The performance issues of state- owned enterprises have been great attention. However, if the stateowned enterprises want to improve their performance effectively, they must understand adequately their regular operation efficiency first. Therefore, an analysis tool can express fully the sources of value of state-owned enterprises is important extremely. A multitude of people assert that the state-owned enterprise should be run as business mode in order to enhance its efficiency, and also should implement government policy as soon as possible. In view of the performance evaluation of state-owned enterprises, public welfare and profitability are dissimilar features respectively, and it is hard to determine which one is the objective measurement standard. Therefore, how to balance the two sides is essential for the performance evaluation of state-owned enterprises.