Study On The Coordination Of Goods Management And Capital Operation In Chinese Manufacturing Enterprises:a Value Creation Perspective

Manufacturing enterprises are the pillar of the national economy in China. It is an important embodiment of national creativity, competitiveness and comprehensive national strength. Both goods management and capital operation are two indispensable wings that the development of an enterprise needs. Realizing the benign interaction between goods management and capital operation is a necessary condition for the sustainable development of an enterprise. At present, a lot of manufacturing enterprises lack coordination of goods management and capital operation in our country. Some enterprises only pay attention to goods management, ignoring capital operation. And some enterprises indulge in capital operaion game, ignoring goods management. So these enterprises are lack of the power of sustainable development. Therefore, it is a subject worthy to study that how manufacturing enterprises can achieve the coordination development of goods management and capital operation to promote the sustainable growth of enterprise value, so as to promote the sustainable development of national economy. So from value creation perspective the dissertation studies the coordination of goods management and capital operation.The main research contents include the following five aspects::1. Mechanism analysis. A system dynamics models is built to illustrate the interaction between good management and capital operation, analyze the effect mechanism of their interaction on value creation. Firstly, the part defines the boundary of goods management and capital operation according to different method and approach of their value creation. Secondly, using the unit root and Granger causality test in panel data, the part studies the interaction between goods management and capital operation in manufacturing enterprises and its main influence factors, builds the causality graph through analyzing the causality between factors. Then, by regression modeling and rate variable fundamental in-tree, the part builds the system dynamics models of the interaction between good management and capital operation and the effect of their interaction on value creation. Lastly, through System Simulation theory the dissertation reveals the effect mechanism of the interaction between good management and capital operation on value creation, and illustrates the coordinated development of good management and capital operation is a necessary condition for enterprises value's sustainable creation.2. Value coordination evaluation. The comprehensive evaluation index system of the coordination of good management and capital operation is builded based on value creation and coordination characteristics. The author calculates the coordination degree of good management and capital operation of manufacturing enterprises by principal components analysis and coordination index method, and evaluates the coordination of goods management and capital operation of Chinese manufacturing enterprises. Then, the dissertation investigates the effect of the coordination degree on enterprises value creation. The results show that there is long-term significant positive effect on capital appreciation of manufacturing enterprises when the coordination degree of good management and capital operation is improved.3. Risk coordination measure. The author designs the goods management leverage and the capital operation leverage to measure the goods management risk and capital operation risk of manufacturing enterprises. Further, it determines the reasonable value field of the total leverage degree of good management and capital operation by interval estimation. And through investigating whether the degree of total leverage is in the reasonable value field, it judges the coordination state of goods management risk and capital operation risk.4. Macroeconomic effects analysis. The author analyzes the influence law of macroeconomic factors change on the coordination of good management and capital operation from two sides of value coordination and risk coordination. Using impulse response functions and variance decomposition based on the VAR and SVAR model, the author studies the effect of economic fluctuation, monetary policy and industry prosperity on the coordination and leverage effect of goods management and capital operation, to seek the main influence factors and the influence law to offer data support for related strategies.5. Coordination strategies research. The author gives the coordination strategies for goods management and capital operation of manufacturing enterprises from four aspects of mechanism analysis, value coordination, risk coordination and macroeconomic effects. The strategies have four aspects:coordinate the relationship between goods management and capital operation to realize the benign interaction, overcome the deviation motivation to realize the coordination development of goods management and capital operation, apply the goods management leverage and capital operation leverage harmoniously to control risk and create value, and adjust the coordination strategies timely with macroeconomic factors change.The main creative point is in the following three aspects:Fistly, the author builds a system dynamics models which relects the interaction between good management and capital operation of manufacturing enterprises including its effect on value creation. And through System Simulation theory the author reveals the effect mechanism of the interaction between good management and capital operation on value creation. Moreover, the dissertation builds feedback archetypes for the key factors, putting forword the management countermeasures.Scondly, the author constructs the comprehensive evaluation index system of the coordination of good management and capital operation, calculating the coordination degree of good management and capital operation of Chinese manufacturing enterprises, realizing quantitatively analysis about the coordination of good management and capital operation.Thirdly, the author of the dissertation designs the goods management leverage and the capital operation leverage to measure the goods management risk and capital operation risk of manufacturing enterprises in China, putting forword that enterprises can control the goods management risk and capital operation risk harmoniously by the total leverage.Through the research, this dissertation form a more systematic evaluation method for the coordination of good management and capital operation. The research conclusions have pertinence to nine manufacturing industrious because of taking them as the study cases. Therefore, the dissertation's evaluation method and positive research achievements provide the important reference value for Chinese manufacturing enterprises realizing value's sustainable creation.