Research On Financial Performance Evaluation Of Steel Listed Companies Based On DEA And LOGIT

The iron and steel industry is one of the basic industry of national economic development,the upstream connected with mineral and coal mining industry base,the downstream convergence of construction and real estate,transportation,machinery manufacturing and other key industries,plays an irreplaceable role in the development of industrialization to the development of the country and national economy.In recent years,China’s iron and steel industry,the rapid development of production technology in iron and steel production,with the improvement of enterprise scale and industrial concentration,but there are still many problems,such as the technological innovation ability of enterprises is not enough,the unreasonable industrial structure,the industrial concentration degree and needs to be further improved fewer products with high added value.The key to solve these problems is to improve the efficiency of enterprises.In this paper,the development background of the steel industry is analyzed,and the literature review and the definition of performance evaluation and related theoretical knowledge are reviewed.Based on the comparative analysis of the advantages and disadvantages of the performance evaluation methods,we do use data envelopment analysis(DEA)as the research method of performance evaluation.Secondly,according to the classification guidelines of listed companies and the principles of sample selection,31 steel listed companies are selected as research samples.Based on the principle of index selection,combined with the financial statements of the previous scholars selected indicators and indicators,determine the choice of total assets,the main business cost,the number of workers three input indicators,the main business income,net profit and earnings per share of three output indicators,the establishment of performance evaluation system.Again,the 31 listed steel companies in 2011-2015 data processing using DEAP2.1 software,and the comprehensive efficiency,pure technical efficiency,scale efficiency and returns to scale and regional average efficiency of detailed analysis.The analysis results show that the overall efficiency of iron and steel industry,the technical efficiency of good performance,scale efficiency improved,or decreasing returns to scale change most of the enterprises to the constant returns to scale,there are regional differences in efficiency,comprehensive efficiency and pure technical efficiency is higher in the central region.And on this basis,the analysis results of DEA efficiency as the dependent variable,the DEA input factors: total assets,main business cost and the number of employees two yuan as independent variables further LOGIT regression analysis results show that: when the other conditions remain unchanged,the total assets have significant positive influence on the overall efficiency of enterprises and workers the number has significantly negative influence,the main business cost is not significantly affected.Finally,according to the analysis results,combined with the development status of China’s iron and steel industry,the following recommendations: to increase investment in scientific research,innovation ability,improve the core competitiveness.Promote the merger and reorganization of iron and steel enterprises,improve industrial concentration.Implement energy-saving emission reduction system,eliminate backward production capacity.Strengthen personnel management,improve the internal management level and increase the support of the central and Western regions.