【作者】 李兵；

【导师】 宋光辉；

【作者基本信息】 华南理工大学 ， 企业管理， 2015， 硕士

【摘要】 汽车行业是我国的支柱产业,且具备良好的发展前景。汽车公司之间的竞争越来越激烈。通过观察绩效好的汽车公司所具有的特征,然后分析绩效与公司特征的关系,再有针对性地向绩效好的公司学习,是汽车公司提升绩效和竞争力、在行业中立足的有效方式。为更加合理地反映公司绩效,本文引入基于多项评价指标的绩效评价。在绩效评价的基础上研究我国汽车公司的特征。该研究有助于汽车公司提升绩效,有助于促进行业健康发展。本文在特征分析时,除考虑公司一般特征外,还结合汽车行业特点,重点考察研发和并购这两种竞争方式。本文以汽车行业中的上市公司为研究对象,选取2009年至2013年在沪深两市上市的54家整车公司和零部件公司作为研究样本。首先,利用因子分析法,采用多元评价指标,对我国汽车行业上市公司进行绩效评价,并对结果进行分析。然后,在绩效评价的基础上,从资本结构、股权结构、公司规模、所在区域对汽车行业上市公司进行一般特征分析,即观察绩效好、绩效差的公司在这些特征上的规律。接着,在绩效评价的基础上,从研发和并购这两种竞争方式上分别对汽车行业上市公司进行特征分析。本文得出以下结论:一般特征方面,股权结构、公司规模与绩效呈正向关系,整车公司的资产负债率与绩效成反向关系,零部件公司的呈正向关系,控股股东是否国有与公司绩效没有明显关系,经济越发达地区的公司绩效越好。竞争方式上,研发费用与绩效呈正向关系,研发费用率与当期公司绩效的关系不显著,在样本数据中只观察到某一年的研发费用率与滞后三期的公司绩效显著正相关,并购前后汽车行业上市公司的绩效呈现出先下降后上升的过程。通过以上基于绩效评价的特征分析,对如何提升汽车行业上市公司的绩效有了新认识。更多还原

【Abstract】 Automobile industry is the pillar industry in China, along with good prospects for development. The competition among motor companies becomes increasingly fierce. It is an effective way for motor companies to keep a foothold by observing the car company features which has good performance and analyzing the relationship between them, as well as learning those good performance companies. To reflect company performance more reasonably, this paper introduces a performance evaluation with multiple indexes. Based on the evaluation, we research the features of motor companies, so this study is useful for these companies to improve their performance, contributing to the healthy development of the industry. In addition to general features, we also consider the characteristics of automobile industry to focus two forms of competition, R&D and M&A when analyzing the features.We select automobile industry listed companies as research objects and select 54 vehicle and parts companies listed on Shanghai and Shenzhen stock exchange as samples. Firstly, we use factor analysis and multivariate evaluation indexes to analyze company performance. Secondly, we analyse company features from four aspects: capital structure, ownership structure, company size and the location, so as to observe differences between good performance companies and poor performance companies. Thirdly, on the basis of performance evaluation, we analyse the motor company features on the way of R&D and M&A.This paper draws the following conclusions. On the terms of general feature, the ownership structure and the company size have a positive relationship with the performance; the rate of assets and liabilities of the vehicle company has a negative relationship with the performance, but automobile parts firm has a positive relationship, there is no obvious relationship between company performance and controlling shareholders’ state-owned nature, the performance in the developed area is better. On the terms of competitive mode, the relationship between R&D costs and performance is positive, but the relationship between R&D expense ratio and performance is not significant. From sample data we only find that R&D cost of one year has a significant positive correlation with the lag period of corporate performance. Before and after the mergers and acquisitions, the firm performance shows a trend from decline to rise.Through the above company characteristics analysis based on performance evaluation, we can know the relationship between motor corporations and their performance and use it to enhance the performance.更多还原