Empirical Study On Development Scale Of Chinese Listed Company

Whether the development scale of a sector or firm is suitable, it is managers' anything (the focus paid close attention to) especially cared all the time, but there are few methods to determine scope of the enterprise. There were theoretical and empirical studies based on industrial organization economics, transaction cost theory, etc. in analysis of the theory and method of the scale of the firm in the past. What industrial organization economics studied is how to confirm the Minimum Efficient Scale (abbreviate as MES), etc. issue such as (1) profit rate analytic approach (2) survival test (3) cost statistic (4) engineering way, etc (Yu Li, Wang Xun,1996, pp69-71). And the theory analytical method of transaction cost explains the firm and industrial organization with various kinds of environmental factor (such as a few quantity of manufacturer and uncertainty) and human factor (limited reason and opportunism). The scale of firms (organization) is verified mainly by means of comparison of organizational management cost and market transaction cost. But because the transaction cost is difficult to measure, there is many one that carried on the theory and explained with it, ones that used its definite scope of the enterprise are few.This text attempts to carry on research to the development scale of the industry or firms from two ways. Proceed from theory of the transaction cost, the paper goes on effectiveness conversion of confirmation of the scope of the firm with transaction cost theory principle creatively with the aid of statistical analysis tool. It is of opinion that enterprises of our country are promising in the scale of economies, since market economy of our country is imperfect and nonstandard, the transaction cost of market is " high to occupy " (whether market transaction cost higher than interior enterprises organization administrative expenses generally). For this reason, it is proposed that the first theme of this text hypothesis (propositionâ… ) HF: Scopes of the firms of the Chinese listed company were generally improper --the scale was small. Secondly, there is inspiration from production function theory in western economies, this text put forward the concept of scale function econometric model creatively. We go on regressive modeling of the scale function and try to use this model on study of development scale of industries analyzed. Based on the ideal, it is proposed that the second theme in this text hypothesis (propositionâ…¡) HS: Of Chinese listed company, the " scale function " model was assumed as the formula of western economics production function expression or linear functional relation.The research approach of this text relies mainly on quantitative study and qualitative study for complement. There are a few of mathematical statistics approaches to be used such as the factor analysis, discriminant analysis, multiple regression analysis, parameter test and non-parameter test in the multiple statistical analysis and tests for normality of sample distribution as well.This text regards listed companies of two places of Shenzhen and Shanghai as the research object, count the 2000 relevant data of 1015 listed companies altogether. These companies are divided in 19 sectors. The chemical industry and mechanical equipment instrument industry among them are used to go on regressive modeling for the development scale of two manufacturing industries. It goes on to be always rank and branch trade rank through 5 scale index and 4 efficiency index to all listed company respectively, The factor analytic approach is used to carry on comprehensive rank on scale-oriented to all listed company. According to the comprehensive rank, the top 50 enterprises of all comprehensives rank of listed companies are choosed as the outstanding enterprise's sample. It has been set up that a few of the function models of scale of the firm such as the function model of the multiple linear scale of the enterprise, function model of C-D scope of the enterprise, surmount logarithm function model of scale of the enterp...