ISSN 0253-2778

CN 34-1054/N

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Open AccessOpen Access JUSTC Original Paper

Comprehensive evaluation of small and medium enterprises

  • 1.

    School of Software, Beihang University, Beijing 100191

  • 2.

    Wudaokou School of Finance, Tsinghua University, Beijing 100191

  • 3.

    School of Economics and Management, Beihang University, Beijing 100191

Cite this:
https://doi.org/10.3969/j.issn.0253-2778.2018.06.005
  • Received Date: 25 September 2017
  • Accepted Date: 10 April 2018
  • Rev Recd Date: 10 April 2018
  • Publish Date: 30 June 2018
    Abstract

  • Abstract

    In order to solve the problem of inconsistent evaluation results and incomplete evaluation aspects in previous enterprise evaluation models, this paper constructs a comprehensive evaluation model(CEM), which exploits the advantages of each algorithm and improves the accuracy of the evaluation results. Firstly, the model establishes the evaluation index system from seven aspects including growth force, competitive force, financing force, team force, opinion force, external force and innovation force, and filters the indicators from three aspects. Secondly, it uses three independent, methods to evaluate enterprises, based on the combination of subjectivity and objectivity, and checks the consistency of these three results by Kendall-W co-ordination coefficient. Thirdly, two algorithms, which are arithmetic average and factor analysis, are used respectively to combine the three results above. Fourthly, the correlation between independent evaluation results and combined evaluation results is computed and the more accurate model is selected by spearman rank correlation coefficient. Finally, the model evaluates 3430 small and medium enterprises from the new over-the-counter market of China, based on their three-year data (from 2013 to 2105) and verify the validity of the result from two aspects, which are performance (net profit growth rate, main business margin, main business growth rate) and stock market value.

    Abstract

    In order to solve the problem of inconsistent evaluation results and incomplete evaluation aspects in previous enterprise evaluation models, this paper constructs a comprehensive evaluation model(CEM), which exploits the advantages of each algorithm and improves the accuracy of the evaluation results. Firstly, the model establishes the evaluation index system from seven aspects including growth force, competitive force, financing force, team force, opinion force, external force and innovation force, and filters the indicators from three aspects. Secondly, it uses three independent, methods to evaluate enterprises, based on the combination of subjectivity and objectivity, and checks the consistency of these three results by Kendall-W co-ordination coefficient. Thirdly, two algorithms, which are arithmetic average and factor analysis, are used respectively to combine the three results above. Fourthly, the correlation between independent evaluation results and combined evaluation results is computed and the more accurate model is selected by spearman rank correlation coefficient. Finally, the model evaluates 3430 small and medium enterprises from the new over-the-counter market of China, based on their three-year data (from 2013 to 2105) and verify the validity of the result from two aspects, which are performance (net profit growth rate, main business margin, main business growth rate) and stock market value.
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    • References(37)
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    董燕红,钟定胜,卢小丽.主成分与层次分析法在区域可持续发展能力评价中的应用对比[J].安全与环境学报,2016,16(1):359-365.
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    张浩,何明珂,张铁男,等.基于熵值法的企业战略绩效评价模型[J].统计与决策,2011(7):171-173.
    [20]
    张晓明.基于粗糙集-AHM的装备制造业企业创新能力评价指标权重计算研究[J].中国软科学,2014(6):151-158.
    ZHANG Xiaoming. Study on evaluation index weight of equipment manufacturing enterprises innovation capability based on rough set and AHM[J]. China Soft Science, 2014(6):151-158.
    [21]
    卜华白,罗李平,卜时珍. RSA-ANP-SSD组合赋权模式下的铅锌企业低碳发展水平二级模糊层综合评价模型[J].数学的实践与认识,2012,42(6): 33-39.
    [22]
    李彬,戴桂林.基于组合模型的山东半岛蓝色经济区海洋科技创新能力综合评价[J].科技管理研究, 2014(21): 61-65, 75.
    [23]
    张春勤, 隽志才, 景鹏. 公交企业运营绩效的信息熵与SE-DEA组合评价方法[J].工业工程与管理,2015,20(1):146-153.
    ZHANG Chunqin, JUAN Zhicai, JING Peng. Evaluating the efficiency of urban public transit operators using information entropy and SE-DEA combined model[J]. Industrial Engineering and Management, 2015,20(1):146-153.
    [24]
    李小健. 基于方法集的河北省城乡统筹发展协调度综合评价[J]. 湖北农业科学, 2016, 55(5):1351-1360.
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    温亚桓. 新三板挂牌企业的成长性研究[D]. 广州：广东财经大学, 2013.
    [26]
    魏楠. 新三板中小企业融资效率研究[D]. 济南：山东大学, 2017.
    [27]
    田娟娟, 邢天才. 扩容后新三板市场的流动性风险[J]. 金融论坛, 2014(11): 23-28.
    TIAN Juanjuan, XING Tiancai. The Liquidity Risks of the New Third Board Market after Expansion[J]. Finance Forum, 2014(11): 23-28.
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    赵雪钰. 新三板市场中小企业融资效率分析[D]. 北京：中国财政科学研究院, 2016.
    [29]
    吴珂. 董事会特征对R_D与绩效关系调节效应研究[D]. 合肥：合肥工业大学, 2015.
    [30]
    刘辉，陈日辉，王时彬. 基于层次分析法和均方差法的矿山通风方案优选[J]. 黄金, 2016, 37(1): 39-43.
    LIU Hui, CHEN Rihui, WANG Shibin. Optimization of mine ventilation schemes selection based on analytic hierarchy process and mean square error method[J]. Gold, 2016, 37(1): 39-43.
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    黄国庆, 王明绪, 王国良. 效能评估中的改进熵值法赋权研究[J]. 计算机工程与应用, 2012, 48(28): 245-248.
    HUANG Guoqing, WANG Mingxu, WANG Guoliang. Weight assignment research of improved entropy method in effectiveness evaluation[J]. Computer Engineering and Applications, 2012, 48(28): 245-248.
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    余后强, 李玲. 基于熵权法和CRITIC 法的五类企业综合评价[J]. 湖北科技学院学报, 2012, 32(12):83-84.
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    张慧, 周春梅. 我国旅游上市公司经营业绩的评价与比较——基于因子分析和聚类分析的综合研究[J]. 宏观经济研究, 2012(3):85-92.
    [35]
    史光辉. 中小板企业投资效率评价及影响因素研究--基于灰色关联-DEA-Tobit 模型[D]. 锦州：渤海大学, 2017.
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    贺兆起. 收益法评估企业价值实例研究[D].大连: 大连理工大学, 2014.
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    [1]
    戚耀元. 面向高新制造企业的技术创新与商业模式创新耦合关系及其对绩效的影响研究[D].北京：北京科技大学, 2017.
    [2]
    王唯. 风电设备制造产业技术创新能力评价研究[D].北京：华北电力大学, 2015.
    [3]
    苏雷. 基于DEA模型的我国城市水务企业经营绩效评价研究[D].合肥：合肥工业大学, 2016.
    [4]
    刘晓斌. 煤炭企业经营绩效评价体系研究[D].西安：西安科技大学, 2015.
    [5]
    李澜. 企业经营绩效评价的主要方法刍议[J].财经界(学术版),2014，(7):153.
    [6]
    陈玉娥. 江苏YG纺织有限公司企业核心竞争力研究[D]. 上海: 华东理工大学, 2015.
    [7]
    阚宗永. 基于低碳经济的企业核心竞争能力评价分析[J].商场现代化, 2014，(27): 123.
    [8]
    崔璐,钟书华. 基于区域成长环境分析的中国高技术企业成长性[J].科技与管理, 2011, 13(3): 78-83.
    [9]
    田影花. 高技术企业可持续发展能力评价体系建立[J].商场现代化,2010(3):79.
    [10]
    孙艳春, 郭继秋. 基于多级模糊综合评价法的房地产企业财务预警研究[J]. 企业经济, 2012, 31(8): 81-83.
    [11]
    黄晓丽, 刘耀龙, 段锦, 等. 基于灰色关联及模糊综合评价法的道路交通安全风险评价[J].数学的实践与认识, 2017, 47(7): 208-215.
    [12]
    韩文琪. 基于多层次灰色评价的线上供应链金融信用风险评价[D]. 锦州：渤海大学, 2017.
    [13]
    李贤飞. 层次分析法在企业绩效审计中的应用研究[D]. 昆明：云南大学, 2016.
    [14]
    董燕红,钟定胜,卢小丽.主成分与层次分析法在区域可持续发展能力评价中的应用对比[J].安全与环境学报,2016,16(1):359-365.
    DONG Yanhong, ZHONG Dingsheng, LU Xiaoli. Comparative study of the application of PCA and AHP to the analysis and evaluation of the regional sustainable development[J]. Journal of Safety and Environment, 2016, 16(1):359-365.
    [15]
    苏雷. 基于DEA模型的我国城市水务企业经营绩效评价研究[D].合肥：合肥工业大学, 2016.
    [16]
    刘满凤,李圣宏. 基于三阶段DEA模型的我国高新技术开发区创新效率研究[J].管理评论,2016,28(01):42-52+155.（与文献8重复？）
    [17]
    岳晓博. 基于PCA及因子分析法的两种并联机构性能分析与优化[D]. 秦皇岛：燕山大学, 2016.
    [18]
    刘杰,郭庭伟. 基于BP神经网络的科技型创业企业信用评价研究[J].现代商贸工业,2015(26):62-64.
    [19]
    张浩,何明珂,张铁男,等.基于熵值法的企业战略绩效评价模型[J].统计与决策,2011(7):171-173.
    [20]
    张晓明.基于粗糙集-AHM的装备制造业企业创新能力评价指标权重计算研究[J].中国软科学,2014(6):151-158.
    ZHANG Xiaoming. Study on evaluation index weight of equipment manufacturing enterprises innovation capability based on rough set and AHM[J]. China Soft Science, 2014(6):151-158.
    [21]
    卜华白,罗李平,卜时珍. RSA-ANP-SSD组合赋权模式下的铅锌企业低碳发展水平二级模糊层综合评价模型[J].数学的实践与认识,2012,42(6): 33-39.
    [22]
    李彬,戴桂林.基于组合模型的山东半岛蓝色经济区海洋科技创新能力综合评价[J].科技管理研究, 2014(21): 61-65, 75.
    [23]
    张春勤, 隽志才, 景鹏. 公交企业运营绩效的信息熵与SE-DEA组合评价方法[J].工业工程与管理,2015,20(1):146-153.
    ZHANG Chunqin, JUAN Zhicai, JING Peng. Evaluating the efficiency of urban public transit operators using information entropy and SE-DEA combined model[J]. Industrial Engineering and Management, 2015,20(1):146-153.
    [24]
    李小健. 基于方法集的河北省城乡统筹发展协调度综合评价[J]. 湖北农业科学, 2016, 55(5):1351-1360.
    [25]
    温亚桓. 新三板挂牌企业的成长性研究[D]. 广州：广东财经大学, 2013.
    [26]
    魏楠. 新三板中小企业融资效率研究[D]. 济南：山东大学, 2017.
    [27]
    田娟娟, 邢天才. 扩容后新三板市场的流动性风险[J]. 金融论坛, 2014(11): 23-28.
    TIAN Juanjuan, XING Tiancai. The Liquidity Risks of the New Third Board Market after Expansion[J]. Finance Forum, 2014(11): 23-28.
    [28]
    赵雪钰. 新三板市场中小企业融资效率分析[D]. 北京：中国财政科学研究院, 2016.
    [29]
    吴珂. 董事会特征对R_D与绩效关系调节效应研究[D]. 合肥：合肥工业大学, 2015.
    [30]
    刘辉，陈日辉，王时彬. 基于层次分析法和均方差法的矿山通风方案优选[J]. 黄金, 2016, 37(1): 39-43.
    LIU Hui, CHEN Rihui, WANG Shibin. Optimization of mine ventilation schemes selection based on analytic hierarchy process and mean square error method[J]. Gold, 2016, 37(1): 39-43.
    [31]
    黄国庆, 王明绪, 王国良. 效能评估中的改进熵值法赋权研究[J]. 计算机工程与应用, 2012, 48(28): 245-248.
    HUANG Guoqing, WANG Mingxu, WANG Guoliang. Weight assignment research of improved entropy method in effectiveness evaluation[J]. Computer Engineering and Applications, 2012, 48(28): 245-248.
    [32]
    余后强, 李玲. 基于熵权法和CRITIC 法的五类企业综合评价[J]. 湖北科技学院学报, 2012, 32(12):83-84.
    [33]
    钟华. 我国汽车制造业上市公司经营绩效评价研究[D].重庆：西南大学, 2014.
    [34]
    张慧, 周春梅. 我国旅游上市公司经营业绩的评价与比较——基于因子分析和聚类分析的综合研究[J]. 宏观经济研究, 2012(3):85-92.
    [35]
    史光辉. 中小板企业投资效率评价及影响因素研究--基于灰色关联-DEA-Tobit 模型[D]. 锦州：渤海大学, 2017.
    [36]
    贺兆起. 收益法评估企业价值实例研究[D].大连: 大连理工大学, 2014.
    [37]
    何叶. 基于财务决策视角的企业内在价值评价方法分析[J]. 现代商业, 2016(5): 123-124.)
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