论文标题:汽车产业上市公司经营绩效与风险实证研究
Returns Versus Risks an Empirical Study of Automobile Related Industties Public Companies
论文作者
论文导师 陈荣耀,论文学位 硕士,论文专业 产业经济学
论文单位 东华大学,点击次数 100,论文页数 94页File Size4519k
论文网 http://www.lw23.com/lunwen_283757367/
automobile industry;returns;risks;export ratio;scale economics
2002年1月1日,我国正式加入WTO,在WTO的贸易规范下,我国汽车产业厂商面临汽车进口关税降低、配额取消以及国产率取消等冲击,因此将直接面临国外厂商的激烈竞争,再加上在整个全球化的压力下,企业运营的空间限制也逐渐降低,企业如何调整经营策略以提高经营绩效与降低风险将是影响企业能否永续经营的关键因素之一。因此,本研究针对我国汽车产业上市公司如何调整其经营策略以应对竞争环境的改变进行分析。 本研究选取汽车产业上市公司共49家(包括整车制造厂商22家、零配件制造厂商27家)为研究对象,以叙述性统计分析两个产业内的厂商其绩效与风险的差异以及造成此差异的因素,并以产业环节、规模大小、外销比例高低、技术员工比例高低为变量进行假说检验,检验这四个因素是否造成厂商绩效与风险的差异。另外并针对叙述性统计与假说鉴定所得的影响绩效与风险的重要因素进行回归分析。 研究结果发现我国汽车产业上市公司的获利不稳定,风险也偏高,显示我国汽车工业正处于成长期,其中有部分厂商绩效特别突出,绩效较好的如整车业的厦门汽车、长安汽车、东风汽车与配件业的福耀玻璃、上海汽车、东风科技,归纳影响绩效差异的因素包括外销比例的高低、规模的大小、技术员工比例及与母公司或外资公司关系等。
At the end of 20th century the global automobile industry has encountered the problem of excessive capacity. Our automobile industry, however, is meeting a situation-expansion of domestic market, official announcement of entrance into WTO on January 1st, 2002. Reducing import tarriff and eliminating import quota will have direct impact on our automobile vendors. They will compete with foreign manufactures directly. This research focuses on how these vendors should adjust their strategies to this changing environment.This thesis has selected 49 vendors including 22 car manufactures, 27 automobile parts companies. Scale, export ratio and technological workers ratio are selected as factors to analyse automobile parts companies" returns and risks. Statistics analysis is used to verify related hypothesis.The result has suggested that our country"s automobile industry bean unstable and profitable industry with high risk. Some manufacturers have outstanding performance such as car manufacturers, Xiamen Motor Co., LTD, Chongqing Changan Automobile Co., LTD, Dongfeng Automobile Co., LTD, and part makers, Fuyao Group Glass Industries Co., LTD, Shanghai Automobile Co., LTD, Dongfeng Electronic Technology Co., LTD. Many factors affect the results including scale, export ratio, technological workers ratio and so on. From the result of hypothesis analysis we can see there is no significant difference between car manufacturers and part makers in returns and risks;the vendors with high export ratio have higher returns and lower risks than those with low export ratio;the vendors with high technological workers ratio have higher returns and lower risks than those with low technological workers ratio;the large scale vendors have higher returns and lower risks than the small scale vendors in automobile part Industry.
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