上市公司财务绩效综合评价的实证研究——以家电行业为例

上市公司财务绩效综合评价的实证研究
——以家电行业为例
 
摘要

家电行业是我国市场化程度最高、竞争最为激烈的行业之一，在我国经济中占有显著地位。企业财务绩效评价作为现代企业管理体系的重要组成部分应用于家电行业，可以全面揭示企业的财务状况和经营成果，不仅有利于促进内部管理者改善家电企业的经营活动、提高管理效能，同时也为企业外部投资者及其他信息使用者提供了更加完整的信息，便于他们作出正确的投资决策、信贷决策和其他经济决策。
本文基于我国26家家电行业上市公司2007-2009年的15个财务比率的数据，运用主成分分析法，提取了获利能力、偿债能力、营运能力、成长能力、股本扩张能力五个主成分作为影响我国家电行业上市公司财务绩效的主要因素，从而建立起家电行业上市公司财务绩效评价模型；并运用这一研究成果，对这些公司的财务绩效做出了评价，进一步提出了针对性的建议。

关键词：财务绩效评价，主成分分析，家电行业

Research on Comprehensive Financial Performance Evaluation
 of Listed Companies
——Data from Chinese Home Appliance Industry

ABSTRACT

Home appliance industry is one of the most competitive industries with highest marketization degree in China, which plays a big role in the domestic economy. Enterprise financial performance evaluation, as an important part of modern enterprise management system, is able to reveal the financial position and operational effectiveness of an enterprise on all sides. This not only contributes to improvement of operational activities and management effectiveness, but also plays a positive role in investors’ and other information users’ decision-making about the enterprise.
Based on 15 financial ratios data of 25 listed companies in Chinese home appliance industry from 2007 to 2009 and with the method of principal component analysis, this paper extracts five components to research main factors that influence financial performance of Chinese home appliance industry, which are profitability, solvency, operating capacity, growth capacity and capacity of capital expansion. And thus, a financial performance evaluation model is built up. Then based on the model, this paper evaluates and comments the financial performance of these 26 companies.

Key words: financial performance evaluation, principal component analysis, home appliance industry

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