Listed Companies Of The Beer Industry Performance Appraisal System

The subject of this article is Performance evaluation systems for listed companies in the beer field. The listed company of China have developed accompanying with the reformation of the shareholding system since the mid 80's.Along with the quick-stepped economy development and the steady growth of the listed company scale, The listed company of China have already become the fresh troops of the national economy. The improvement of the securities market shapes investors' consciousness and makes the Performance evaluation systems for listed companies to be a new focus which attract more attention from the investors and inspectors. Comparison lengthways of the listed companies' performance can judge companies' growth ability; moreover, analysis crossly can judge difference among companies. The Performance evaluation systems of the listed companies have significant meanings because it plays an important role in guiding rational investment, assisting market supervision, enhancing inside management.As is known to all, beer owns the biggest capacity of production & sales in the world alcoholic drink. Though beer differentiates from many industries, such as wine, yellow wine, soft drinks and milk products, beer and these above-mentioned industries have amazing similarities in produce specialty and marketing operation. Moreover, beer industry is an over-marketing and keen-competitive field, so its development possesses huge reference value to the other beverage industries. In addition, as the competition center of the world beer industry, China beer market own tremendous market latent capacity. Therefore it has great research value in China beer industry.The traditional theories and methods of listed company performance estimation set mainly out from company financial indexes, focusing too much on the results, ignoring the estimation process. Besides, traditional theories and methods can't avoid influence from subjective factors, so the judgment shows heavy limitation. In fact, some non-financial indexes play important roles in the company performance estimation. So in the modern economy, the traditional methods have less ability to meet the needs of guiding rational investment, assisting market supervision and enhancing inside management because of its invalidation in reflecting company's power.According to the meaning and the development history of the listed company results evaluation, this dissertation inspected some classic foreign evaluation method and refer to the main practice to the listed company at home and abroad, combining the specialty of our country stock market and the purpose of synthetic measure. And then colligated financial indexes and non-financial indexes, made use of the modern mathematics statistics theories, and combined three methods(Factor analysis ,The Analytic Hierarchy Process(short for AHP) , Data Envelopment Analysis, (short for DEA) ) to bright forward the compositive two-stage relative estimation modal. At last, 9 listed companies of beer industry in China were estimated though demonstration research using compositive two-stage estimation method, then put forward the improvement suggestion to improve the evaluate theories system.