Research On Performance Evaluation Of Listed Companies Of Our Country's Motor Industry

The automobile industry plays a decisive role in the development of the national economy. Since our country's automobile industry went into the explosive growth in 2002, automobile industry has gradually become one of Chinese pillar industries of economic development. Although in 2008, affected by the economic crisis, economic growth of the world's major economies, including China, slowed down sharply, and the auto giants of the European and American countries were all in gloomy business, but Chinese auto industry whether sales or profit growth were very jealous, so that foreign auto industry regarded China as a piece of" hot land".The development of the automobile industry has attached the Chinese government's great attention. In 2009, in a series of policy of keeping growth, expanding domestic demand and adjusting the structure, our country begins to carry out the policy of expanding domestic demand, adjusting the industrial and revitalization planning, to promote the consumption and automobile industry organization structure optimization, stimulated the domestic automobile market's rapid recovery and present a momentum of rapid development. After two years of rapid development, in 2011, this year, the automobile industry production and marketing growth began to slow down. This shows that Chinese auto industry has went from rapid growth stage into the stage of stable growth. At present, the car is not the exclusive luxury consumer goods of high income class. It is gradually becoming common people's basic necessities of life. From our auto possession point, our car is in the growing demand, our auto industry's prospect is in a good state, our car plate stock investment is also concerned by more and more enterprises and individual investors.In such circumstances, establish a scientific performance evaluation system of listed companies of automobile industry plays an important role to grasp market trends and make the right investment decisions. It also has very important practical significance on the further development of Chinese automobile industry, whether it is for the regulators, operators, or for the vast number of investors. However, in the present theory circles, the research literature of our country auto industry performance evaluation is rarely, let alone the literature of using factor analysis method. Based on this background, this paper determines the car industry as the research object. While the automobile manufacturing industry listed companies are the automobile industry leader, whose quality of the operating performance has an important influence on the healthy development of our country's auto industry. Study its performance has a certain reference significance to the further development of the whole car industry. What's more, because some data is related to commercial secrets, few private company is willing to provide financial data, this paper select financial data material from the automobile manufacturing listed company of Shanghai and Shenzhen stock market. The automobile manufacturing industry listed company has the characteristics of multiple indexes, multiple dimensions and index information overlapping. According to the characteristics, this paper choose factor analysis as the research method, which is specially used for dealing with the questions of multiple index, multiple dimensions and complex related issues in the statistical areas.The article adopts the technological path of literature review, experience learning, empirical analysis and puts forward some countermeasures and suggestions. It does the research step by step from four aspects:experience learning-index selection-factor analysis-countermeasures and suggestions. On the basis of contrasting evaluation methods of the business performance of the listed companies at home and abroad, this paper proposes using factor analysis evaluate the performance. And then select 15 financial performance evaluation indexes from six aspects to construct a set of scientific performance evaluation index system and in view of Chinese automobile manufacturing industry of the listed company. The six indicators are as follows:the listed company's profit ability, solvency, operation ability, growth ability, capital stock expansion ability and operating cash flow quality. Finally, using the factor analysis and cluster analysis on 27 automobile manufacturing industry listed companies in Shenzhen and Shanghai stock market sorts, classifies, evaluates, analyzes, and puts forward some countermeasures and suggestions according to the results.The result shows that, only 11 total scores of the car industry listed companies are greater than 0, that is to say, only 11 firms performance level beyond the average level. And in the 11 companies, there is no more than a score of 1, more than 0.5 has the only four companies. This shows that overall management performance level of Chinese automobile manufacturing industry of the listed company is low. The top five company in the comprehensive ranked is:Jangling car, Faw car, HuaYu car, Shanghai auto, star horses cars. They each have their own advantages, but profitability is generally better, and they are all the larger company. Taking Jangling car as an example, combining with the actual situation analysis, found that the analytical results are in accordance with practice. In the clustering analysis,27 automobile manufacturing industry listed companies are divided into three categories, and this is consistent with factor analysis ranking results. Combining with the above analysis conclusion and the present development situation of our country automobile manufacturing industry listed company, this paper raises the following suggestions to put forward the performance level of the car industry listed company:(1)Actively promote the cluster development of the car industry. (2)Improve the financial structure level, and improve asset management ability and profitability. (3) Promote the car industry independent research and development, enhance the core competitiveness. (4) Pay attention to various coordinating development.