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Operating results of listed companies based on value creation, evaluation index system

Author: ChiGuoHua From: www.yourpaper.net Posted: 2010-04-04 09:28:21 Read:
[Abstract] This paper attempts to build a scientific and reasonable and operability of the operating results of listed companies based on value creation evaluation index system, to reflect the real value of the listed companies to create and ability.
[Keywords] value creation; listed companies; operating results; evaluation index system

Now, standing on the perspective of the protection of the interests of investors, value creation and performance evaluation combine value creation to become a the guidance listed company operating performance evaluation beacon, explore the evaluation of operating results of listed companies is an important urgent practical significance issue. Establish a scientific, reasonable and operability of the Performance Evaluation System of Listed Companies, concerned about the true value of the enterprise to create a performance and its ability to contribute to investors dig sustained attention and the true value of the fundamentals of the performance of listed companies , will also help establish a sound mechanism of protection of the interests of investors and the value of China's capital market to create investment philosophy, culture, popularity.

A corporate value creation relationship analysis of the operating results of listed companies

The fundamental purpose of the evaluation of the results of operations of the enterprise is to evaluate the enterprise value creation the size value creation ability is good or bad, investors found that really has the ability to create value and to create real value of enterprise. The size of the enterprise value of a static, this result depends mainly on the size of the enterprise's ability to create value. The ability to create an enterprise value depends mainly on the size of the key value drivers. The key value drivers, and is able to influence and promote the important factor of the enterprise value creation. Key value drivers in accordance with the content can be divided into the value of the external environment, the two types of drivers and internal management value drivers, internal management value drivers can further areas into financial value drivers and non-financial value drivers of two specific types . Therefore, evaluation of the results of operations of the enterprise is not enough to evaluate the size of the enterprise value only, and should also focus on key value drivers, especially the internal management of value drivers, it reflects the company's ability to create value, to determine the enterprise value creation results.
The analysis of the drivers of corporate value creation by means of shareholder value creation chain, the key factors driving the tree, and other tools. Summarizes reflect the main aspects of the ability to create shareholder value: marketing capabilities, operational capabilities, R & D capabilities in accordance with the description of the existing literature on shareholder value and create links. Three abilities basic summary of enterprises to create value for the internal management of the key drivers of non-financial activities constitute the enterprise's ability to create value, determine the enterprise value creation performance.
How to measure an enterprise's value creation performance? Help of enterprise value evaluation theory. According to the the enterprise valuation theory, the enterprise value should be the sum of the present value of the use enterprise risk level adapted to the discount rate to discount the economic gains to create its future operating periods. As can be seen, the measure of corporate value creation performance with three main factors: income, growth and risk. The profitability of the enterprise is the main determinant of future earnings. The only strong corporate profitability, in order to create a high income. Such gains should have better continuity and growth, in order to increase the value of the business. Therefore, conducting business in the performance evaluation process should also be concerned about the ability to grow. Enterprise sustained, healthy to stay in business, you must have a good solvency. Solvency related to the issue of the survival of the enterprise, and that enterprises should strive to maintain the ability to receive over expenditure and repayment of maturing debt, to reduce the risk of bankruptcy, enabling enterprises to stabilize survival and continuous development. The size of the solvency can reflect the degree of financial risk, which affect the size of the cost of capital, and thus also affect enterprise value. In short, the enterprise value creation performance should be evaluated from three aspects of profitability, growth and solvency.
The foregoing analysis, evaluation oriented operating results of listed companies mainly include two aspects: First, the corporate value creation performance can be measured from three aspects of profitability, solvency, ability to grow in value creation; enterprise value creation ability can be reflected from the three aspects of marketing capabilities, operational capabilities, R & D capabilities. The performance of the corporate value creation is the ability to create value is the ultimate expression of corporate value creation ability determines the strength of the corporate value creation performance is good or bad.

Second, performance evaluation index system of listed companies operating principles of constructing

Building performance evaluation index system of the listed company, should be guided by the following principles:
(A) the financial indicators and non-financial indicators, the main financial indicators
As mentioned earlier, a comprehensive evaluation of the results of operations of listed companies, it is necessary to measure the size create value, but also reflect the level of ability create value. While creating value performance and capacity they need to evaluate many aspects. Therefore, the use of a single indicator is difficult to accurately assess the overall characteristics of the operating results of listed companies, the need to establish a diversified evaluation index system, combined emphasis on financial indicators and non-financial indicators, financial indicators.
During the operating results of the evaluation, the ability to create a comprehensive evaluation of the value of listed companies, especially in the analysis of the drivers of the value of listed companies to create a need to introduce a non-financial indicators. But the specific choice of the evaluation index, but also taking into account the evaluation of the main operating results of listed companies based on value creation listed companies outside investors. China's capital market, external stakeholders can only rely mainly on listed companies publicly disclose financial information for listed companies, unable to understand the internal information of listed companies of non-financial activities. Therefore, conducting evaluating operating performance, can not be introduced too many non-financial evaluation. In addition, many of the non-financial indicators is not easy to calculate and measure the objectivity of the financial indicators are strong, its data more accessible. Therefore, in the design listed company performance evaluation index system is still the main financial indicators, integrated as much as possible in a measurable and available on the basis of non-financial indicators.
(B) The basic indicators and industry characteristics indicators combine the outstanding characteristics of the industry
Evaluation index system in the operating results of the design of listed companies should consider the industry in which the background. , As Alan C.Maltz et al (2003) said, impossible due to a specific set of performance evaluation index system applies to every enterprise, so you can build a common framework of performance evaluation, may, according to their environment and select the appropriate evaluation in which their own characteristics. This is also the purpose of this study, we can not establish only applicable evaluation index system in the operating results of all listed companies, this approach is also of little practical significance, but it can create a universal and comprehensive listing of company performance evaluation index selection mode, so users can design the complete operating performance evaluation index system based on industry background in the actual operation. Therefore, it is used to guide the user to build a common framework design listed company operating results of evaluation index system based on industry characteristics important. Specifically, each evaluation is divided into two major types of common indicators and special indicators. The former reflects the commonality of all listed companies, which reflects the evaluation of listed companies, industry characteristics.
Its external environment, industry characteristics, industry life cycle for enterprises of different periods and different industry background, there is a difference in turn will affect the key value drivers of the listed companies in the industry. For example, the key value drivers of the pharmaceutical industry R & D capabilities, research and development investment in the proportion of its total sales revenue is the key; marketing capability is more critical for the telecommunications industry, it is necessary to introduce the customer satisfaction index. Therefore, the listing of the company's operating performance evaluation system is established, especially in the design process indicators, in conjunction with the specific characteristics of the industry analysis, so as to make the results of the performance evaluation more scientific.

Third, the evaluation index system of the operating results of listed companies based on value creation constitutes
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