The Appliance Industry Listed Companies Performance Evaluation Of Empirical Research

Household electric appliance industry is one of the most competitive and the fastest growing industries in our country, and it has become the pillar industry in our economy through almost 30 years'rapid development. As Enterprise performance evaluation is an important part of management, evaluating the performance of household electric appliance industry effectively, not only can objectively know the development situation and forecast the development trend, but also can also help to improve management efficiency and effectiveness.But now the research on the performance evaluation of household electric appliance industry's listed companies is not too much, which can be summarized into three categories:First, select the Profit Margin on Net Assets, Return on Total Assets Ratio, Earnings Per Share as the evaluation of enterprise performance, and then research the relationship between capital structure, competitive strategy diversification and enterprise performance; second, select the Total Assets, Asset-liability Ratio, Main Business Cost, Main Business Profit, Net Profit, and then research the input/output ratio based on Data Envelopment Analysis model; third, select financial index which can respectively reflecting the solvency, profitability, operating capability and development capability, and then compare those financial indicators data vertically as the evaluation of enterprise performance.From the summary of research on the performance evaluation of household electric appliance industry's listed companies, we can see the lack of objective, scientific and comprehensive performance evaluation of household electric appliance industry's listed companies. Based on the former research, this dissertation reckons that we should select financial index which can respectively reflecting the solvency, profitability, operating capability and development capability, then set the weights and establish an enterprise performance evaluation model to objectively, scientifically and comprehensively valuate the performance of household electric appliance industry's listed companies by using principal component analysis method. The structure of this dissertation is like this:First, review and analyze the research on the performance evaluation of household electric appliance industry's listed companies, and analyze the performance evaluation from the theory angle:Based on the Stakeholder Theory, this dissertation thinks that the important subjects of the performance evaluation should be government, investors, managers, suppliers and customers; Based on the Enterprise Capability Theory and the analysis of the performance evaluation subjects, this dissertation thinks that the performance evaluation should integrate the solvency, profitability, operating capability and development capability. Based on the above analysis, bring forward the hypothesis and establish the enterprise performance evaluation model for the household electric appliance industry's listed companies.Then, by using the principal component analysis, find out the internal orderliness of the household electric appliance industry's listed companies'2006-2008 annual financial data and establish the specific performance evaluation model, and test the hypothesis at the same time; According to the specific performance evaluation model, evaluate the listed companies'2006-2008 annual performance and compare the results between the companies to analyze each company's position in the industry, relative competitive advantages and disadvantages, and compare the results vertically to know the development status and trend; Based on the above analysis, find out that there are many problems in the household electric appliance industry's listed companies, such as overall performance is not satisfactory, the solvency, operating capability and development capability are to be enhanced.Finally, to resolve those problems, this dissertation advise the household electric appliance industry's listed companies to take the following measures:Strengthen technology innovation and increase energy conservation awareness to improve the profitability and development capability; Return to the main business and enhance the control of cost to maintain the profitability and operating capability; Improve the financing method and optimize capital structure to enhance the solvency and development capability. With the continuous improvement of the market economy system, this dissertation also suggests our government to make more reasonable and effective industrial policy, in order to ensure the household electric appliance industry's steady and healthy development.