Theoretical & Empirical Study On Performance Evaluation Of Coal Listed Companies

The difficult problem of company operating is how to improve the performanceof mining enterprises;joint-stock reform is the main path to enhance the performanceof State-owned Enterprises. This dissertation evaluates the influence of joint-stockreform to performance. Based on analyzing the theory and methodology ofperformance evaluation of foreign and domestic enterprises, a performance evaluationsystem is set up to study on the influence of joint-stock reforming to performance ofSOE, especially, the coal listed companies. The main contents are as follows:The general performance evaluation is the static method to estimate the operatingresults or values of SOE. Through combining the performance evaluation withinstitutional change, the dynamic effects are probed into three hierarchies. It is a newtheoretic research on performance evaluation.The influences of financing structure to performance of SOE are analyzedthrough using method of theoretic deduce and modified VAR. Financing structure canbe changed in the course of joint-stock reforming. New equity finance has little effecton SOE performance but has a substituting effect to bank loan.The structure and its changes of ownership and capital have significant effect onperformance of coal listed companies, especially in condition of perfectly competitivemarket. The non-tradable share has negative correlation on performance;on the otherhand, tradable stock has positive correlation and has significant effect on profitmargin of main operation and ratio of debt to assets. So joint-stock plays an importantrole in enhancing coal companies' performance by changing ownership and capitalstructure.Comparison between foreign coal companies and domestic ones shows that, onthe whole, performance of foreign coal companies is higher than domestic partners.However performance of coal companies is better than other domestic companies inChina. These facts show that market system may improve enterprises' performance.As a result, coal listed companies improve greatly in such factors as technologyefficiency and total factor productivity. By using with/without analysis technology,listed companies make little progress in performance in short terms, but still keep wellthan the other listed companies. On the other hand, performance of coal listedcompanies improve significant through clinical diagnose test. The ratio of debt toassets has significant change in short terms and little change in long terms.Specific, stakeholders and balanced score card theories are used to set up asystematic index to evaluate the performance of YanZhou coal company. Making useof the idea of relative performance evaluation, the paper analyzes the effect ofjoint-stock reforming on YanZhou coal companies' performance. After coalcompanies listed through joint-stock reforming, the score obtain better. The resultsverify the results of comparison between foreign and domestic enterprises.Furthermore, there are still many factors to be improved.