Study On The Market Performance Of Chinese Logistics

The logistics industry in China has developed rapidly recently decades. The government also clearly states that change the logistics industry into an important industry and new source of economic growth in the21st century. This attitude shows a clear way for the future industry development. While China's logistics industry has made great progress, there are also a lot important questions in logistics industry, especially on the efficiency and performance. Based on the background, this thesis studies five main questions:how to construct the China's logistics industry performance analysis framework? What is the relation between market structure and market performance? What is the relation between market behaviors and market performance, and what is the role of market behaviors in this relation? What are the interactive affects between China economy and China's logistics industry? Further, how to improve the market performance of China's logistics industry? Obviously, our research thread is clear and logic. Based on this research, our conclusions have important implications both in theory and in practice.As a whole, this thesis tries to use the empirical method to study the relations among market structure, market behaviors, and market performance. In particular, this thesis focuses on the relations between logistics industry performance and various factors. Specifically, we first review the literature related to logistics industry performance. Then, we are following the theories of industry organization and combining the China's economic transition, different ownerships, and non-market economy to construct the China-based theoretical framework for logistics industry performance. Meanwhile, we split the market behaviors into enterprise market behaviors and macroeconomic policy behaviors and split the logistics industry performance into enterprise performance and industry performance. Next, this thesis uses an empirical method to study the characteristics of the logistics market structure, the relationships between market structure and market performance, and use the data of listed companies in logistics industry to conduct the empirical test.Then this thesis examine the enterprise market behaviors' effect on enterprise market performance, and the relation between enterprise market performance and those factors which have great influences on enterprise market performance. In this part, we still conduct the empirical test based on the data of listed companies in logistics industry. The fourth part of this thesis studies the effect of macroeconomic policy behaviors on logistics industry market performance, and some other related factors' influences on logistics industry market performance. Finally, this thesis makes some suggestions, based on results above, to improve the logistics industry market performance in both macro-level and micro-level.Specifically, in the study of logistics industry and market performance we find that:1) While there is a keen competition in the market structure which takes listed logistics companies as representation, there is also some oligopoly trend when we study the market share of the preceding companies.2) There is a significant nonlinear relation between market performance and market structure, in other words, market performance is positively correlated with market concentration, and negatively correlated with the square of market concentration. This means that:in the condition of a proper concentration (moderate competition), there is a best market performance, and in the condition of a low competition (excessive monopoly) or excessive competition, the logistics market performance will be much poor and the market efficiency will be much lower.In the analysis of the relation between logistics enterprise market behaviors and enterprise market performance, and the relation between enterprise market performance and some other related factors, we find that, in the listed companies, even there are some difference in the performance-related factors caused by the difference of property rights, as a whole, there are some points in common:1) Among the finance behaviors, debt leverage has a negative effect on enterprise market performance, while other variables, inventory turnover, receivables turnover and asset turnover,have positive effects on market performance.2) As for the enterprise market information behaviors, the volatility (risk) of the enterprise significantly diminishes the enterprise performance, although there is no extreme clear effect.as for the corporate governance, the more shares held by the largest shareholder, the better will the market performance be in the private enterprise, but the worse in the state-owned enterprise.3) This research finds that the enterprise size has a positive effect on enterprise performance, no matter in the private enterprise or the state-owned enterprise. This means that we can improve the performance by enlarge the size of the enterprise.In the analysis of the relation between macroeconomic policy behaviors and enterprise market performance, and the relation between enterprises market performance and some other related factors, we find that:1) The growth of economy has a significant effect on logistics industry performance, but conversely are not.2) With the study based on the national macroeconomic data (i.e. the panel model of30provinces and the case of Guangdong Province), this thesis finds that economy growth, finance development, and investment (social capital) have positive effects on the development of logistics industry performance. Besides, the research also shows it is the east area where the logistics industry has a rapid development and a best performance, followed by the central area. When we study the capability and the trend of the development of logistics industry, we build a logistics industry performance analysis framework with the supply of logistics industry, the size of logistics industry, the fixed assets, the human resources, the level of managements and services, the level of information, and the equipment utilization, and based this framework, we make a quantitative evaluation using the data of China's logistics industry,and find that the total score, which indicates the development capability and the development trend, performing a steady-growing trend, and the growth is becoming much more rapid. This means the trend of the development of logistics industry is sustainable and the capability of development is gradually increasing. Finally, this thesis aims to present policy suggestions for improving the logistics industry market performance based on above research results. In addition, I also provide a clear conclusion and the prospect for future research.