Gray Combination Of Multi-level Comprehensive Evaluation Of Listed Companies' Operating Performance

As an important place of investment and financing, security market which is in line with a nation's economic strength is one of the major components of national financial market. In order to gain higher return, investors may select security markets, especially stock markets. As we all know, the investment gain is higher in stock market than others, however, its risk is also higher. Investment risk can be decreased by studying listed companies'operating performance.Many domestic experts and scholars have demonstrated that Chinese stock market was strong half-effective. We can't forecast one stock's price any longer through technical analysis to the stock market. Nonetheless, investors can study listed companies by conducting comprehensive evaluation of those companies'operating performance. Investors can select proper listed company in order to gain higher return through comprehensive evaluation at the same time reduce risk.At present, almost all domestic evaluators adopt one-single method to evaluate listed companies'operating performance. Due to a variety of evaluation methods have advantages and disadvantages, one-single methods can't contain more than two virtues at the same time. Based on this point, we adopt the gray combination of multi-level analysis method in this paper which composing of AHP and gray correlation analysis method in order to make the evaluations meet realities. The selected indicators in this paper also have their characteristics. The 16 carefully selected indicators are all relative, which can ensure the evaluation results more comparable.The paper is divided into six chapters, topic background and significance are discussed in the first chapter, and there will be a brief introduction on the role of the security markets, the significance and definition of evaluation of list companies'operating performance. The methods and their comparisons of domestic and foreign about evaluation of list companies'operating performance will be introduced systematically in chapter 2 and 3. The fourth and fifth chapter are the focus of the paper, constructing evaluation indictors'system of list companies'operating performance and selecting a comprehensive evaluation method are the main content of chapter 4, then, in chapter 5, comprehensive evaluation of non-financial listed companies of shanghai 50 will be judged through gray combination of multi-level analysis, as well as the results of the evaluation would be analysed. In the final chapter, we can make some conclusions and note the shortage of the research.Conclusions can be drawed through research: by comparing listed companies'performance of ranking on the front line and on the last line of comprehensive evaluation on the stock market, to evaluate listed companies'operating performance comprehensively by using gray multi-level analysis method is reasonable and feasible.