Empirical Studies Of Listed Companies Operating Performance Evaluation

With the development of economy and the improvement of the securities market in China, performance of the listed company has become the focus of the government, the investors and managers. In addition, the operating performance of listed companies also plays an important role in the development of local economy. Therefore, to evaluate the operation result of listed companies precisely can not only provide decision information for investors, managers, and government department,but also help find problems in the local economy. Further find the crucial reason, realizing rapid and stable development of local economy.In recent years, there are listed companies being delisted in Liaoning Province, which has caused the adverse effects to the economic development. In order to find out the reason of being delisted, and analyze the overall situation of listed companies for further development in Liaoning. There are 53 listed companies in all in Liaoning province, and this article evaluates the business performance of 47 listed companies which were listed before 2008. Comparing with several frequently-used analyze methods, This paper applies factor analysis method which is suit to aim of the research. In defining the concepts of listed company and business performance of the listed company, it turns into the performance evaluation index system in this paper. The performance evaluation index system contains 18 financial indicators, which reflect the four abilities of profiting, paying, developing and operating with listed companies.By means of comparing some common evaluation methods of listed companies'operating performance, in order to eliminate influence of human's subjectivity as confirming the weight of index, this paper applies the objective weight of index. Besides, to eliminate the relativity between indexes and to definitely show performance of listed companies with simple and clear factors, this paper selects factor analysis method as evaluation method. and uses this method to evaluate performances of listed companies in the two years in Liaoning Province, introducing published data in 2008 and 2009's annual report of listed companies.Through the evaluation of factor analysis method to operating performance of listed companies in Liaoning Province, this thesis has drawn the following conclusions. First, from the factor score of companies, we can see which listed companies have stronger solvency, which listed companies are of stronger profitability and development, which companies have stronger operating ability. These companies of stronger abilities can become role models of others. They also could offer evidence to constitute policy for government. Second, their total scores will come out by confirming weight,and total scores reflect which companies have the strongest capacity. Finally, by comparing total scores of these listed companies in 2008 and 2009, we can see which companies'performance have changed great. That they deserve focused attention and analyses further. Analyze from the industry angle, we can see which industries have been well developed. And these industries must be superior in Liaoning, which provide evidence for industrial investment and modulation.