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Evaluation of the performance of listed companies based on the the secondary relative effectiveness model

Author: DingYong FuYe From: www.yourpaper.net Posted: 2010-01-26 02:17:15 Read:
Abstract: The use of factor analysis to determine the state benefit ", built from two angles of the operating efficiency and operating performance the secondary relative effectiveness evaluation model, the use of the variation coefficient method to determine both the weight and thus the synthesis enterprise performance evaluation value. The evaluation results not only reflect the operating results also reflect subjective enterprise managers effective effort evaluation more objective and reasonable.
Keywords: secondary relative effectiveness of the model; enterprise performance; Performance Evaluation

FENG Ying-jun, Li Cheng, Hung (1995) proposed of secondary relative effectiveness evaluation model based on further build static of secondary relative effectiveness model, respectively, to reflect the enterprise performance and operating efficiency of the operators using the coefficient of variation to determine the weight, and thus both synthetic enterprise performance evaluation value. The evaluation results not only reflect the operational efficiency of enterprises, but also reflects the subjective effort of enterprise managers, evaluation more objective and reasonable.
A performance evaluation index system of listed companies to establish
Author in the combination card Star Wakayama weathervane enterprise financial evaluation system based on four principles of systemic, objectivity, comparability and economic seek about the opinions of experts, and combined with the characteristics of the binary relative evaluation model, selected from the five aspects of solvency, operational capacity, profitability situation, development capacity and cash capacity status earnings per share, return on net assets, return on total assets rate, the interest coverage ratio, deposit turnover rate, fixed asset turnover, total asset turnover, current ratio, operating margin of 13 indicators as indicators of the evaluation of the performance of listed companies.
Second, the performance of listed companies in the evaluation of model building and analysis
This article will use the of secondary relative effectiveness model to evaluate the performance of listed companies from the two aspects, enhance the efficiency of the basic financial performance and financial results. Basic financial results mainly from the point of view of output to analyze the performance of listed companies, although it does not fully interpreting the traditional sense of the extent of the maximum desired goals with minimal resources, but enough to reflect the operations of listed companies' production effectiveness " . Enhance the efficiency of the financial results this investment in the upgrading of the output efficiency is defined as eliminate objective basis, corporate business managers in charge of effort to achieve, to reflect the performance of listed companies management effectiveness. The one hand, only a description of the basic input-output relationship, that is, the level of financial results in order to make a reasonable evaluation of the performance evaluation; On the other hand, due to the various corporate objective foundation conditions, the same amount of investment is often different amount output, a simple evaluation of investment limited output level managers incentives. Therefore, the performance of listed companies should enhance the efficiency of two aspects of the financial performance and financial results to evaluate in order to reflect the production effectiveness "in the process of production management of listed companies and management effectiveness.
The basic idea of ??the evaluation model: First, according to the selected 13 performance evaluation from the winds database export raw data, standardized processing, the use of factor analysis to determine the reference effective "and" benefit "in order to reflect the base period and the current level of performance of listed companies; Second, in determining the" reference performance and current performance on the basis of, respectively, from the static and dynamic two times relative effectiveness evaluation, static evaluation value is equal to the arithmetic average of the "the Reference Performance" and "current performance", show that the basic financial results. "Reference-effective" and "currently effective" as the input and output, respectively, on behalf into myDEA software the BCC model, = y / y 100% reflect the listed company financial performance to improve efficiency; Finally, using the variation coefficient method to basic financial performance and objective empowerment to enhance efficiency, enhance the efficiency of the basic financial performance and financial results for efficient synthesis, and evaluation of the performance of listed companies, the evaluation results can reflect both the production and business activities of the listed companies' production effectiveness "and" effective management sex. "
Third, the empirical analysis
Enterprise performance evaluation index system proposed above, selected from 2007 to 2008, machinery, instruments, equipment manufacturing 78 listed companies as from Wind Information sample, the empirical.
According to the empirical results, Zongshen Power, China National Heavy Duty Truck, air conditioning performance evaluation value occupies the top three. Further analysis of the 78 companies operating efficiency of the machinery, equipment, instrument manufacturing and operator performance seen, the distribution of two efficiency values ??in the various companies have some differences, the dispersion coefficient is 0.673 and 0.327, respectively, indicating that in Enterprise Performance Evaluation, machinery, equipment, instrument manufacturing business effectiveness is quite different, the small differences of the effort of the operation and management of the operators. 78 companies operating efficiency of the machinery, equipment, instrument manufacturing and operator performance there is no significant linear relationship between the two sets of efficiency value of the correlation coefficient is only -0.03, indicating that not all enterprises in operating efficiency and operating performance at the same time take advantage of. 36 enterprises in the operational effectiveness of comparative advantage based on its performance ranking differences of view, respectively, 41 enterprises have a comparative advantage in the performance of the operators, only one enterprise there is no comparative advantage.
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