【作者】 赵辉；

【导师】 刘洪渭；

【作者基本信息】 山东大学 ， 工商管理， 2012， 硕士

【副题名】以电器企业为例

【摘要】 中国资本市场经过20多年的发展,已经具有全球影响力,其中股票市场起着举足轻重的作用。股票市场上,中小投资者数量巨大,已经超过1亿户以上。由于我国资本市场尚处于初级阶段,市场制度、行政监管和相关法制方面不够健全,使得中小投资者在上市公司股东中处于实质的弱势地位,其在正确判断上市公司业绩、正确决策投资、确保享受剩余控制权方面存在较大差距。要促进中国股票市场健康发展,合理有效配置社会资源,必须保证中小投资者对上市公司业绩予以真实、准确地评价。如何评判上市公司的经营业绩,以促使中小投资者获取合理的投资回报,这是一个值得我们探讨的课题。本文回顾了西方发达国家业绩评价理论的发展历程,在我国学者对业绩评价研究成果的基础上,基于中小投资者获取企业信息有限,以及财务、证券等相关专业投资知识欠缺的特点,建立了一套由11个财务指标组成的业绩评价指标体系,从盈利能力、偿债能力、资产管理能力和成长能力四个方面进行业绩评价。为确保研究成果具有代表性,本文选择了市场成熟度高、竞争状态充分的电器类上市公司,进行经营业绩评价的实证研究。在实证过程中,运用了因子分析法和熵权法两种方法进行业绩评价,运用SPSS和EXCEL软件得到两种方法下的业绩排名并进行了分析和对比,以使评价结果更加客观、真实。根据本文的研究结果,可以为中小投资者的投资决策提供有价值的参考意见,从而更好地维护中小投资者权益,促进中国资本市场的健康发展。本文在指标选取上突出了中小投资者的特点和需求,创新之处是采用主客观相结合的评价方法,采用两种统计分析方法对指标体系予以客观赋权,避免单一评价方法之缺陷与偏差,以期取得优势互补之功效。更多还原

【Abstract】 Chinese capital market after20years of development, already has a global influence, among which the stock market play a decisive role. The stock market, a huge number of medium and small investors, has more than100000000above. As the Chinese capital market is still in the primary stage, the market system, administrative supervision and the relevant legal system is not perfect, make medium and small investors in listed company is in essence a vulnerable position, the performance of Listed Companies in the correct judgement, correct and decision-making investment, ensure that enjoy the residual rights of control respect is put in bigger difference. In order to promote the healthy development of Chinese stock market, reasonable and effective distribution of social resources, must ensure that the medium and small investors on the performance of the listed company shall be authentic, accurate evaluation. How to judge the operating performance of listed companies, to promote medium and small investors access to a reasonable return on investment, this is a worthy of our study.This paper reviews the western developed countries, performance evaluation of the theory of the development process, the Chinese scholars on the performance evaluation on the basis of research results, based on the medium and small investors access to business information limited, as well as the financial, securities and other related professional investment lack of knowledge characteristic, established a set consists of11financial indicators of performance evaluation index system, from the profitability, solvency, asset management ability and growth four respects of performance evaluation. To ensure that the results are representative, the paper selected market maturity is high, competitive state of full electric listed company, operating performance evaluation and empirical research. In the empirical process, using factor analysis method and entropy method, two methods of performance evaluation, using SPSS and EXCEL software from the two methods of ranking and performance are analyzed and compared, in order to make the evaluation results more objective, true. According to the research results of this paper can be as small investors, investment decision-making to provide valuable advice, so as to better protect small investors rights and interests, to promote the healthy development of China capital market.Based on the index selection highlight the medium and small investor’s characteristics and needs, innovation is the use of a combination of subjective and objective evaluation method, using two methods of statistical analysis on index system for objective weighting, avoid single evaluation method of flaw and deviation, in order to achieve the complementary effect.更多还原