我国上市公司效绩评价指标体系研究(1)

湖南大学硕士学位论文我国上市公司效绩评价指标体系研究姓名：王超申请学位级别：硕士专业：管理科学与工程指导教师：舒强兴20060430IIIIIAbstractTheissueofenterpriseperformanceevaluationisthekeyproblemineconomicsystem.Andtheperformanceevaluationplaysaleadingroleinenterprisesmanagement.Westerndevelopedcountrieshavestudiedtheenterpriseperformanceevaluationsystemdeeply,whichhavemasteredmanymaturetechniquesandmethodsofbusinessperformance,includinglistedcompanies.Theselectionofenterpriseperformanceevaluationindicatorshasshownthatithascontainedsubstantialimprovement.Businessperformanceevaluationindicatorssystemhasbeendevelopedintoacomprehensiveonethatcombinesfinancialindicatorswithnon-financialindicatorsfrompurefinancialindicators.Incomparisonwithforeigncountries,ourbusinessperformanceevaluationstudiesstartedrelativelylate.Althoughinrecentyearsithasmadeencouragingprogressinexploringtheestablishmentofscientificenterpriseperformanceevaluationsystemandpromotingourenterpriseevaluationsystemlinkedtotheworld,itstillleavesmanyproblems.Alongwiththegradualstandardizationofsecuritymarketandcontinualimprovementofthemarketeffectiveness,government,investorsandstakeholderspaycloseattentiontothedevelopmentandperformanceoflistedcompanies.IthasgreatpracticalsignificancethatestablishingamatureenterpriseperformanceevaluationsystemadaptedtoChinesenationalconditionsforlistedcompanies,toupgradethequalityoflistedcompanies,toleadtheinvestorseffectivelyandrationallyguidethedevelopmentofChina'sstockmarket.Thepapermainlyresearchesontheestablishmentofperformanceevaluationindicatorssystemofdomesticlistedcompanies.Itfirstlyintroducesandreviewsthemainmethodsofperformanceevaluationoflistedcompaniesbothathomeandabroad.Thenamongtheintroductionoftheexistingperformanceevaluationindicatorssystemforourlistedcompanies,thethesisfocusesontheresearchofthecurrentevaluationsystemofstated-ownedcapital,understandingitsstructureandanalyzingitsproblems.Onthisbasis,againstourlistedcompanies’features,thepaperexplorestheBalancedScorecardandestablishesitsownperformanceevaluationindicatorssystemofdomesticlistedcompaniesintheevaluationofcustomerperspective,internalprocessesperspective,innovationandlearningperspectivebasedonBSC.Theestablishedmodelhascombinedfinanceindicatorsanalysiswithnon-financialindicatorsanalysis,IVemphasizedtherealizationofenterprisestrategicgoalsandovercomethelimitationoftraditionalevaluationmethods.Inthelastpartofthepaper,theauthorassessestheestablishedmodelcomprehensivelyfromalllevels.Thewriterfirstlyintroducestheprocessofevaluatingthefinancialdimensionbyapplyingfactoranalysis.Secondly,thewriterassessesperformanceevaluationindicatorssystemcomprehensivelywiththehelpoffuzzyanalytichierarchyprocess.Thenthewriterlaunchesnon-dimensionaltreatmentofevaluationindicatorsanddeterminestheweightofthem.Thirdlythewriterdrawstheconclusionthatthismodeliseffectivebyanalyzingit.Finallytheauthorconductstheempiricalanalysisoflistedcompanies.Keywords:ListedcompaniesPerformanceevaluation;Balancedscorecard;FuzzyanalytichierarchyprocessI1______2111.1-2002[1]1.21.2.121(1920)195019[2]20[3](ROI)[4]2(2020)30[5]1950(JacksonMartindell)[6](PeterDrucker)[7]8[8]1971(Melnnes)30(RONA)[9]1979(Persen)(Lessig)400(EPS)(IRR)[10]3(20)80808[11]803IBMMotorola[12]1780901990(KelvinCross)(PichardLynch)[13]1991StemStewartEVA()(WACC)[14]1992(RobertKaplan)(DavidNorton)[15][16]20902141.2.22090209019921993199388[17]19951993[18]10199381997[19]199965[20]324200223228[21]1.362[22]2.12.1.12.1.1.120(ROE)(ROA)[23]2.1.1.2207(TheDoPontAnalysisMethod)[24]2.1=/==1/1-=/==/=/1283412312392.1.1.3(EVA)EVA·(sternstewart&co)[25]StewartEVAQ19939EVA[26]EVAEVAEVA1EVAEVAEVAEVAEVAEVAEVA2EVAEVAEVA19871016%12%1987627%300%55%3EVAEVA10EVAEVAEVA11EVAEVAEVAEVAEVA[27]2.1.1.4199578500500500[28]()255005005002.1.1.5McGrawHill101000(Standard&Pool’s)5005005050[29]8812(%)(%)(%)(%)(%)820%A20%B20%E8123452.1.2202.1.2.1PeterDrucker19952.1.2.2RobertHall13[30]123:4“”2.1.2.31990“”“”“”[31]——RobertKaplanNolanNortonInstituteDavidNorton141992[32]1RobertKaplanDavidNorton???15?2(cause-and-effectlinks)1634199542.1.2.4KelvinCrossRichardLynch17[33](),,182.22.2.12.2.1.1()199653[34]6[35]2.12.155%9%13%7%7%9%192.2.1.21999504[13]50101051511010450502.2.1.31998[36]2001420()20022003CSC(Comparativeadvantage)(Sentiment)(Corecapability)CSC502.2.1.41200020002.2[37]2030152.222000EVA/MVA(SternStewartConsulting)20002000/[38]“(EVA)”“(MVA)”“(FGV)”213100100200211002.2.2200222.342.2.32.2.3.1222.3100100100100382513128810189955820128101024()121298718161214121010880%20%122.2.3.2231280%20%8342002423822201824[39]2433.115120041378199110937055.5711688.647149.437211.43142004413(QFII)200415QFIIQFII273021999-20013200023%19%200420040.241120003199922%200019%200120003.7%[40]2520032005200452005A24.63%2.31%200520048.46%200520048.46%[41]20062006111426A2005426662004110711073426[42]3.23.2.11233.2.23.2.2.11262343.2.2.2[43]3.32743.3.11228343.3.229633.13.1w11=0.294/w112=0.3/w113=0.203/w11=0.257w114=0.203/w121=0.38/w1=0.6w12=0.249w122=0.38/303.1w123=0.24/w131=0.31/w132=0.27/w13=0.192w133=0.42/w141=0.395/-1w142=0.36/-1w14=0.302w143=0.245/-1w21=0.1w2