Research On Automobile Manufacturing Industry Listed Company Financial Performance Evaluation

Recently, our domestic automobile industry has been in a high-speed-development phase. For the whole country, the industry of automobile has been a leading industry which greatly stimulates other industries in national economy. Thus, analysis and evaluation on the financial performance of listed companies of this industry has been enhanced a great deal domestically. For investors, being well-informed of the necessary information about listed companies related to them will surely decrease the risks they might take when investing; for operators of the enterprises, the level of financial performance would directly affect the evaluation of financial performance and the adjustment of business strategies. Therefore, it is necessary to establish a sound system about financial performance of listed accompanies from the industry of automobile, no matter for the government departments or operators of enterprises.The research is based on related research documents. At First, after comparing and evaluating of the various methods, the dissertation points out the respective possibilities of the methods of factor analysis and DEA analysis, and then establishes a comprehensive evaluation method which is a combination of the listed two methods. Next, the research analyzes the present situation of domestic automobile industry through choosing22vehicle listed companies as the objects of the study. The method of DEA analysis is the basic evaluation method, while factor analysis is used to calculate relative result of efficiency of every decision-making unit. Then the result of calculation comes out. After proper ranking arrangement, the result of the calculation acts as the data resources for DEA model. Considering the feature of economic development of listed companies, practical evaluation has been made for the financial performance of domestic listed vehicle industry. At last, suggestions about potential and practical improvement for listed companies are made according to the evaluation result of factor analysis and DEA method.The dissertation shows that the financial performance of domestic listed vehicle enterprises is not satisfactory on the whole. In the22vehicle listed companies, the results of financial performance from different enterprises differ from each other a great deal and the phenomenon that the overall technical efficiency exists ineffectively in most of the enterprises. The rank of the index is1only in2accompanies, while in the rest20accompanies whose index is effective, there are merely2accompanies whose pure overall technical efficiency is effective and scale efficiency otherwise. Thus, to their present phases of development, it is necessary for enterprises to readjust the scale and resources to allot all the resources to the best positions. It means the overall level of domestic automobile industry’s financial performance will be surely improved as expected.