Empirical Analysis Of Our Country's Listed Companies' Comprehensive Valuation

How to evaluate enterprise's performance is a very important part of management. The result of performance evaluation can be used at many aspects, such as rewards and punishment for manager and staff, judgment of investment etc. The importance and meaning of performance evaluation can be concluded as following: the first, it is propiious to develop stratagem management and business management. It can be useful of agent solution of enterprise. The second, many problems of operation for enterprise can be found early via this way. And it can change the ideal of manager, ameliorate operation of company, and improve the strength of enterprise. Third, it's useful for creation of forewarning system of company, and evading the risk. At the end, it can be useful of decision-making related.Business management is developing with the change of the environment and innovation of management ideal. So, many ways about evaluation is very different from others. One of the most different is financial indicator evaluation, because the different evaluation systems may have different target, main body, and different object. So, it's nature that the result is not same. We can get different list of companies from different system, such as about total performance, synthesis evaluation, financial indicators etc. We can find that the result is very different even for a same company from these ways because they are focus on different indicators. For example, Journal Public Company is focus on assets, sale income, and value at market, scale etc. China Securities Business News and Tinghua Enterprise Management Research Center are focus on sales income, profit, and average increase rate of asset. The Star of Securities is focus on financial solvency and management of Debt-Asset, profitability, diversification and cash flow. We just can say every system has its own reason. And we will face more and more system as the introducing of advance methods such as EVA, BSC etc.We know that the different result is from different data, indicator, weight, standard and model etc. Then the more difficult and important problem is which one is better. How can we judge it or say another way that how can we get a clear idea from all of these.