Evaluation Of Financial Performance Of Expressway Listed Companies Under Diversified Operation

The main source of income for China's expressway enterprises is the vehicle toll collected.As China's economic growth slows down,the competitive environment faced by expressway companies is also deteriorating.It is difficult for a single main business to meet the needs of its development,so expressway companies have turned to diversification.Under the background of diversified operation,the development status of expressway companies needs to be determined through their performance evaluation.At the same time,it has its own monopoly of operations and balances economic and social benefits.The performance evaluation system adopted cannot highlight its inherent attributes.Therefore,it is urgent to establish a performance evaluation system that meets the operating characteristics of expressway enterprises.Based on this,the main research content of this article is:(1)First of all,taking the listed companies of 18 operating expressways as samples,preliminary evaluation indicators were selected according to the evaluation rules.Then,according to the requirements of the data envelopment method,a typical correlation analysis was used to reconstruct an effective evaluation system.(2)Applying the data envelope analysis method to obtain effective and ineffective units from horizontal and vertical analysis,and projective analysis of non-effective units at the same time,the improved target value can be obtained,and then the dynamic analysis of Malmquist productivity index can be performed.The previous year increased or decreased changes.The results show:(1)67% of expressway listed companies have not reached the optimal status between input and output,that is,in the context of diversified operations,there are problems of unreasonable scale and management system defects.(2)In the period from 2012 to 2016,the scale returns fluctuated from year to year,indicating that diversification is not stable and there is a high operating cost.(3)According to the Malmquist Productivity Index,first of all,the listed companies of expressways have shown an overall growth trend,reflecting that technological progress plays an important role in promoting.However,the growth rate of operating efficiency in each year has been slowing down,and there are differences among company indexes.According to the analysis,it can be seen that this is mainly affected by changes in economies of scale.It shows that there is no significant scale benefit under diversified management,and there is a problem of unreasonable resource input.Therefore,in the future development,the listed companies of the expressway must first of all do a good job in the main business,actively promote the advanced charging technology,and ensure the stable growth of the main business.At the same time,diversification is carried out properly and effectively,focusing on the following aspects:(1)Rationally develop new business.(2)Prevent diversified business risks and control investment.(3)Integrate the business scale of expressway enterprises and give play to their advantages in resources.(4)Optimize the internal and external management system of expressway enterprises,improve the supervision mechanism,and ensure the effective management of diversified development.