Listed Company Performance Appraisal

One feature of modern enterprises is the separated relationship between principals and agencies, which requires that principals should give proper incentives and supervisions to agencies. Therefore, it is of the great importance for the modern enterprises to make performance evaluation. Financial performance is the basis and power source of enterprises' development. Since investment return is the original drive for investors to create enterprises, therefore optimizing the financial performance is the main managerial objective of investors. Making more output with less input is the only way of for the development of state-owned enterprises. Thus a new performance evaluation index system for state-owned enterprises should be established, in which transaction from single indices to comprehensive performance evaluation method should be promoted. The evaluation results are as following: the comprehensive performance score of agricultural listed companies is 57.40, which is in the medium level among all the industries; the score of financial performance is 21.38; the score of asset operation is 10.65; the score of liability repaying capability is 9.31; the score of development capability is 16.06. The performance score of Shuanghui is 69.34, which is fairly well, though it is still far less compared with other listed companies in the industry. The results show that agricultural enterprises are laggard, development trend should be adjusted, supporting policies given by the central government should be taken good advantage of, and economic performance should be improved in order to improve the situation. The performance evaluation should comply with the requirements of modern enterprises, and should be integrated into the process of strategic management, and take the strategic objective as the jumping-off point of performance evaluation and management. The evaluation index system needs to be further improved and extended, so as to establish a comprehensive evaluation system, which combines the financial and non-financial index together, and embodies the requirements of strategic management, the core competitiveness of enterprises.