On The Performance Evaluation And Efficiency Analysis Of Firms

It is very important to evaluate company performance completely and precisely for evaluating the real company value > judging the managerial achievement > optimizing resource allocation.For the listed companies which are the excellent companies, the stock market should have two functions: improving the efficiency of the listed companies and evaluating their performance correctly. After the slump in the stock market of 2001, Attention to the value investment arouses the analysis of the fundamental aspect of public firms. As far as the fundamental aspect of public firms, it is generally considered to be financial indexes. Many investors exchange stock according to them. Hence there are two problems: firstly, how to evaluate the performance scientifically according to the financial indexes; secondly, besides the performance (P), the category of fundamental aspect (FA) should include the efficiency (? which is the core competence of a firm, that is : FA=P+E. It is not integral for the fundamental aspect which only contains performance but not includes the efficiency. The change of market environments often causes a great improvement on performance, but the corecompetence has not been strengthened. Performance and efficiency often diverge.In this dissertation, The economic value added (EVA) measure and the integrated multi-index evaluation method are adopted to evaluate firm performance; The index method data envelopment analysis method and stochastic frontier production function method are used to analyze the firm productivity and efficiency; The relation of performance and efficiency is discussed, The following viewpoint is stressed: only good performance supported by high efficiency could have solid foundation and be sustained ; The empirical study on public firms of electronic industry is conducted; At last, the stock price of public firms in electronic industry and the bubble of Chinese stock market are analyzed which are based on the fundamental aspect.The dissertation is helpful for leading management direction of firms strengthening their core competence identifying accounting manipulation and discovering investment "mine",it is significant for investors public firms and supervisors.