Owned Enterprise Groups And Holding Listed Companies Performance Evaluation Of Its Effectiveness

As the reform of state-owned enterprises propels step by step, the overall strength of state-owned enterprises enhances continuously, the related systems of performance evaluation about state-owned enterprises also continue to improve and progress. This is mainly because that the system of performance evaluation, which is reasonable and scientific, is important means to continue to deepen the reform of state-owned enterprises and ensure the continued maintenance and appreciation of state-owned assets. The enterprise group in state-owned enterprises accounted for a large proportion. At the same time, the group performance evaluation is more complex than single enterprise, but there are no related systems which is specifically applicable to the group performance evaluation in the existing policies and regulations. It is difficult to obtain all the information about the group as a whole, so this article selects the core enterprises of state-owned group----the group holdings listed companies as a study object, evaluates the performance by the means of utilizing the current evaluation rules----the interim measures for the management of overall performance evaluation of the central enterprises, mainly analyzes the rationality of the interim measures in order to provide some suggestions for the group performance evaluation.First of all, this paper elaborates the path for the formation of state-owned group holdings listed companies and the group holdings listed companies will have a important impact for the performance evaluation of listed companies. Secondly, take five hundred and fifty one state-owned group holding listed companies which are listed before 2005 as a study sample, and assess the financial performance of the sample which is from 2006 to 2008 by means of using the financial indicators of the evaluation system that exist in the interim measures for the management of overall performance evaluation of the central enterprises, and exploiting the method of factor analysis. On the one hand, I can test what kind of factor will have the greatest impact on the final results of performance evaluation under the performance system. On the other hand, I can analyze whether there are some significant differences in the performance between group holding listed companies and independent listed companies. On the basis of evaluating the performance of two kinds of such companies, I respectively establish stock return model and salary model to examine the effectiveness of the system of performance evaluation. I conclude that profitability has the greatest impact on the final performance score, while the profitability of group holding listed companies was significantly worse than the independent listed company under the examination according to the interim measures for the management of overall performance evaluation of the central enterprises. The result of performance scores is that three-year average of performance scores about group holding companies close to zero, and the overall need to be improved. The empirical results show that the performance evaluation system has certain validity, contributes to the investment decisions of investors, and reasonably measures the operating results of senior management to some extent, but there are no conspicuous differences in the performance between group holding listed companies and independent listed companies under the interim measures for the management of overall performance evaluation of the central enterprises, there is not great applicability for the performance evaluation of group holding listed companies. Finally, the degree of interpretation of stock returns is better than the degree of interpretation of the salary.