We are interested in the hierarchy of the main Romanian companies in the manufacturing industry by considering eight financial and seven non-financial indicators. Thirty three listed companies, that are non-financial institutions, were selected for the study and in order to control the reliability of the data we used the Bucharest Stock Exchange database, official data published by the Romanian Ministry of Public Finance, and the annual reports released by the companies on their websites, collecting information for the years 2011–2015. Because the human thinking is subjective and ambiguous we prefer linguistic variables, converted afterwards in triangular fuzzy numbers, to represent the importance of indicators. Our method involves the calculation of the weights of individual or categories of indicators based on Fuzzy Analytic Hierarchy Process. Then, the level of performance for each company, separately for financial, non-financial and all indicators is obtained by TOPSIS method. We deduce an objective hierarchy of the companies on a rigorous basis, which is however dependent from the choice of indicators and the conversion scale of linguistic variables into triangular fuzzy numbers. Also, following the obtained results we concluded that the overall performance of companies for the analyzed period is significantly influenced by non-financial indicators.

中文翻译：

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基于模糊层次分析法和TOPSIS法的罗马尼亚制造业上市公司绩效评价模型

通过考虑八项财务指标和七项非财务指标，我们对罗马尼亚制造业主要公司的层次结构感兴趣。选择了 33 家非金融机构上市公司进行研究，为了控制数据的可靠性，我们使用了布加勒斯特证券交易所数据库、罗马尼亚公共财政部发布的官方数据以及年度报告由公司在其网站上发布，收集 2011-2015 年的信息。因为人类的思维是主观的和模棱两可的，所以我们更喜欢语言变量，然后转换成三角模糊数，来表示指标的重要性。我们的方法涉及基于模糊层次分析过程计算单个指标或指标类别的权重。然后，通过TOPSIS 方法获得每个公司的绩效水平，分别针对财务、非财务和所有指标。我们在严格的基础上推导出一个客观的公司等级，但这取决于指标的选择和语言变量到三角模糊数的转换尺度。此外，根据获得的结果，我们得出结论，分析期间公司的整体业绩受到非财务指标的显着影响。然而，这取决于指标的选择和语言变量到三角模糊数的转换尺度。此外，根据获得的结果，我们得出结论，分析期间公司的整体业绩受到非财务指标的显着影响。然而，这取决于指标的选择和语言变量到三角模糊数的转换尺度。此外，根据获得的结果，我们得出结论，分析期间公司的整体业绩受到非财务指标的显着影响。