the desgn of hgh-tech enterprse rsk nvestment performance evaluaton should follow the followng prncples: () The prncple of purpose. The so-called performance evaluaton s usng evaluaton methods to assess the enterprse s operatng results durng a certan perod. It has a sense of purpose, namely to evaluate what, and how to evaluate. (2) The prncple of adaptablty. Due to the unque nature of rsk nvestment frms (hgh-tech, hgh-rsk, hgh nvestment, hgh return), the performance evaluaton system should also adapt to the nature of the busness, that s to say the performance evaluaton system should fully reflect all aspects of the enterprse, not only lmt to evaluate corporate fnancal ndcators, but also should takng nto account other ndcators as well. (3) The prncple of bndng qualtatve and quanttatve aspects. Rsk nvestment frms are dfferent from tradtonal enterprses, whch requres the evaluaton system should not only evaluate corporate short-term proftablty and other short-term ndcators, but should also ensure the long-term ndcators such as the corporate s safety and growth etc. To desgn the performance evaluaton ndcators, we should consder the balance between fnancal and non-fnancal ndcators, thus to evaluate these ndcators from both qualtatve and quanttatve aspects. Copyrght c 206 SERSC 375

4 3. The Statstcal Study of Rsk Investment Performance Evaluaton n Automoble Company Automoble companes n Chna have great development n recent years, but as the outbreak of global fnancal crss, the vrtual economy crss spread to the real economy, whch led Chna's automoble ndustry, especally those hgh energy-consumng automoble companes to a cold wnter. JAC automoble company, whch experencng a strategc transformaton, was also suffered from ths far-reachng crss. At the same tme, because of the prces of raw materal and ol keep rsng, the RMB yuan apprecatng, the launch of the energy conservaton polcy, as well as the company s expanson n both domestc and overseas market, all these reasons drove the marketng expenses for the new products ncrease to some degree. The Balanced Score Card (BSC)ncludes four sub-objectves whch are not solated wth each other, but lnked by causal relatonshp n a layer structure (Fgure ). The sub-objectve n the learnng and growth level has been acheved, whch further promote the mprovement of the customer and market level, and ultmately acheve the objectve of the fnancal level and company's msson and vson []. Fgure. The Strategy Map of the Automoble Company (A) Performance Evaluaton Model and Judgment Matrx We frstly conduct ntervews and surveys wth senor executves from relevant departments n fve automoble companes, and apply the Delph method to extract 3 sub-objectves as evaluaton ndcators, therefore we construct the performance evaluaton model as follows: 376 Copyrght c 206 SERSC

5 Performance Evaluaton System A Fnancal Customer Internal Process Learnng & Growth Level B Level C Level D Level E Operatng Revenue B Net Proft B2 Total Cash Fow B3 Total Assets Turnover B4 Research & Development Expense B5 Sellng Expense B6 Customer Satsfacton C Customer Loyalty C2 Product Development ablty D Cost of After-sales Servce D2 Employee Tranng E Employee Compensaton E2 Employee Satsfacton E3 Fgure 2. Enterprse Performance Evaluaton Model In the actual research, by usng the expert opnons method, we conduct research on the executves from dfferent departments of the company and teach each one of them about the BSC ndcators system as well as how to compare the ndcators and how to use scale to judge. Through multple anonymous surveys, we fnally obtan the mportant data for each BSC ndcator: Table. Judgment Matrx A of Relatve Important Degree for BSC Levels A B C D E B C D E Get The BSC ndex of target layer elements of judgement matrx: Copyrght c 206 SERSC 377

6 A Table 2. Judgment Matrx B of Relatve Important Degree for Indcators n Fnancal Level B B B 2 B 3 B 4 B 5 B 6 B B B B B B The B Table 3. Judgment Matrx C of Relatve Important Degree for Indcators n Customer Level C C C 2 C C The C Copyrght c 206 SERSC

7 Table 4. Judgment Matrx D of Relatve Important Degree for Indcators n Internal Process Level D D D 2 D D The D Table 5. Judgment Matrx E of Relatve Important Degree for Indcators n Learnng and Growth Level E E E 2 E 3 E E E The E (B) Calculatng weght Manly USES the mathematcal methods of "root" the Lord of the matrx egenvector, s made up of ndex weght at the same level of weght vector. Calculaton steps are as follows. The frst step s to calculate the judgement matrx of each lne product, calculatng formula for: M n j b j (,2,3,4 ) Get the product of the vector M: The M, M, M M T M, (3-) The second step, calculate the NTH root of the n M W M, Calculatng formula for: (3-2) When the square root of the fourth power(n=4), can get the root vector for the Copyrght c 206 SERSC 379

8 vector W. The thrd step, the vector orthogonalzaton can get the weght vector, calculatng formula for: W n w w (3-3) Wants weght vector s obtaned: W W, W, W, W T (C) Determnng characterstc vectors of each level We conduct the followng steps to test the consstency of the judgment matrx, and fnd the weght of each factor: normalze each column of the judgment matrx, therefore we got the judgment matrx A; then we calculate the arthmetc average of each row after normalzaton, and the results wll be dvded by the number of factors, thus we obtan the characterstc vector W of the judgment matrx. The factor W of characterstc vector ndcates the relatve mportance of the factors. If the consstency rato of the crteron layer s greater than 0., then we should revew and revse[2]:. Calucate the max characterstc vector root λmax of judgment matrx A. λ max= n n ( Aw ) W Among them, the frst elements ( AW ) for AW. To calculate A consstency check, for example, AW W W W W To put m = 4, can be to λ max.. 2. Calculate the consstency ndcator CI: max - n CI= n - When the judgement matrx has consstency, λmax=0,ci=0;when λmaxn,ci0,the judgement matrx does not have consstency. 3. Identfy the average random ndcator RI. The common RI coeffcents are as follows: 380 Copyrght c 206 SERSC

9 Table 6. Random Index Betweenness of Matrx A RI Calculate the random consstency ndcator CR. CI CR= RI If CR<0.0,then the judgment matrx s consdered havng satsfactory consstency.. If CR s greater than 0.0 n the detecton, then t should be amended to gve a set of values so long as the CR can be less than 0.0. By usng the above mentoned methods, we obtan the ndcator level rank weghts of each levels n terms of ts mportance relatve to the objectve level: Table 7. The Indcator Level Rank Weghts of Each Levels n terms of ts Importance Relatve to the Objectve Level Crteron B C D E Indcator Level 47.5% 20.% 0.4% 22.0% Rank Weghts Indcator B 22.5% 0.7% B 2 3.0% 4.7% B 3 3.5% 6.4% B 4 9.3% 4.4% B 5 7.4% 8.3% B 6 6.3% 3.4% C 34.5% 6.9% C % 3.2% D 33.% 3.4% D % 7.0% E 24.5% 5.4% E % 0.6% E % 6.0% CI=0.06 RI=0.835 CR=0.073 Copyrght c 206 SERSC 38

10 (D) Performance Analyss Is one of the man purpose of the enterprse performance evaluaton to the fnal concluson, and form the evaluaton concluson s the man process of the evaluaton object based on the evaluaton ndex of the decomposton, measured by the evaluaton ndex, evaluaton of each part, concluson of evaluaton objects and the calculaton method of monomal evaluaton and then accordng to certan of the comprehensve evaluaton value of the fnal evaluaton object wll conclude comparng wth standard value, the ntegrated evaluaton form the evaluaton results. Calculaton steps are as follows: () Determne the drecton. (2) Standardzng. Due to the ndex system of each ndex n the dmenson s dfferent, dfferent dmenson can be understood as ndcators of measurement attrbutes, such as some ndcators unt s ten thousand yuan, some ndcators unt for days. In the order of dfferent dmensonal wll get dfferent covarance matrx or correlaton matrx, n order to ensure objectvty of evaluaton results and scentfc, standardzed processng to the orgnal data, the calculatng formula for: Y X x ) / s ( (4-) X as evaluaton ndexes of ths perod the actual value, average, S as the ndex all the sample standard devaton. x s the ndex of (3) The standardzed score results. If postve ndcators on the results of standardzed scores, and reverse ndex s multpled by suckng n a - "for the score. (4) Calculate ndvdual ndcators. As the weght of each ndex on the result of step score of adjustment, and the score results wth the weght of the product s a sngle parameter. (5)Score and total score value calculated n dfferent aspects. Wll a dmenson score of aggregaton, the ndcators reflected the dmenson performance score to score four dmensons of aggregaton, namely company's comprehensve performance score. By usng an objectve, scentfc and rgorous desgn prncples, based on the orgnal desgn, we refne the ndcators and construct the specfc ndcators of performance evaluaton, as descrbed n reference []. In ths paper, we use the comprehensve statstcal data n 204 from the fve automoble companes we actually nvestgate as a bass to calculate the performance evaluaton. The specfc control ndcators and basc data are as n Table 8 below. 382 Copyrght c 206 SERSC

11 Learnng & Growth Internal Process Customer Fnancal Internatonal Journal of u- and e- Servce, Scence and Technology Table 8. BSC Index Control Sheet Level Indcator Unt Attrbute Annual Target Annual Completon Completon Rate Operatng Revenue 0,000 Postve,869, ,009, % Net Proft 0,000 Postve, , % Total Flow Total Assets Turnover Cash 0,000 Postve 97, , % % Postve 00% 62.38% 62.38% R&D Expense 0,000 Negatve, % Sellng Expense Customer Satsfacton Customer Loyalty Product Development Capacty After-sales Servce Fee Employee Tranng Employee Compensaton Employee Satsfacton 0,000 Negatve 97, , % % Postve 90% 89.75% 99.7% % Postve 85% 79.5% 93.53% number/d ay Postve % 0,000 Negatve 7, , % hour/ person RMB yuan Moderate % Moderate % % Postve 80% 80% 00% (Source:Automoble Industry Internal Annual Report) AnnualComl peton Note: Bas rato = 00 % AnnualT arg AnnualT et Calculate the composte score. The composte score of each level equals to the total sum of each completed ndcators tmes each ndcator s weght. For the postve ndcators, the calculate results wll be the fnal results usng the above method; whle for the negatve ndcator (contrary ndcator), the results need to be multpled by - to get the fnal results. The results obtaned are shown n Table 0 below: arg et Copyrght c 206 SERSC 383

12 Learnng & Growth Internal Process Customer Fnancal Internatonal Journal of u- and e- Servce, Scence and Technology Table 9. Operatng Comprehensve Performance Evaluaton n 204 Level Indcator Weght Weght Completon Rate Score Operatng Revenue 0.7% 07.49%.50 Net Proft 4.7% 303.6% Total Cash Flow 6.4% 66.84% 0.68 Total Assets Turnover 4.4% 62.38% 7.4 R&D Expense 8.3% 78.34% Sellng Expense 3.4% 9.58% Customer Satsfacton 6.9% 99.7% 6.88 Customer Loyalty 3.2% 93.53% 2.35 Product Development 3.4% 85.7% -2.9 Capacty After-sales Servce Fee 7.0% -63.4% 4.43 Employee Tranng 5.4% 72% 3.89 Employee Compensaton 0.6% 85.37% 9.05 Employee Satsfacton 6.0% 00% Weght Completon Rate Score Learnng & Growth Employee Satsfacton Learnng & Growth Employee Compensaton Learnng & Growth Employee Tranng Internal Process Aftersales Servce Fee Internal Process Product Development Capacty Customer Customer Loyalty Customer Customer Satsfacton Fnancal Sellng Expense Fnancal R&D Expense Fnancal Total Assets Turnover Fgure Operatng Comprehensve Performance Evaluaton Analyss Dagram 384 Copyrght c 206 SERSC

13 Table 0. Comprehensve Score of each Level Level Weght Score Fnancal 47.5% Customer 20.% 9.23 Internal Process 0.4%.52 Learnng & Growth 22.0% Score Learnng & Growth Internal Process Customer Weght Fnancal Fgure 4. BSC's class A Comprehensve Performance Evaluaton (E) Comprehensve evaluaton and mprovement measures From the fve auto companes performance evaluaton results n 204, as can be seen n all the assessment ndcators, fnancal ndcators account for the largest share of 47.5% for companes to acheve ther strategc goals, whch s far h gher than other ndcators, thus fnancal ndcators requre enterprses pay more attenton n long-term development. Meanwhle, net proft and operatng revenue n the fnancal level account for a large proporton, accountng for 4.7% and 0.7% of the total respectvely. In order to acheve enterprses strategc objectves, t would requre enterprses pay more attenton to the operatng revenue, and reduce the sellng expense, thus to acheve the enterprse's net proft targets. Copyrght c 206 SERSC 385

14 Weght Completon Rate Score Fnancal Operatng Revenue Fnancal Net Proft Fnancal Total Cash Flow Fnancal Total Assets Turnover Fnancal R&D Expense Fnancal Sellng Expense Customer Customer Satsfacton Customer Customer Loyalty Internal Process Product Development Capacty Internal Process After-sales Servce Fee Learnng & Growth Employee Tranng Learnng & Growth Employee Compensaton Learnng & Growth Employee Satsfacton Fgure Fve Motors Performance Evaluaton Results of the Analyss In terms of customers, customer loyalty n the development of enterprses also played an mportant role. The ncreasng of customer loyalty (3.2%) wll brng a correspondng ncrease n product sales. In order to retan customers and mantan the long-term source of enterprse development, we must attach great mportance to customer servce, and keep mprovng the servce system. In terms of the nternal process, the enterprse need to set up a hghly professonal research team to strctly mplement the corporate Research & Development program, as well as manage the research team to enhance the ablty to develop new products. These are the most mportant factors to the long-term development of enterprses. When the enterprse s able to keep proposng new products to the market, t can wn over customers and capture the market. In terms of learnng and growth, the enterprse need to establsh and keep mprovng the staff tranng system n the long run. Human resources are valuable assets for the enterprses, the ntellectual captal n the development of enterprses plays an ncreasngly mportant role. To enhance the qualty of human resources wll requre long-term tranng for the staff, and meanwhle ratonal salary systems and ncentve mechansms need to be bult n order to retan the talents. One mportant measure to acheve non-fnancal ndcators are to promote the corporate culture, moblzng the people n the enterprse to fght together to acheve the same strategc objectve. What s more, the organzatonal culture should have a certan degree of tolerance, accept the errors, and encourage creatvty and collaboraton. In the hgh-tech enterprses, the establshment of learnng-orented team culture s an essental requrement for new product development organzaton. The organzaton can evaluate and remunerate the performance of the team members based on ther actual contrbuton. Such remuneraton s not necessarly n monetary terms, but need to offer some recognton to the employee s learnng and growth behavor. The enterprse should adopt the ncentve mechansms n three areas, namely extrnsc rewards, ntrnsc rewards and self-effcacy, these ncentve also should be sustaned n the long-term development. 386 Copyrght c 206 SERSC

15 4. Concluson and Future Research Snce the BSC was ntroduced to Chna, t has receved hgh recognton among scholars. On the bass of foregn study, Chnese scholars push forward the study of BSC, and make t plays a sgnfcant role to help hgh-tech enterprses n rsk performance evaluaton. As an mportant strategc performance management tool, the ntroducton of the four evaluaton ndcators, ncludng non-fnancal ndcators.ths paper gves desgn prncples of ts rsk nvestment performance evaluaton, and makes an emprcal study about fve auto companes on the performance evaluaton of rsk nvestment based on the BSC, to make up for the drawback of tradtonal performance apprasal whch pays too much attenton to the fnancal ndcators and provde a useful exploraton for the comprehensve evaluaton of rsk nvestment performance of Hgh-tech Enterprse and redress effectvely the over-emphass on fnancal ndcators n tradtonal performance evaluatons:() avod the short-term perspectve n corporate fnancal evaluaton method; (2) unfy the organzaton s acton to serve the enterprse s strategc objectves; (3) effectvely convert the enterprse's strategc goals nto performance ndcators and actons n dfferent levels; (4) enable employees from all levels n the organzaton to communcate and understand the enterprse s objectves and strateges; (5) cultvate the enterprse and employees learnng, growth and core competences; (6) acheve long-term organzatonal development; (7) mprove the organzaton's overall management through the mplementaton of BSC. Therefore, based on the prevous studes and the performance evaluaton of fve auto companes based on the BSC method, we have dentfed the key ndcators for enterprses to acheve ther strategc objectves, namely the enterprse s operatng revenue, net proft, customer loyalty, and R&D nvestment etc. Meanwhle, due to some lmtatons of ths study and the research team s ablty, ths paper remans to be studed n-depth. The authors future research drectons and specfc topcs would focus on the dynamc development of ndcators n evaluatng performance of hgh-tech enterprses rsk nvestment, and the multdmensonal ssues of the ndcators from dfferent levels and other ssues are yet to be resolved. Acknowledgments The work of K. Lu s partly supported by the Natonal Scence Fund for Dstngushed Young Scholars under Grant No ; Key Projects of Revtalzaton Plan n Colleges and Unverstes n Anhu Provnce No.203zytz080. References [] J. C. Hayton, Competng n the New Eeonomy: the Effect of lntellectual Captal on Corporate Entrepreneurshp n Hgh-technology New Ventures, R&D Management, vol. 35, (2005), pp [2] L. Janl, Analyss of the convergence of BSC and EVA, Fnance and Accountng Monthly (Theory), vol. 8, (2006), pp [3] F. Hong, W. Mn and P. Yueq, Venture captal to promote hgh-tech enterprse development: the role of fnancal support and management support, Scentfc and technologcal progress and Countermeasures, vol., (202), pp. -4. [4] Z. Xaozh, The research on the performance evaluaton of venture captal n small and medum szed scentfc and technologcal enterprses, Tayuan Unversty of Technology, (203). [5] L. Kebn, W. Qang and Z. Hu, Research on the venture captal of small and medum enterprses based on technologcal nnovaton, Management modernzaton, vol., (203), pp Copyrght c 206 SERSC 387

16 [6] Q. Rong, Study of the nfluence of poltcal connecton and venture captal on Enterprse Performance Emprcal evdence based on prvate small and medum szed enterprses n Chna, Southwestern Unversty of Fnance and Economcs, (204). [7] R. S. Kaplan and D. P. Norton, The Balanced Score Card-Measures that Drve Performance, Harvard Busness Revew, (992) January- February, pp [8] Z. Daoha and Z. Tongjan, Research on the performance evaluaton system of hgh tech small and medum rsk enterprses based on Balanced Score Card, Fnancal Communcaton, vol. 2, (200), pp [9] T. Jng, Analyss of fnancal crss early warnng based on BSC, Shoppng malls Modern Magazne, vol. 2, (200), pp. 85. [0] Z. Mequn and W. Yan, Performance evaluaton of hgh tech enterprses based on ntellectual captal, Journal of Northeast Normal Unversty, vol. 4, (2004), pp [] J. Huajng, Research on performance management of T company based on Balanced Score Card, Bejng Unversty of Posts and Telecommuncatons, vol. 3, (2008). Author Lu Kebn, he s currently an Assocate Professor and Vce presdent of Commercal College, Anhu Xnhua Unversty. Hs current nterests nclude management scence and Engneerng. 388 Copyrght c 206 SERSC