Study On Operating Performance Evaluation Of China’s Listed Construction Enterprises

With the rapid development of China’s economy, construction industry as one of its pillar industries in the national economy is increasingly important. However, in recent years, Because China’s construction industry continued to decline and the competitive environment becomes more and more fierce, construction enterprises are encountering a series of difficulties and problems in the development process. Thus, construction enterprises need to solve the urgent problem of how to face the crisis and make a long-term development in the industry. Considered the industry benchmark, listed construction enterprises are in a leading position in the whole industry, and they can reflect the development trend of China’s construction industry to a certain degree. Therefore, it is of great significance for the paper to study the operating performance evaluation of listed construction enterprises.First, the paper analyzes the current situation of the development of China’s construction industry, reviews and summarizes the research on domestic and foreign construction enterprises’ operating performance. Meanwhile, the paper summarizes the related theories of construction enterprises’ operating performance which based on the clear understanding of related concepts.Then, combining the characteristics of construction enterprises and according to the selection principles of evaluation index, the paper establishes a more scientific and rational listed construction enterprise’s operating performance evaluation index system, which includes three aspects of earnings, growth and safety, as well as six indicators of operating capacity, profitability, development capacity, capital expansion capacity, short-term liquidity and longterm liquidity. Besides, taking into account the single weights confirm methods have certain limitations, the paper builds China’s listed building performance evaluation model using combination weighting evaluation method that based on the theory of maximizing deviations and cluster analysis method, providing a more reasonable evaluation method.Finally, based on the original sample data from 2012 to 2014 of 39 China’s listed construction enterprises, the paper makes a comprehensive evaluation of operating performance of listed construction enterprises in China, which explaining the solution process of this model and analyzing the evaluation results according to the calculation scores and rank. Meanwhile, using the method of cluster analysis, the paper divides 39 sample enterprises into four categories and then analyzes characteristics and differences between the categories. According to the evaluation results, it not only helps to recognize the overall situation of Chinese construction enterprise’s operating performance, but also proposes inspiration and advice of enhancing the operating performance of listed construction enterprises. In a word, it has a positive significance of improving the comprehensive competitiveness of listed construction enterprises and promoting the sustained and healthy development of China’s construction enterprises.