The Performance Evaluation Research Of The Listed Coal Companies And Truth Analysis

As the major evergy source in China, coal accounts for up to two thirds in the energy consumption constructure. In recent years,with the development of the securities markets, the listed companies'operation getting more and more standardized, the external environment of the listed coal companies becoming market-oriented gradually,it demands the stakeholders pay more attention for companies'long-term development rather than the short-term profits,or else being eliminated by market is the only consequence. Restructuring and listing is the essential step for establishing modern enterprise system which covers clearing property rights and strengthening the corporate governance. The best way to understand the companies for stakeholders is to allow market as the examiner. Joint-stock is the trend for the coal industry, but how to measure the performance of the listed coal companies reasonablely is a real problem for the relative people from in and out of the listed coal companies.The paper expouds the history and the relative theories of enterprises'performance evaluation in and aboard , as well as the inherent meaning of it. To point against the coal Industry characteristics in China, combined with the present situation and the promblems about performance evaluation as well as enviroment of coal listed enterprises, the paper analyzes the necessity and feasibility about bringing the Economic value added (EVA) to the chinese coal listed companies'system of performance evaluation. Then this article takes the value of enterprise (EV) as the standard of enterprises'performance,and the total assets,net profit, Economic Value Added(EVA) as the three indicators to measure business performance. At last,the paper selects 20 cola listed companies which is listed in Shanghai Stock Exchange and in Shenzheng stock Exchange as the sample. Basing on a series of hypotheses, by using the relative module of SPSS16.0,the paper establishes a multi-index curve regression model and makes a regression correlation analysis.According to the regression result, it evaluates the 20 coal listed enterprises'performance,and comes to the conclutions below. First, EVA is generally lower than the company's net profit if you take the cost of equity into account. Second, compare with the index of net profit and total assets, EVA is more relevant with corporate performance and is more reasonable for the companies'performance evaluation. Third, it is feasible to take EVA to the coal listed companies'performance evaluation,and we also can make up for the defects and shortcomings which shows in the traditional financial indexes, so we can transform from the traditional financial indicators to EVA when we envaluat the enterprises'performance in future on a more retional basis.