Research On The Performance Evaluation On Chinese Listed Companies In Instrument And Meter Industry

Instrument and meter field is an important and strategic part of the equipment manufacturing industry. It also plays an important role during the industrial upgrading. Nowadays the annual output value of China’s instrument and meter industry is nearly one trillion, but in recent years, the trade deficit has always been more than one million dollars every year, reflecting that the field is a very weak part in the machinery industry. The main reason is that domestic enterprises do not grasp the core technology, which leads to long-term dependence on imported high-end products and even domestic companies can make some products, they also have poor accuracy and reliability, short life shortcomings. In addition, only a few companies’annual income is more than 1 billion yuan. Compared to foreign multinational enterprises, the less capital strength of domestic enterprise restricts the development of the industry.Listed companies in instrumentation industry are the leading enterprises, which has the comprehensive strength and potential to become the domestic industrial giants. At the same time, performance evaluation is also a field which scholars in theory and practice are concerned about. Therefore, the performance evaluation of listed corporations of instrument industry, not only enables investors to focus on outstanding investment targets, but also provides a basis for decision-making to other stakeholders.Based on the analysis of the status of instrument and meter industry, this paper summarizes the existing industrial problems and development opportunities. The performance evaluation system includes 11 financial indicators at the profitability, solvency, operating capacity and growth capacity aspects. After introducing the relevant theory, the fourth part presents using factor analysis and cluster analysis method to evaluate the performance of 19 listed companies in instrumentation industry, which is based on financial data in the third quarter of 2015. According to the analytical results, the article launches a brief analysis and evaluation for some companies. In the research conclusion part, combined with factor analysis and cluster analysis results, the paper give the companies a different degree of concern from the perspective of investors and draws a conclusion that grasping the core technologies is quite important.Finally, this paper gives the corresponding recommendations for the problems in the industry. Government can set up a fund to subsidy the industry company performance and give more policy supports. Setting up the education funds to support the development of basic disciplines also should be taken into consideration by the authorities. Industry associations should bear much as a bridge between the enterprises and the government, and it also can play a great role in the industrial funds. Company should not only take R & D investment seriously, but also pay attention to mergers and acquisitions, because endogenous and epitaxial strategies can make the companies develop more rapidly.