【正文】 ore, the pany has weak financial and managerial performance that needs suitable remedial actions to survive in businessCompanies’ sectors, respectively. Results from the application of the validation data subset are pared to those of the application of the model building subset. This means that the models developed are robust in representing various construction sectors with a validation of % (–). The average standard deviation for the model results is 。 and (6) net profit to net worth ratio (NP/NW). According to the importance of each ratio in evaluating the performance of the financial references, the six ratios are chosen to represent the four ratio groups. Choosing only six ratios in the model was made in order to increase the reliability of the model using the most related ratios to the performance of the pany. Economy data were collected from the Egyptian Ministry of Foreign Trade （2003a,b）（Egyptian government）reports published quarterly. Data, as shown in Table 1, include: inflation rate （IFN_）and average annual interest rate （ITR） as macroeconomic variables. On the other hand, average work capacity （AWC）, average work demand （AWD）, and their difference （AWF_）are used as industry related variables. Data were collected for 9 consecutive years （1992–2000）Normalizing Financial DataIn fact, some financial ratios are calculated in terms of time while others are calculated in terms of percentages. Mathematical formulation of such types of data will result in a bias to the larger values of ratios （Kangari et al. 1992）. In order to overe this problem, normalizing the values of different ratios would make them nonbiased and considered smaller value. Table 1 shows the normalization coefficient of the general building construction panies sector. Mathematical FormulationRegression analysis is used to develop the current model for the following reasons (Goda 1999):? Its simplicity, reliability, and suitability for the problem under study。 (4) revenue to working capital ratio (RV/WC)。 (2) total debt to net worth ratio (TD/NW)。 and (3) financial statement ratio analysis. The most important variables that could be used in financial statement trend analysis to differentiate between failed and non failed panies are: accounts receivable, underbelling, accounts payable, notes payable, total longterm debts, stock and retained earnings, cost of sales, and gross profit (Basha and Hassanein 1988。 and (3) project. Models at the construction industry level are used to measure the effect of economical, political, and social changes on the performance of the construction industry as a whole. Kangari (1988) relates the changes in construction industry failure rate to some macrocosmic factors: average prime interest rates, amount of construction activity, inflation, and new business entering the construction industry. Most performance evaluation models for construction panies are based on their annual financial statements or reports. Different analytical techniques have been used to develop these ratios: (1) financial statement trend analysis。 and (4) real estate. It considers the effect of pany size and economical and industrial variables on its performance. Companies that perform business across categories are not considered in the current study BackgroundA number of construction panies’ performance evaluation models have been developed along the previous 5 decades. They are dealing with this problem at three different levels: (1) construction industry。 (2) heavy。 Evaluation。 Egypt。原文：Performance Evaluating Model for Construction Companies: Egyptian Case StudyAbstract: The dynamic nature of today’s construction industry pels construct