Research On Financial Quality Evaluation Of Steel Listed Companies Based On Factor Analysis And DEA

Financial quality is a comprehensive evaluation of asset quality,profit quality,risk and growth from the perspective of stakeholders,and reflects the extent to which an enterprise uses its own resources to meet the needs of all stakeholders.For listed companies themselves and stakeholders,it is very important to analyze and evaluate the financial quality of listed companies and how to prevent or avoid financial problems that may result from wrong decisions.The iron and steel industry is very important to the development of industries related to our national economy,such as automobiles and buildings,as well as machinery and household appliances.It can be said that this industry supports the development of our national economy to a great extent.As the leader in the development of the industry,the financial quality of the listed steel companies has a great impact on the development of the whole enterprise,and then affects the development of the whole industry,and finally affects the healthy development of the whole national economy.Therefore,it is an important issue for enterprises to objectively evaluate the financial quality of listed iron and steel companies,find out the gap through comparison,analyze the reasons affecting the financial quality,and put forward countermeasures.First of all,this paper expounds the theoretical knowledge of the financial quality of listed companies,which has brought a lot of reference to the research of this paper.Secondly,taking the development history of the iron and steel industry as the background,the development characteristics and current situation of the industry are analyzed in detail.Taking the basic theories and methods of financial quality evaluation of listed companies as the starting point of the study,this paper uses factor analysis method to build an all-round financial quality evaluation system.The evaluation index of the system mainly includes four aspects,in addition to the quality of assets and profits,as well as risk and growth indicators.At the same time,this paper will also investigate and study 28 listed steel companies,and select 12 financial indicators and collect corresponding data information,make statistics on the data of these companies from 2017 to 2018,and use data envelopment analysis model to evaluate and analyze the financial quality.Finally,according to the analysis results,effective measures to improve the financial quality are put forward.The research results show that the 28 steel listed companies selected by the research institute have significant differences in financial quality.Most companies have low comprehensive efficiency.Only Taigang Stainless,Xining Special Steel,Hangzhou Iron and Steel Co.,Ltd.The comprehensive efficiency of the six listed companies of Yigang and Xingang is 1,and out of the remaining 22 inefficient companies,5 companies have purely technical efficiency and scale efficiency.Therefore,according to the actual development level of the current enterprise,it is necessary to appropriately adjust its own resources or scale in order to achieve the purpose of optimizing the allocation of resources,thereby improving the overall financial quality level of China’s steel listed companies.