| Steel industry is a basic industry in China's industry and plays an important role in the national economy.Iron and steel industry has overcapacity,the state has pushed forward the supply-side structural reform and Annexation reorganization.The steel's market started to recover and enterprises have improve profits.However,the steel enterprises are still faced with the shortage of raw materials,the operation of enterprises' micro-efficiency and high environmental pressure,and the situation is still serious.Comprehensive evaluation of the financial performance of iron and steel enterprises can play a positive guiding role in the assessment and improve enterprise management level.SHANXI TAIGANG STAINLESS STEEL CO.,LTD.as old iron and steel enterprise,the company's net income has been on a downward trend since 2011,particularly in 2015,when the company posted a loss of $3.7 billion.This paper takes the company as the research object,There is no complete performance evaluation system,incomplete evaluation index and lack of industry comparison in the current financial performance evaluation of the company.Added to build the financial performance evaluation system based on DEA,hope that through reasonable performance evaluation to find out the problems existing in the company management,and improve the financial status of company.Through reviewing the literature and drawing on the experience of domestic and foreign enterprises' financial performance evaluation,18 financial indicators were selected for factor analysis to extract common factors,use the common factor score as the input and output index,And then we use the DEA model to produce overall efficiency,technological efficiency,and scale efficiency,conduct effectiveness and sensitivity analysis.From the longitudinal dimension to the financial performance from 2002 to 2016,To evaluate the financial performance of the company from 2002 to 2016 from the vertical dimension,The financial performance and ranking of the 31 firms listed in the steel industry in 2016 from the lateral dimensions of the steel industry.Finally,we made comprehensive analysis and evaluation on the financial performance of company.After comprehensive analysis and evaluation,it is found that the company needs to focus on the growth capacity and profitability,the existence of operating capacity investment redundancy and insufficient growth capacity output.According to the analysis results,four improvement Suggestions are proposed: strengthening inventory and accounts receivable management,optimizing capital structure,increasing cost control and optimizing product variety structure. |
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