Research On Performance Evaluation Of Listed Companies And Its Relativity With Stock Investment

Currently, the capital market in the national economy is playing an increasingly important role. Listed company's overall operating performance directly decide whether the capital market healthy and stable development. Fair and correct evaluation of listed companies operating performance is very important. And scientific evaluation system can not only comprehensively reflect the operating results; also can provide reliable information for the majority of investors and stakeholders in decision-making. Through analysis of domestic and foreign enterprises and listed companies performance evaluation methods, considering all relevant stakeholders and the current evaluation system of listed companies' problems that exist, the paper establishes a listed company performance evaluation index system from the investor perspective.In the comprehensive evaluation methods, principal component analysis which is an objective method removed from the correlation between indicators of the impact. As 45 listed real estate companies'sample, the paper evaluates the operating performance with 19 financial indicators and principal component analysis from 2003 to 2005. On the basis of the principal component analysis result, the paper applicates the binary relative evaluation to value the relative performance evaluation index dynamic analysis, 2003 and 2004 appraisal value evaluation reference to the value of the performance index and the current performance index, the same to 2004 and 2005. Binary relative evaluation reflects the subjective evaluation of the effective targeting efforts and capacity on the development prospects of listed companies. The paper can compare evaluation with two years of evaluation findings, and then combine PCA scores of 45 listed companies to improve operational performance and classification analysis, to reflect the stability and development of the comprehensive plan of the listed companies.The paper inspects the relationship of internal efficiency and the company's evaluation of stock market investors through the PCA's result and the Tobin Q which reflect the market evaluation value. The result is that there is no relativity between them, many investors is not considering the company's efficiency. The paper analysis the overall situation of the listed real estate companies, then indicate the development issue and take proposal to advance the economic efficiency of listed real estate companies.