上市公司资本运营绩效评价及实证研究

从资本运营的角度对上市公司经营绩效进行评价,由于以股价变动为基础的反常收益评估法不适用于我国现实情况,采用以财务指标为基础的评价体系并通过因子分析法构造评价企业并购绩效的综合函数,对上市公司并购前后的业绩情况进行对比;并据此对中国石油天然气股份有限公司2005年并购事件的绩效进行了评价分析.在此基础上,提出一套引入非财务指标定性定量相结合的综合指标评价体系.

The Performance Evaluation of Capital Operation and Empirical Study on Listed Companies

The thesis evaluates operating performance of listed companies from the perspective of capital operation. Since the assessment of the abnormal earnings of stock prices does not apply to China's realities, we adopt a set of comprehensive financial index system which reflects the listed companies' accomplishment. By using the factor analysis method and constructing a general function that could weigh the enterprises' performance, we compare the performances of listed companies before and after the M&A. Based on the empirical study on Petro-China Limited Company's performance evaluation in 2005, we propose a set of qualitative and quantitative evaluation index system which brought into non-financial indicators.