有色金属行业上市公司纵向一体化对企业绩效影响的研究

发布时间：2018-01-01 00:26

本文关键词：有色金属行业上市公司纵向一体化对企业绩效影响的研究　出处：《浙江大学》2012年硕士论文　论文类型：学位论文

【摘要】：本文立足于有色金属行业现实,从目前行业的实际情况出发,探讨企业纵向一体化对企业绩效的影响。我国的有色金属行业虽然在全球占有一定的地位。但是由于矿产资源相对匮乏,有色金属行业内企业不仅面临同一个产业链环节上的竞争,还面临来自上游矿产资源供应商与制造商、制造商和下游产品分销商两个市场中的竞争。因此本文研究的问题具有现实意义。本文首先从理论角度建立模型,探讨企业在考虑纵向一体化战略选择时的影响因素,创新地考虑到企业所处地域和所有制变量对决策的影响,并选取总资产收益率为企业绩效指标,运用投入产出表法测算纵向一体化指数,并运用有色金属行业上市公司2007-2011年面板数据进行了实证分析。研究结果表明,有色金属行业公司的纵向一体化程度和企业绩效存在二次非线性关系,但目前两者的关系处于抛物线的右半段,呈负相关关系。产业集中度的提高和资本结构的改善都有利于提高企业绩效。特别地,产业集中度越高,纵向一体化程度对企业绩效负效应越弱。而且当市场的产业集中度提高到一定水平时,纵向一体化程度反而能够改善企业业绩。本文还运用结构性检验,验证企业所处地域和所有制性质两个因素的引入是否引起模型的结构性变化。结果表明不同地域和所有制性质的企业,纵向一体化对绩效的影响不一样。在此基础上,本文从企业决策和政府立法角度为现实中的有色金属行业健康发展提供了一定的政策建议。
[Abstract]:This paper is based on the reality of nonferrous metal industry, starting from the current actual situation of the industry, to explore the influence of vertical integration on the performance of enterprises. China's nonferrous metals industry in the world although occupies a certain position. But due to lack of mineral resources, non-ferrous metal industry enterprises not only face the same industry chain competition. Face from supplier and manufacturer of mineral resources upstream manufacturers and downstream distributors, two in the market competition. So the problem of this study is of practical significance.
This paper first establishes the model from the theoretical point of view, to explore the influence factors of enterprise strategic choice when considering vertical integration, innovative enterprises are considering the influence of geographical and ownership variables to the decision, and chooses the rate of return on total assets for the enterprise performance indicators, using input-output table method to calculate the vertical integration index, and empirical analysis the use of nonferrous metal industry listed companies 2007-2011 panel data. The results show that there are two non-linear relations of nonferrous metal industry the degree of vertical integration and enterprise performance, but the relationship between the two in the right side of the parabola, there was a negative correlation between the degree of industrial concentration. And the increase of capital structure improvement is to improve the enterprise performance. In particular, industry concentration is high, the degree of vertical integration on enterprise performance more negative effect is weak. And when the market industry concentration increased To a certain level, the degree of vertical integration but can improve enterprise performance. This paper also used structural inspection, verification the structural changes introduced regional and ownership of two factors can cause the model. The results show that different regions and ownership of enterprises, influence of vertical integration on performance is not the same.
On this basis, this paper provides some policy suggestions for the healthy development of non-ferrous metal industry from the perspective of enterprise decision-making and government legislation.

【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F426.32;F832.51;F224

【引证文献】