The Empirical Research On The Comprehensive Evaluation Of The Listed Company's Growth

Whether a firm can obtain the sustainable and stable growth in the fierce market competition is the most basic and objective criterion to examine its capacities of holding existence and development. Through evaluating the growth of firms, the managements can recognize the operation conditions of firms according to the evaluating results; the investors also can use the results to decide whether they could invest in the firms. The thesis chooses the total listed companies in the year of 2005 as the samples and conducts an empirical study on the growth of listed companies through establishing the evaluating index system and constructing the comprehensive evaluating model on the growth.(1) After logical reasoning, the thesis arrives at that both financial restraints and investment efficiency hold significant influences on the growth of listed companies. Then, the thesis calculates the classifying value of financial restraints, investment efficiency and EVA for each sample and conducts independent samples T tests which testify that there exist significant correlations between financial restraints and EVA as well as between investment efficiency and EVA.(2) For evaluating the financial restraints for each sample, the thesis determines 8 financial indexes to measure the degree of financial constraints, then uses the principal components analysis to obtain the classifying model on financial restraints and calculates the classifying value for each sample. For evaluating the operating capacity for each sample, the thesis chooses 9 financial indexes to establish evaluating index system, and then uses the catastrophe ambiguity subjection function which results from the combination of the catastrophe theory and the mathematics of fuzziness to conduct a comprehensive evaluation on the operating capacity of each sample and obtain the evaluating value. For evaluating the investment efficiency of each sample, the thesis chooses 7 indexes and calculates the evaluating value of the investment efficiency by using the data envelop analysis.(3) The thesis uses the method of spatial distance to conduct the comprehensive analysis on the growth of listed companies. First the thesis uses the relative values which represent the lowest financial restraints degree, the strongest operating capacity and the highest investment efficiency to construct three dimensional evaluating criterion vectors, and evaluates the growth according to the Euclid's spatial distance between the evaluating vector and the criterion vector. From the smallest to the largest of the spatial distance, the thesis orders the listed companies in terms of their growth.After ranking the samples, the thesis finds that the listed companies whose positions are in the top of the growth series encounter the lower financial restraints, hold higher operating capacity and investment efficiency. On the country, the ST or *ST proportion of listed companies in the bottom of the growth series obviously increases in the period through 2006 to 2007, especially, there are 17 companies among the last 20 listed companies have been titled with ST or *ST in the year of 2007.