The Financial Performance Evaluation Of Listed Companies And Research On Influencing Factors Of The Performance

As the stock market of our country has been developing 20 years, the listed company has become the leading role in the market economy stage. With the completion of ownership structure reform, the capital market in our country is going to step into full circulation time. The non-circulation stock shareholder's benefit gradually tends to be consistent with the circulation stock shareholder's, and the major stockholder has more power to improve listed company's performance in all efforts. Financial performance of listed companies becomes the issue of common concern of the stakeholders including the shareholder, the creditor, the company staffs and the government administration and so on. Therefore, at present how to evaluate the listed company's financial performance scientifically and fairly becomes a hot topic in the finance research area. Furthermore, exploring for the influencing factor to finance performance has the reality guiding significance in improving the operations and the financial performance of listed companies.Therefore, based on literature review and relevant basic theoretical explanations, this paper analyzes several performance evaluation systems of listed companies in the current, by the perspective of small and medium investors, following from whole to part, from static to dynamic research ideas, taking Motherboard A-share listed companies (except Financial and insurance business company) in stock markets of Shanghai and Shenzhen as the research object, re-build the listed company's financial performance evaluation system. Using quantitative analysis method of descriptive statistics, factor analysis and panel data model, this paper evaluates financial performance of listed companies synthetically and analyzes the influence factors of financial performance with the help of the statistical software such as Spss15.0 and Eviews6.0 and so on. And there are the main points as follows:The first, this paper constructs the listed company financial performance evaluating indicator system. Referencing predecessor's research results, this pape constructs primary indicator system based on qualitative analysis and then do repeatedly screening to the primary indicator with the combining of qualitative analysis and principal component analysis, then finally construct evaluation index system on financial performance of all listed companies, Bio-pharmaceutical listed companies and metal and nonmetal listed companies respectively. The result shows that evaluation index systems in different industries have no difference in solvency and equity expansion ability, but have some differences in profitability, operation ability and growth ability.The second, this paper makes analysis on the situation of financial quality of listed companies. First, based on financial index datas in 2009, this paper makes descriptive statistics on the financial quality of all listed companies. Secondly, based on the financial index datas from 2000 to 2009, this paper makes dynamic financial analysis on the financial quality of listed companies. Finally, based on financial index datas in 2009, this paper makes comparative analysis on the financial quality of listed companies in various industries.The third, this paper evaluates the listed company's financial performance. Firstly, this paper makes evaluation in listed company by factor analysis and entropy analysis based on cross-sectional datas in 2009, and then makes the comparison to the evaluation results of two methods. The result indicates that there exists big difference between two kind of ranking lists because of different weight. Then, taking the Bio-pharmaceutical industry, the metal and nonmetal industry as examples, under their own evaluation index system, this paper evaluates financial performance of the listed company in two industries by using factor analysis, and then compares respectively the evaluation results with the ranking within the industry in performance evaluation of all the listed companies. The result shows the two ranking lists of the listed company in Bio-pharmaceutical industry are very consistent, but for metal and nonmetal industry, the two ranking lists are very different, that is because there are big difference in selecting the growth ability index and operation ability index and determining the weights comparing the latter.The forth, this paper makes analysis on the influencing factor of listed company financial performance. Firstly, referencing predecessor's research results, this paper constructs indicator system of the influencing factor of listed company financial performance, including 9 indicators from ownership structure, capital structure and so on. Then, taking all listed company, biological and medicine industry listed company and metal and nonmetal industry listed company as object, based on the cross-sectional data in 2009, this paper makes analysis on the influencing factor of listed company financial performance by using multivariate linear regression analysis. The result shows that all explanatory variables impact on the financial performance of the above three objects are significantly different. Finally, taking biological and medicine as example, using fixed effect model, this paper analyzes the influencing factor to the listed company financial performance based on panel data from 2005 to 2009 and Hausman test. The result shows that outside blockholders, the proportion of property rights and the enterprise size have the significant influence to financial performance in Bio-pharmaceutical industry. Comparing to the analysis based on cross-sectional data, outside blockholders replacing the top ten shareholdings, affects the financial performance significantly, and in the long run, the top three executive compensations has no influence on the financial performance.Finally, according to the above research, in order to improve the financial performance of listed companies, this paper puts forward the corresponding proposals on optimizing the ownership structure, improving the independent director system, optimizing the capital structure and improving incentive mechanism.