Research On Performance Evaluation And Its Influencing Factors Of Manufacturing Listed Companies In China

Manufacturing industry is the important industry in China, its business performance has become issue of common concern, and how to evaluate the performance of listed companies objectively has also become urgent need for the stakeholders. Moreover, searching for the key factors influencing the financial performance of manufacturing listed companies is a practial guide to improve operating conditions and business performance.Based on pervious studies and according to the characteristics of manufacturing listed companies, this thesis selects 11 indicators from five areas including profitability, solvency, operation, growth and expanding to establish evaluation system of manufacturing performance with the manufacturing companies lised on Shenzhen and Shanghai Stock Exchange maket. Then the method of factor analysis is proposed to evaluate manufacturing companies listed on shanghai and Shenzhen main board in 2010, and finally calculate the performance score to get the comprehensive performance ranking.Then with SPSS13.5 and STATA11.0, the factors influencing the performance of manufacturing companies is analyzed from the ownership structure, captital structure, board characteristics, corporate governance and firm size respectively, through cross-sectional data analysis and panel data analysis, the final conclusion can be made as follows:In the cross-sectional data analysis, the top three executive pay and firm size are both significantly and positively correlated on the corporate performance; as for the asset-liability ratio, the corporate performance can be better when the asset-liablity ratio is getting closer to 50%. Considering the time factor, the property of the manufacturing industry may significantly affect corporate performance, while the property of region is opposite; Besides, the relation between the balance ratio and corporate performance is vertified to be The U-shape, the largest proportiong of shareholding is positively related to the corporate performance and the proportion of independent directors is negatively correlated to the corporate performance. As for the top five shareholding, with the contingency table analysis, the top five shareholding has significant effect on the manufacturing performance, but this relation can not be verified to be linear.