Study Of Management Efficiency Evaluation For Domestic Listed Companies

As the index of national economy, the development of listed companies will make contribute to the development of national economy. Since the establishment of Shanghai Security Exchange and Shenzhen Security Exchange in 1990, the national security markets have become the center of improving the financial efficiency, accelerating national enterprises innovation, and developing the financial reform. Therefore, how to evaluate the listed companies management efficiency and performance effectively and properly will be the starting points of improving listed companies'whole competitiveness. At the same time of developing national security markets, comparing with the western countries security markets, the domestic listed companies management performance is not quite perfect, whatever from the investor viewpoint or manager point. How to evaluate the management quality degree is the strategy for improving management. And we should notice that the problems of information asymmetric and information reporting incompletely for listed companies. This will lead that the investors neglect the investing value of listed companies. If the effective supervision of information reporting for listed companies is needed, scientific evaluation approaches and models will be used to reflect the management quality degree and to tell whether the listed companies create wealth or not. In this sense, the supervision for the listed companies will carry out completely. Therefore, developing management efficiency evaluation methods and theory for listed companies will have important theoretical and practice sense.Currently, people did not agree with one another that the enterprise performance evaluation should be based on output record or management behavior. Current theories and approaches about it only explained performance through different aspects, but not starting from the essential characters established uniform estimation skeleton, which reflected the dynamic, relative, and multiple characters. According to the restrictions about current research, following work has been proposed to provide a new theory and method system for management efficiency evaluation for listed companies. Based on management efficiency theory, the sense of management efficiency evaluation for listed companies has been deeply analyzed, and management efficiency evaluation system for listed companies has been established generating from benefiting, developing, operating efficiency, repayable and cashing abilities. At the same time, explained the relationship between financial index and non-financial index, that is, through the dynamic change of financial index, to show the effective degree of non-financial index.Facing the shortcomings of DEA methods in the management efficiency evaluation system for listed companies, for example, the random of traditional DEA model and cone ratio, group decision, linear program and statistics have been used to propose cluster group decision DEA model. Furthermore, comprehensive Two-Stage Relative Evaluation model based on cluster group decision DEA model has been established in order to give complete approach system for management efficiency evaluation system for listed companies, which can not only reflect the dynamic, relative and multiple characters, but also get rid of the basic condition influence to the management efficiency evaluation results for listed companies.Using the comprehensive Two-Stage Relative Evaluation model based on cluster group decision DEA model for listed companies and multiple statistics analysis, together with the financial data of listed companies from 2004 to 2005, 300 companies empirical research has been analyzed. Through the analysis of the results, not only proved the liability of comprehensive Two-Stage Relative Evaluation model system, but also with the real condition in different industries, at the same time of analyzing management efficiency, generated the developing trend and countermeasures for listed companies.