The Evaluation Of The Listed Company Performance In Middle Part And The Analysis Of The Influencing Factors

The listed companies in the middle part play an very important role in "growing up in middle", they can bring more capitals to develop the economy of the middle part, drive the industries in the middle part to boom, and then improve the whole strengths in middle part, so how to realize the situation of the listed companies in middle part correctly , to know the advantages and disadvantages of these companies ,to improve the performance of these are very significant to the growth of the listed companies in middle part and the booming of the economy of the middle part.According to the indexes systems already exist, considering the actual facts, this paper designs the indexes system, and uses the main components analysis method to evaluate the performance of the listed companies in the middle and finds some trends. Firstly, analyses the compare between the listed companies in the middle part and the whole nation, the study is based on the finance data of listed companies from 1994 to 2003.and then divides the listed companies into 15 industries use the data from 1999 to 2003concludes trends of every industry. The performances of the listed companies in water and electricity industry, metallurgy, excavating are in the front, these industries are the main support of the middle part, the information technology and the medicine have bright future, but the fabric and clothing, service industry are relatively worse.After analyzing the performances of the listed companies, the paper selects factors from capital structure, ownership structure to find further reasons that affect the performance of the listed companies, this paper divides the former 15 industries into 2 big industries the protected industry and non-protected industry, and gets conclusion as follow: in the protected industry, the capital structure has a significant affect on the performance of the companies, the state-owned share ratios has a positive impact on them, the two have a significant quadratic-curve relations, the corporation-owned share ratios don't have significant linear impact on the performances, but the significant quadratic-curve affects, the circulating share ratio has a negative affect ,the intensive degree of theownership has a positive impact; in the non-protected industries, the capital has a significant influence, the state-owned share has a positive impact, the corporation-owned share has a negative affect, the circulating share has not a significant impact, the intensive degree of the ownership has a significant impact.In the end, this paper proposes the advice and the policies to improve the performance of the listed companies in the middle part: to optimize the capital structure and ownership structure, to improve the supervision prompting of the administrators, to develop the construction of the rule and the bond market, and so on.