Research On Peformance Evaluation Of Listed Company In China

This paper takes Chinese listed companies as research objects, and systematically study its synthesized performance evaluation and model,applying economics (especially new systematic economics) and management related theory. Based on synthesizing DCF method of performance appraisal, single factor evaluating models, multiple factors evaluating models and EVA & MVA model system etc, put forward: it needs to study and establish weighted synthesis evaluation model according to the features of Chinese listed company. This is the direction of Chinese listed companies performance evaluation. The performance evaluation model of Chinese listed companies has to include not only the traditional financial performance evaluation system, but also need other non-financial performance evaluation system. Moreover, the latter should be placed in the predominance position. It needs to keep eyes on a long-term improvement of listed companies performance.During the forming process and margin structure of Chinese listed companies, the shareholders are divided into four types. Applying deputation theory, analyze thedeputation relationship of share ownership and also the system analysis of state-owned controlling listed companies and private-running listed companies. Analyze the " internal person control" of the former with "big shareholder control" of the latter by all means.According to the present condition and development trend of currently Chinese listed companies, the analysis shows performance evaluation of listed companies should combine both financial evaluation and that of non-finance. Financial performance evaluation well analyzed cash flow factors, and establish the key financial performance evaluation based on them. The performance evaluation of non-finance mainly base on strategy performance evaluation, governance performance evaluation,resources conformity performance evaluation, and innovation performance evaluation.Have established the key financial performance evaluation model based on cash flow factors. The model mainly overlaid cash flow analysis, mobility analysis, cash obtaining ability analysis, income quality analysis, or cash flow related influence analysis.Have built up a strategy performance evaluation model of Chinese listed companies. It mainly overlaid growth prospect evaluation, core competency analysis, main business management performance evaluation and collecting funds usage evaluation.Have built up governance performance evaluation model of Chinese listed companies. This model mainly includes seven factors: shareholder rights and shareholder meeting criterion evaluation, big shareholder behavior criterion and listed companies independence evaluation, director and directorate evaluation, supervisor and board of supervisor evaluation, executive encouragement restriction evaluation, interests relation evaluation, information publishing with clarity evaluation.Have built up resources conformity performance evaluation model of Chinese listed companies. It mainly overlaid three generous factors: internal resource allocation conformity performance evaluation, exterior resources reform conformity performance evaluation, listed companies hull resources integration performance evaluation.Have built up innovation performance evaluation model of Chinese listed companies. It includes five aspects: technicality innovation performance evaluation, marketability innovation performance evaluation, structure innovation performance evaluation, innovation model and market period matching evaluation and comprehensive innovation system evaluation. Among them, the first three evaluations aim at the listed companies being placed in the different market lifecycle, and the last two are applicable to the innovation performance evaluation of all companies.Have comprehensively built up performance evaluation model frame. The financial performance evaluation model applies to key financial performance evaluation model based on cash flow factor. The performance evaluation of non-finance includes four sub-models:strategy performance evaluation model, gonernance performance evaluation model, resources conformity performance evaluation model and innovation performance evaluation model. According to the analytical method of principal component, set up key financial performance evaluation model based on cash flow factor. Via faintness synthesis evaluation method, set up performance evaluation model of non-finance. The performance evaluation synthesis value of listed companies adopt level analytic method carrying on five adding power to acquire. Five sub-models and unified model have been used to real diagnosis research and contrast analysis based on 50 top Chinese listed companies in 2005 which have been evaluated by Asian Business Company and Chinese securities paper.