dc.description.abstract | In this study, the financial performance of the construction firm was researched with the aspect of the relative assessment. The financial ratios of each firm were used as its evaluation indices which sieved out through a succession of questionnaire. Fuzzy Delphi Method and Grey Hazy Set were the methods of selecting these indices. Afterwards, in order to evaluate the financial performance, the study modified the analysis method of measuring the relative effectiveness and the effectiveness variation of the organization, which was proposed by Chang et al. ( 1995 ) with the concept of the Data Envelopment Analysis. In addition, the Super Efficiency of Andersen & Peterson ( 1993 ) and the Cross Efficiency of Doyle & Green were expanded simultaneously.
The conclusions of the study are listed as follows :
1. The evaluation indices are different between the building and construction company. 11 financial ratios were selected for the building firms as well as 10 ratios were for the construction firms.
2. With referring to article written by Lovell & Pastor ( 1999 ), the study modified the relative effectiveness formula of Chang et al. ( 1995 ) in order to decrease a variable and a constraint. Further, it doesn’t fail to provide its original information and simplify the complexity of calculation.
3. 31 listed and OTC ( Over-The-Counter ) building firms were selected to be the evaluation subjects. From the results of the evaluation, the firms which have unideal financial performance relatively under the depression of the real properties, should pay more attention to the operation strategy of the company and reduce the application of the financial lever as far as possible. Besides, the OTC firms behave more ideally by analyzing the performance variation. However, at the end of the year 1998, the performance recession of the firms that had financial crises reached the maximum.
4. The financial performance of each firm in 1998 correlates eminently with the stocks prices and rate of return in 1999. Moreover, the characteristics of various firms ( company size, trading market-listed and OTC ) and the accounting system hasn’t conspicuously affected the financial performance. However, the correlation between the diversification and financial performance is significant. | en_US |