Research On Financial Performance Evaluation Of Listed Companies In China’s Automobile Industry

The automobile industry is the pillar industry of China’s national economy.The healthy development of the automobile industry plays an important role in supporting and promoting the development of China’s national economy.Good financial performance is not only the basis for listed companies to obtain excellent market performance,but also the key to the competitiveness improvement and sustainable development of listed companies.Through to the automobile industry listed company financial performance evaluation,financial performance to automobile industry status quo,on the basis of exploring the auto industry financial performance improvement countermeasures,is to promote China’s auto industry reform and the sustainable development of the listed company internal needs,for the development of China’s automobile industry and even the entire national economy has important significance.In order to evaluate the financial performance of China’s automobile companies,the paper first sorts out the theoretical research in three aspects: financial performance evaluation methods,financial performance evaluation index system and financial performance evaluation research in different industries.Secondly,we select a three-stage DEA method that can make the same company in different years in a homogeneous environment.Then,combining with the industry characteristics of the automobile industry and the previous theoretical research,the financial performance evaluation index system is constructed.Finally,an empirical study is carried out on listed companies in China’s automobile industry that have business activities from 2016 to 2018 and whose main business is automobile manufacturing.The results show that the listed companies in China’s auto industry are in an unfavorable environment,and the financial performance of most listed companies in the auto industry has not reached an effective state.Among the 57 decision-making units of the selected 19 sample companies,only six companies have reached an effective state in threeyears,and it can be seen that scale efficiency is the main factor affecting the overall efficiency.By comparing the actual operation of automobile companies with the research results,this paper holds that to effectively improve the financial efficiency level of listed companies in China’s automobile industry,it is necessary to reasonably arrange the capital structure,improve the independent innovation ability,control the appropriate scale efficiency and establish a unified and effective evaluation standard.This paper innovates the concept of financial performance in the automobile industry on the basis of performance by studying the purpose of financial performance,the process of behavior and the way of achieving results.According to the existing evaluation index system,specific indicators are screened from the traditional four capabilities and financial statements.The innovation of the index system lies in combining the industry characteristics of listed companies and automobile manufacturing industry,thus substituting the model calculation results may be more targeted and reasonable.