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Research of power generation enterprise budget management based on the balanced scorecard

Author(s): Sheng Zong

With the financial crisis haze slowly disperses, the global economy is slowly recovering. The economy will usher in a new round of development. To ensure the company's steady and rapid development, we must set a reasonable future development planning, establish effective budget management system, and specify the main objectives of the company. As we all know, a company must have a scientific and reasonable budget management system to ensure the achievement of budget targets for sustainable development. In recent years, with China’s social and economic development, the power industry is also under marketization, and the competitive pressure is also growing. More and more power generation enterprises bring in budget management methods to enhance their competitive strength. But with the significant changes in the internal and external business environment, the traditional budget management can not meet the requirements of enterprise development. Otherwise, a more complete and comprehensive budget management system must be built to adapt to the development of enterprises. This research points out the characteristics of the overall management of the budget and the Balanced Scorecard features, analyzes the necessity of the combination of the overall management of the budget and Balanced Scorecard, introduces advantages and disadvantages of the overall budget management system based on it. The analysis of the current situation of China’s power generation industry indicates the need of the introduction of Balanced Scorecard management system of China’s power enterprises based on the overall budget. The basic framework of a comprehensive budget management system is built as reference for power generation companies in marketization.

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