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Introduction:
Since the past century, the practice of management accounting has changed dramatically which has changed from the traditional focus on the decision analysis and the budget control of the financial-oriented to the stressed of the diversity motivation of shareholder value creation for recognition, measurement and the system of strategy management (IFA, 1998). According to the report of IFA (1998), the development of management could be divided into four stages, the nearest stage is the stage of the research of value based management which developed from the middle of 1990s. This stage focused on the recognition, measurement and the management of performance creation of the shareholders’ value, the organization’s creation, customer’s value. Moreover, the using of the new management accounting techniques for enhancing the creation of the value is the significant feature of this stage. These techniques include the balance score card which could supply the indicators of the leading and lagging economic success (Kaplan and Norton，1996); the evaluation of economic value which could report the shareholders’ return approximation (Stewrt, 1991) and strategic management accounting system which could provide the current and the future uncertainty information (Simons,1991). Although researchers believed that these new techniques are different, organizations use a comprehensive framework called “value based management” for the integration of the techniques.

The integration is concentrate in the strategies which could be defined and implicated to create the maximum value for the shareholders; the implementation of an information system which across the business unit of enterprise, product and value creation activities of customers and the potential value derive; corresponding of the business process and the value creation and the design of the performance measurement system of the value creation and the staff motivation scheme (KPMG, 1999).

The framework of value based management
The framework of value based management is based on the practice of management accounting, it has suggested that the purpose of management is trying to create perfect long-term value for shareholders and supply a integral framework for the business measurement and management (Dixon and Hedley, 1993). Even though, the changing of the framework of value based management followed by the different enterprises, the framework usually includes the following six basic steps: select the specific internal target which could enhance the shareholders’ value; select the strategy and the organizational design which consistent the selected target; determine the particular performance variables which could create value in the process of operating under the selected organizational strategy (i.e. the value derive); under the basis of the determination of the different priority which relate to the analysis of the value derive, formulating the action plan, selecting performance measurement indicators and setting specific goals; evaluating whether the implementation of action plan is successful or not and evaluating the organization and management performance; evaluating the internal goals, strategy, plan and the efficiency of the control system of the organization and also modification which is based on the present result (Ittner and Larcker, 2001).

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