基于因子分析的LA公司业绩评价研究

发布时间：2018-06-29 00:10

本文选题：业绩评价 + 因子分析　；参考：《安徽大学》2017年硕士论文

【摘要】：随着资本市场的日益壮大,公司的业绩评价信息不再仅仅由公司的经营管理者和股东所关注,越来越多的外部投资者、债权人、监管机构以及民众开始关注公司的经营业绩评价。目前大多数公司的经营业绩评价按照财务管理学中的概念,分为三种模式:利润最大化、每股收益最大化以及股东财富最大化,这些理论都有其不足之处,当今的业绩评价体系很难适应社会快速的发展需求。本文的研究流程是通过因子分析的方法对LA公司所处的小家电行业进行数据分析,从而有针对性地对LA公司进行业绩评价研究。从过往的专业研究上我们可以看出,公司内财务比率之间都有一些关联程度,同一个类型的指标间具有很多联系,这就为因子分析提供了条件。因子分析的原理是从若干变量中提取相似的变量并进行整合,可有有效的降低信息的维度。同时,对于公共因子可以通过预设的算法归类并命名,假如公共因子成分表述不清,还可以对这部分进行因子旋转,继续得出更有实际意义且载荷更多的公因子。由于LA公司的行业性质以及财务指标之间的相互影响力,最终确定了本研究的研究路线与方法。本文主要使用文献研究法、案例分析法和调查研究法,对因子分析和业绩评价的理论及相关资料进行分析和总结,对LA公司因子分析和业绩评价相关数据进行统计分析并进行业绩评价研究。以前大部分研究仅仅假设了其数据的总体分布,没有实行因子分析适用性检验,数据呈正态分布才适用于因子分析,在对原始数据进行因子分析之前要进行适用性检验,本文对原始数据进行了 KMO and Bartlett's检验以及Bartlett球状检验,确保了研究的科学性。如果将原始数据直接进行因子分析,进而得分各公因子得分,这就可能出现某项数据的量纲不同导致对结果产生很大的差异,某项公因子的得分受该组数据的影响很大,对结果难以合理解释。本文在原始数据处理之前先进行了标准化处理,使各项指标处在相同数量级,在计算因子得分时,也是采用了标准化后的数据,即更加确保了结果的科学性。在公司业绩评价中,少有研究通过对整体行业的数据进行因子分析来评价具体公司的业绩指标,本文的方法通过大量的数据进行分析,也确保了结果的公正客观。作者希望通过该研究对LA公司目前业绩评价的情况进行详细的介绍和分析,总结公司存在的问题,分析评价指标的可行性,使LA公司的业绩评价体系更加完善,在研究中引入因子分析的概念,使公司财务管理效率和业绩评价水平得到提升,专业化水平提高。
[Abstract]:With the growing of capital market, the performance evaluation information of the company is not only concerned by the managers and shareholders of the company, but also by more and more external investors and creditors. Regulators and the public began to pay attention to the company's performance evaluation. At present, according to the concept of financial management, most companies' performance evaluation can be divided into three models: profit maximization, earnings per share maximization and shareholder wealth maximization. Today's performance evaluation system is difficult to adapt to the rapid development needs of society. The research flow of this paper is to carry on the data analysis to LA company's small household appliance industry through the method of factor analysis, so as to carry on the performance evaluation research to the LA company pertinently. From the past professional studies we can see that there is some correlation between the financial ratio in the company and a lot of links between the same type of indicators which provides a condition for factor analysis. The principle of factor analysis is to extract and integrate similar variables from several variables, which can effectively reduce the information dimension. At the same time, the common factors can be classified and named by the preset algorithm. If the components of common factors are not clearly expressed, they can be rotated to get the common factors with more practical significance and more loads. Because of the industry nature of LA Company and the mutual influence of financial indexes, the research route and method of this study are determined. This article mainly uses the literature research method, the case analysis method and the investigation research method, carries on the analysis and the summary to the factor analysis and the achievement appraisal theory and the related material, The factor analysis and performance evaluation data of LA Company are statistically analyzed and the performance evaluation research is carried out. Most of the previous studies only assumed the overall distribution of the data, but did not carry out the factor analysis applicability test, the data was normal distribution to apply to factor analysis, the original data should be tested before factor analysis. In this paper, the KMO and Bartletts test and the Bartlett ball test are carried out to ensure the scientific nature of the research. If the original data is directly analyzed by factor analysis, and then the scores of the common factors are scored, there may be great differences between the dimensions of a given data and the results, and the scores of a common factor are greatly affected by the data. It is difficult to explain the result reasonably. In this paper, before the raw data processing, the standard treatment is carried out, which makes each index in the same order of magnitude, and the standardized data is also used in the calculation of factor scores, which ensures the scientific nature of the results. In the evaluation of corporate performance, few research through the data of the whole industry factor analysis to evaluate the performance of specific companies, this method through a large number of data analysis, but also to ensure that the results are fair and objective. The author hopes to introduce and analyze the current performance evaluation of LA Company in detail, summarize the problems existing in the company, analyze the feasibility of the evaluation index, and make the performance evaluation system of LA Company more perfect. The concept of factor analysis is introduced in the research to improve the efficiency of financial management and performance evaluation, and to improve the level of specialization.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.6

【参考文献】