Research On Financial Performance Evaluation Of Listed Companies In High-end Equipment Manufacturing Industry

At present,the high-end equipment manufacturing industry is a strategic emerging industry with the greatest concentration of various advanced technologies,the strongest scientific and technological innovation ability,and also has great development resilience,vitality,power,potential and tension.The "Made in China 2025" initiative outlined an ambitious blueprint for the future development of the manufacturing industry,marking a new development opportunity for China’s high-end equipment manufacturing industry.Its development plays a key role in our country’s strategic transition from manufacturing power to manufacturing power.From the perspective of industry life cycle,the high-end equipment manufacturing industry is in a period of rapid growth and faces great competition risks.Therefore,timely assessment of the development situation of its industry can help enterprises to understand the environmental risks of the industry and the strategic position of enterprises,namely the competitive impact,and make reasonable planning for long-term operation.It also helps the government to provide technical guidance and precise policy support for the promotion of its key technology projects.This paper selected listed companies of high-end equipment manufacturing industry as the research object,comprehensively adopted literature research method,empirical research method and other research methods,and used factor analysis,DEA model and Tobit model three research tools to analyze the financial performance of listed companies of high-end equipment manufacturing industry and its influencing factors,and put forward corresponding improvement suggestions based on this.First of all,starting from the research background and research significance,this paper sorts out and evaluates the relevant research status of domestic and foreign scholars,providing theoretical support and research ideas for the construction of the financial performance evaluation system in this paper.Secondly,based on the analysis of industry characteristics and status quo,the initial input and output variables are screened and processed by factor analysis method,and four common factors of input and output are extracted.Thirdly,the DEA model is used to calculate the financial performance of listed companies in the high-end equipment manufacturing industry based on the input and output indexes calculated by the common factors.Finally,according to the analysis of the status quo of listed companies in the industry,a reasonable research hypothesis is proposed,and the Tobit model is used to carry out correlation analysis of influencing factors,to draw research conclusions,and put forward feasibility suggestions.The research results show that the listed companies of high-end equipment manufacturing industry have developed into a good overall situation from 2017 to 2021,but the comprehensive technical efficiency of some companies is relatively low.The specific analysis of efficiency composition can find that the pure technical efficiency is lower than the scale efficiency.At the same time,when exploring the factors affecting the financial performance of high-end equipment manufacturing industry,it is found that enterprise scale,R&D capital input,enterprise financing scale and internal control defects have a significant impact on the financial efficiency of high-end equipment manufacturing enterprises,while government subsidies and the proportion of senior executives’ shares have a low correlation with the financial performance of enterprises.Therefore,after drawing conclusions through comprehensive data analysis and evaluation method,this paper combined with the development characteristics and status quo of the industry,and put forward the following suggestions for the future development of the industry,including transforming government functions and improving precise support;Optimize the financing structure and reasonably avoid risks;Strengthen research and development investment,improve the vitality of technological innovation;Reasonable expansion of the scale of enterprises,to achieve the maximization of scale benefits and other five suggestions.