Research On The Construction And Application Of Comprehensive Financial Index Of Listed Companies In The Non-ferrous Metal Industry

Nonferrous metal industry is an important basic industry in China,and also a pillar industry in Yunnan province.How to resolve the predicament of traditional manufacturing companies such as nonferrous metals industry,optimize the industrial structure,promote the sustained and healthy development of the industry is an important work of the government,enterprises and other organizations in recent years.To solve the plight of the industry need to understand the development trends and identify operation problems at first.Due to the limitation of time and space,traditional financial analysis has been unable to meet the needs of information users,but financial index is an extension and sublimation of accounting information and traditional financial analysis.By using the statistical method,to condense large financial data into a concise,comprehensive,dynamic index is helpful to accounting information users to make scientific decisions.At first,the article uses normative method to review and evaluation the literature at both home and abroad,and review the theoretical basis,then define the industry comprehensive financial index(CFI)as an index system which is constructed based on economic theory and financial analysis theory.It focuses on an industry,using the mathematical statistics methods to comprehensive accounting information,and is response to dynamically reflect the status and development trend of the overall industry.By using questionnaire survey method,the author selects 16 financial ratios to reflect the profitability,solvency,operational capacity and the development ability,and ultimately established a three levels hierarchical index structure.Delphi Method and Analytic Hierarchy Process are used to determine the weight of each level.At last,comprehends the index and index weight to determine the model of CFI.At second,the article make an empirical study on nonferrous metal industry CFI by selecting nonferrous metal industry listed companies in China and the companies registered in Yunnan Province as the sample,based on the periodic reports disclosed by the companies from the 1st quarter of 2011 to the 3rd quarter of 2016,in accordance with the synthetic index method,on a quarterly frequency,the CFI of nonferrous metals industry listed companies and the CFI of nonferrous metals industry listed companies in Yunnan are generated,total to 23 periods.Compare with prosperity index,CFI can not only measure the changes of the financial situation of enterprises,but also well reflect the development of the industry status and trend.Financial information is more valuable in monitoring the economic situation.By splitting the CFI into the 2nd index level,the author founds:the financial risk of nonferrous metal industry is higher and capital structure needs to be improved;government intervention is obvious,operating capacity needs to be strengthened;development ability is worrying,the transition pressure increases etc.Compare with CFI of nonferrous industry,CIF of Yunnan nonferrous metals listed company is better than the average level of industry for most of the time,but the fluctuation of Yunnan CFI is higher,so the risk is higher.On the above problems,the author gives suggestion from the angle of improving the financial situation of enterprises:optimize products structure to improve profitability;control financial risk strictly and improve capital structure,eliminate backward production capacity to improve the quality of assets;reduce government intervention,strengthen the role of market,encourage enterprises to mergers and acquisitions.