Research On The Performance Evaluation Of Listed Companies Of Shandong Peninsula Blue Economic Zone Based On Factor Analysis

As China’s securities market and securities business are getting increasingly regulated, mature and prosperous, there is a leapfrog development in both quantity and quality of China’s listed companies. Due to their rapid response to economy, listed companies are generally considered to be "barometers" for regional economy. In addition, as leading enterprises, listed companies act as important pillars in local economic growth. Comprehensive research and evaluation of performances of listed companies help reflect the growth and operation capabilities of their own, and mirror the local economic growth and structure in an indirect manner. Inclusion of Development Planning for Shandong Peninsula Blue Economic Zone into a national strategy has endowed rapid boom of listed companies in the Blue Economic Zone with a good opportunity. So it is of theoretical value and practical significance to perform scientific and rational appraisal and analysis of performances of listed companies in the Blue Economic Zone and identify problems and give policy suggestions for regulating the capital market, promoting and improving local economy within the Blue Economic Zone.Firstly, this paper collates the existing literature on performance evaluation of listed companies, summarizes research results and development status for domestic and foreign performance evaluation of listed companies, and introduces the theoretical basis for performance evaluation. It sums up the history and methods of performance evaluation of listed companies, as well as basic status of listed companies within the Blue Economic Zone. After sorting out the historical evaluation of domestic and foreign performance evaluation and analyzing the feasibility, pros and cons of various evaluation methods, this paper determines to use the factor analysis method for analyzing performance evaluation of listed companies within the Blue Economic Zone.In terms of empirical research, this paper uses85listed companies within the Blue Economic Zone as a total sample, and selects12indicators in five areas from2010to2012to establish the indicator system for operating performance evaluation of the listed companies. Besides, this paper makes a simple comparison between financial indicators of listed companies within the Blue Economic Zone and average indicators nationwide to make a preliminary evaluation for its performance. It uses analysis tool of SPSS20.0software and the factor analysis method to obtain the scores and ranks of five major factors including profitability, growth, solvency, operating capabilities, and asset liquidity as well as comprehensive performances of listed companies within the Blue Economic Zone. It then verifies scores of comprehensive performances, as well as whether corporate performances vary because of different capital sizes, time to be listed, regions, industries and other internal or external factors, and the relationship between internal and external environmental factors and scores of comprehensive performances.Finally, this paper analyzes and evaluates factor scores of performances of listed companies in the Blue Economic Zone in terms of factors, industries, regions and time based on scores and ranks, and proposes countermeasures and suggestions which are practical and workable based on this, so as to provide a basis for decision-making of governmental departments, listed companies and investors, and offer accumulative theories and data for enhancing overall operating performances and achieving smooth development of listed companies within the Blue Economic Zone.