Case of maximizing enterprise value

Management and performance evaluation system of large coal enterprise groups In recent years, with the rapid development of China's national economy focusing on heavy industry and the increasingly fierce energy competition in the world, the consumption demand in the coal market has increased rapidly, which has promoted the sustained high operation of coal prices, and coal enterprises have obtained good development opportunities and operating benefits. Under the guidance of ZF policies such as strengthening the national energy security strategy, improving the concentration of coal industry and realizing the sustainable development of resource-based areas, a number of large coal enterprise groups with diversified shareholding structure and industries have emerged. With the rapid expansion of enterprise scale, how to carry out group management and control has become a huge challenge for many diversified large enterprise groups in the coal industry with extensive management. How to implement the strategic-oriented performance evaluation system for coal enterprise groups? 1. Performance appraisal status of large coal enterprise groups in China: Renda Strategy is an authoritative expert in the management and control of the chief coal enterprise group, leading the development and practice of management consulting services such as management and control of the coal enterprise group, and has provided management consulting services for more than 30 large coal enterprise groups such as Shenhua Group, Shaanxi Coal Chemical Group, Shanxi Jincheng Anthracite Mining Group and Huaihu Coal and Electricity Co., Ltd. As the founder of group management and control, Renda Strategy has the most authoritative research on group management and control. According to the survey data, at present, most coal enterprise groups in China still adopt the performance evaluation system with financial indicators as the core. This system mainly evaluates the company's performance through a series of indicators reflecting the financial situation of enterprises. However, with the development of information technology and communication technology and the integration of global economy, the competition among enterprises is becoming increasingly fierce, and the focus of competition is more reflected in market share, customer relationship, employee and customer satisfaction, operation process and enterprise's learning and innovation ability in operation and management. However, the traditional methods of measuring financial indicators are stretched. First, paying too much attention to the acquisition and maintenance of short-term financial results is easy to encourage managers to make quick success and short-term speculation. Second, financial performance evaluation is based on the evaluation of past operating data, which can not reflect how much value management has created for the company in the near future or in the future, but only evaluates some business activities of the enterprise. Third, the financial performance evaluation system cannot evaluate intangible assets. Second, the balanced scorecard In recent years, there are more and more methods to evaluate performance, and many non-financial indicators have been added to the evaluation indicators. The main advantage of non-financial indicators is that they are future-oriented, can better reflect management performance and company development prospects, guide managers to overcome the shortcomings of short-term and historical financial evaluation systems from the perspective of long-term development, and better reflect the future value creation ability of enterprises. Balanced scorecard is a new performance evaluation method to adapt to the information age. It transforms the tasks and decisions of enterprises and their internal departments into diverse and interrelated goals, and then decomposes the goals into multiple performance evaluation systems with multiple indicators. It believes that enterprises should examine their performance from four perspectives: learning and growth, business process, customers and finance. On the basis of long-term empirical research and consulting practice, Renda strategy draws the conclusion that the balanced scorecard provides a comprehensive measurement framework, a framework that can link the company's strength, the value created for customers and the future financial performance brought about by it. The evaluation system has also been adopted by many large coal enterprise groups and achieved good results. Thirdly, the performance evaluation of coal enterprise groups under the mode of group management and control can well establish a complete performance evaluation system from four angles of balanced scorecard. However, due to the large-scale coal enterprise group with the group company as the core in group management and control, the application of balanced scorecard in performance evaluation is not comprehensive or too specific, because the coal enterprise group has been given a new mission in the process of its establishment. Its management function is different from that of a single enterprise. As the core management function of coal enterprise group, it mainly includes: strategy and planning, enterprise management and operation, monitoring, investment management (merger and acquisition), human resource management, financial/income/asset management, technology development, corporate culture construction, etc. In addition, within the coal enterprise group, there are also different hierarchical relationships between the group company and the ownership company, which are divided into core layer, tight layer and semi-tight layer. The research and development of Renda strategy shows that the management and control modes of group companies are different according to different situations, mainly including financial management, strategic management and operation management. Financial control mode. The industry research report of Renda Strategy shows that the main concerns of the group headquarters are: finance/assets, group planning, monitoring/investment management, acquisition and merger. Their main control over business departments is financial indicators to ensure the return on assets of specific businesses and related financial indicators. This kind of group control focuses on asset management rather than daily management affairs. Strategic management and control mode. The industry research report of Renda Strategy shows that the headquarters of coal group mainly focuses on: strategic control, finance/assets, group planning /SBU strategy, monitoring/investment management, acquisition, merger, personnel training, auditing, group marketing, cash management, etc. In this way, the coal group regards the whole group as a whole, with the overall advantages of the whole coal group to resist operational risks and win competitive advantages. Such a coal group headquarters mainly focuses on the optimal allocation of strategic resources and the team of operators, mainly focusing on the war including financial indicators.