| Since the 1990s, global economic integration affects every field and region. With the extensive application of IT and high new technology, industry feature play an increasing role in enterprise evaluation. A gradual change in investment opportunity is based on industry analysis. In recent years, the main object in investment project assessment begins on industry and its enterprise. "Industry—enterprise", this top to bottom study pattern become the mainstream direction in enterprise investment appraisement research. This paper first analyses the significance and essential factor of enterprise evaluation based on industry comparison. Then reviews the development in enterprise evaluation from industrialization so far. After that, enterprise evaluation criteria at home and abroad, as well as the present situation of industry analysis in our country, are discussed. In the foundation of practice and theoretical research, several special factors referring to China are put forward. Then, the paper respectively discusses industry comparison model and enterprise evaluation model. The first model assesses industry from five factors, that is profitability, operating efficiency, development ability, and debt repaying and loss degrees. The second part discusses handling evaluation criteria and establishes a model using factor analysis. At the end of the paper, an empirical study of the 39 sub-industries and the 26 investment enterprises in one province is made. The empirical study finds that there are obvious differences between industries. Industry feature must be considered in enterprise evaluation. Compared with other subjective assessment methods, Factor analysis is not only an objective, all-round comprehensive analysis method, but also find the strengths and weaknesses of an enterprise. The most important factor in performance evaluation is profitability, but operating efficiency and development ability also be stressed. |
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