Combination Evaluation Method And Its Application To The Financial Condition Of The Listed Companies

With the socialist market economy being improving, the financial status of listed company becoming widely concerned for many investors, creditor, the managers et., and it is a main basis for their decision. However, there are too many methods for financial evaluation which have deferent principals, so the result about the same company is always various and too confused, which are issues requiring urgent solution. The article is trying to apply combinational evaluation method to deal with the various between different results.The article proposes financial indexes system of traditional enterprises on investors, and the system contains three hiberachies which are objective layer, middle layer and indexes layer. Considering there are different evaluation methods for different layers, the final evaluation value are given on two steps, which are primary evaluation on indexes layer and combinational evaluation on middle layer. For the process of primary evaluation, middle layer evaluation values are conducted by static and dynamic evaluation on difference of index time attribute. OWA aggregation operators are applying on combinational evaluation to combine the middle layer evaluation values, and there is an example analysis to prove that this method is reasonable and feasible. Considering there are many evaluation methods for objective evaluation and these methods can produce different value for same problem, the article proposes grey relation clustering analysis to select single evaluation methods for constructing combinational method set. This method is based on Spearman rank correlation test to select the best method. Then grey relation grades of other methods to the best are calculated. There are comparitions between the above method and other two kinds of methods which are fuzzy clustering and compatibility and consistency analysis method, the results showes that grey relation clustering analysis is an ideal method under the condition that spearman correlation coefficient is significant. The combination methods for evaluation results are argued after selecting single evaluation method.Finally, there is an empirical analysis about chemical fiber industry which are focused by investors. And combinational evaluation methods mentioned above are applying on the whole process. Then the revevence between financial evaluation results and stock returns and risk are analyzed. The analysis process shows that combinational evaluation on clustering analysis and OWA aggregation operators are scientific and feasible for financial evaluation, the evaluation results are not relate to stock returns but to the risk of returns. So the inventors can use the financial evaluation results to avoid invent risk.