Evaluating Operating Performance Of Listed Companies Based On The Protection Of Small Investors

Enterprise performance measurement has been a basic theory which is difficult to solve in applied economics disciplines. The ownership and the right to operate are two separate powers under modern corporate system, so the client's needs of monitoring agent's performance is growing strongly. These makes the importance of performance measurement has been continuously strengthened, and its theoretical and practical significance has been further highlighted.In recent years, as part of an important class in enterprise, the operating performance measurement about holding companies has become one hot spot in the field of theoretical research on performance evaluation. The reason is that, on one hand the securities market is an important component in China's market economic system, so the sustainable development of holding companies has an increasingly impact on China's socio-economic activities; On the other hand, when investors invest in securities ,they valued the basic operating performance of the holding company, and the conception of "invest on values" enjoys more and more popular support.Based on these understandings, this paper tried to establish a scientific and reasonable assessment model from the interests of small investors which is outside the company, by using theoretical research and empirical analysis. Furthermore,the direct purpose of this paper is to help small investors make the right investment decisions. From this perspective,the fair evaluation can strengthen the protection of small investors' interests; and the ultimate aim of this paper is to promote China's capital market into healthy development in long-term,through causing investors' attention about the real value of holding companies.Generally speaking, this paper is divided into five parts. The first part is the introduction. In this part, some basic concepts and the scope of the study were defined, then the main research methods was introduced and some research results were reviewed and sorted out. The second part described the relationship between protecting the interests of investors and performance measurement. In fact, the scientific evaluation on operating results is a powerful tool to protect the interests of investors in capital markets. Then in the third part ,we established a performance measurement system by theoretical summation .In part four we tested the scientific nature of the model,using the data which was reported in statements of Banking holding companies. In part five we made policy recommendations on the problems identified in this paper.