Research On Comprehensive Evaluation Of Performance Of Listed Electric Power Companies

As an important supporting industry for the development of the national economy,the power industry plays an irreplaceable role in accelerating economic development and improving people’s living standards.At the same time,power companies,as an important part of the power industry,are an important focus of economic development in countries around the world.Since the reform and opening up,along with the transformation of China’s economic system,the three power system reforms carried out by the state on the power industry have had a profound impact on listed power companies in China.The company’s development prospects and operating environment are rapidly changing.How to seize and meet the opportunities and challenges brought by the reform has put forward new requirements for the operation and management of listed power companies.As an important part of the company’s business management activities,comprehensive performance evaluation is comprehensive and scientific.At the same time,the performance evaluation of listed power companies is not only a display of the performance of stakeholders,but also provides relevant stakeholders Required business information.Therefore,it is of practical significance to conduct comprehensive performance evaluation research on listed power companies.The main research contents of this paper include:First,analyze the status quo of performance evaluation of China’s power industry,and summarize the deficiencies in the performance evaluation of China’s power industry.Second,according to the problems in the performance evaluation of listed power companies and the characteristics of the power industry,an index system suitable for the performance evaluation of listed power companies in China is constructed.The third is to propose a subjective and objective integrated weighting method based on the Best-Worst Method(BWM)-entropy method and acomprehensive performance evaluation model based on the VIKOR method,using 50 electric power listed companies as samples for empirical research.The empirical research results in this article show that:(1)The overall performance of listed power companies in China is average.The evaluation results show that the overall performance ranking of the 50 listed power companies can be divided into 11 levels,and the overall performance level of most companies is at the L5-L8 level,indicating that the overall performance of listed power companies is average.(2)The internal performance of electric power listed companies is unbalanced.The empirical results show that some electric power listed companies focus on the implementation of some performance and do not pay attention to the whole,resulting in imbalance in the internal performance of the enterprise.(3)The solvency of electric power listed companies is weak.The empirical analysis found that companies in the lower level of solvency performance accounted for the majority of the sample,indicating that China’s listed power companies were generally weak in terms of solvency.(4)Profitability is the main factor affecting the comprehensive performance of listed power companies.The empirical results show that the profitability index has the largest weight,and the overall performance ranking of the sample companies and the profitability ranking are highly consistent,indicating that the profitability is closely related to the company’s overall performance.(5)The awareness of listed power companies in raising risk levels has gradually increased.The empirical results show that companies with higher comprehensive performance rankings generally have higher risk levels。The main innovations of this paper are as follows:(1)A comprehensive evaluation index system which can reflect the performance of Listed Companies in China is constructed.This paper constructs a comprehensive performance evaluation index system including 14 secondary indexes from five dimensions of solvency,profitability,operation ability,development ability and risk level,which lays a foundation for the scientific and objective evaluation of the performance of listed power companies.(2)A comprehensive performance evaluation model for listed power companies based on the BWM-entropy method and VIKOR was constructed.Considering the characteristics of the index system,this paper proposes a subjective and objective integrated weighting method based on BWM entropy method,which ensures the rationality of the weight.In addition,Considering the evaluation object group and individual utility preference degree,this paper puts forward the performance comprehensive evaluation method based on VIKOR method,which makes the judgment result more objective and scientific,and can provide empirical reference for the policy suggestions that are helpful to improve the performance comprehensive of China’s power listed companies.