| Non ferrous metals are important and indispensable material for developing modem industry, modem national defense and modem science and technology. China is the largest non ferrous metals manufacturer and consumer in the world, however, the problems we see include:the current industrial structure is unreasonable; the industry concentration is not high; there is overcapacity of some products; the industrial intensification is still low; and the capacity of independent innovation still not strong etc. To further improve the competitiveness of China’s non ferrous metal industry, the state has launched a series of macro-control and industrial policies and an industry access system to push the non ferrous enterprises onto a more intensive and larger scale operation track through ways of joint-venture, cooperation and restructuring, etc. According to the12th5year non ferrous metal industry development plan issued in2011, in the next5years, China’s non ferrous metal industry will carry out a large-scale mergers and reorganizations; industry consolidation will become the main tone of its developmentThis dissertation is a research on non ferrous metal industry Integration, based on a comprehensive application of industrial organization theory, transaction cost economics, the theory of social division, industrial security, industrial location and enterprise organizational capacity. Given the unique economic properties, we explored China’s non ferrous metals industry integration on3respects including the integration of industrial organization, vertical integration on industry chain and the integration of industrial space. This study will better the industry Integration theories on one hand and on the other hand it can provide some guidance to the Chinese government for their policy making related to industry integration and to the non ferrous metals enterprises for their mergers and acquisition decision making. This study has important theoretical and practical value.The specific study contents are as follows:The characteristics of the resources, manufacture and consuming market of the non ferrous industry being considered, and comprehensively based on the theory of social division, transaction cost economics, the theory of industry organization and industry security, we defined the connotation of non ferrous metal industry integration; clarified the benefits and costs of the organizational integration, vertical integration of the industry the integration of industrial space; determined the status of the enterprises and government in the industry integration; and explored the practical meaning of the enterprises and government jointly participating China’s non ferrous metal industry integration.We analyzed China’s non ferrous metal industry organization using Harvard School’s structure-conduct-performance paradigm. Our findings include:in respect of market structure, the concentration of China’s non ferrous metal industry is a "quasi-atomic market structure", the scale of the investment, manufacture and employment has always been increasing but the average sales scale is still small; the analysis on enterprise conduct shows, encouraged by the state policies since2009, the enterprises have been more active in mergers and reorganizations, but the enterprises have a weak right of speech on pricing; therefore, in general, the performance of China’s non ferrous metal industry shows, in the last10years, there has been certain improvement on the industry overall level of profit on sales, but the enterprises’ sales profit level is low and their absolute performance level is not high.Taking15non ferrous metal enterprises (groups) which topped the sales ranking during2005to2009as samples, this study built panel data to test the industry structure-efficiency-performance relations theoretical hypotheses. The result shows, the Harvard market forces doctrine and mixed market force/efficiency structure hypothesis don’t work China’s non ferrous metal industry, whose performance is based on the enterprises’ efficiency. As in industry economics, enterprises’ performance doesn’t equal industry performance, we studied the data from2002, and2005-2009to re-explore the relations between industry concentration and industry performance, and used C-D-W method to estimate the market forces of China’s non ferrous metal industry in respective years. The result shows China’s non ferrous metal industry force is weak.In respect of vertical integration of the industry chain, we explored non ferrous metal industry vertical value morphological characteristics. Through the analysis, we found out mining and ore-dressing are the key links of the industry chain, smelting and rolling are the dominant links of the industry chain. This study combined non ferrous metal industry characteristics with transaction cost economics and the theory of enterprise organizational capacity. Around the upstream and downstream links of non ferrous metal industry value chain, the study identified the benefits and costs of the vertical integration of various links, explored the regulatory role of enterprise organizational capacity factor on costs and benefits, and based on the comparison between cost and benefit, the study gives out suggestions on appropriate vertical integration models.This study conducted case studies on the relations between non ferrous metal industry vertical integration and performance taking examples of the famous foreign and Chinese non ferrous metal companies such as BHP Billiton, Rio Tinto, and CHINALCO. Taking the samples of the data collected from the listed Chinese non ferrous metal companies in2011, the study built a multiple linear regression model to conduct an empirical research on the relations between non ferrous metal enterprise vertical integration and performance. The regression result shows, the degree of the vertical integration of the listed non ferrous metal enterprises has a significant positive impact on their performance; the company’s vertical integration experience and scale play a positive regulatory role in the vertical integration strategy affecting its operating performance; though the company’s technical innovation capacity plays a positive role in the performance of vertical integration, the influence is not significant.This study calculated the discrete indicators of the industrial space concentration at regional level of China’s non ferrous metal industry, explored the regional imbalance between supply and demand. The study focused on4important minerals such as copper, aluminum, lead and zinc. Based on their regression models,3of those4non ferrous metals industry distribution have resources-relying feature. Considering the demand for globally moving non ferrous metal resources and environment friendly development, this study thinks, there is certain rationality for the future industry distribution to go more along the coastal harbors and that is the future trend of development.This study conducted influencing factors analysis on various regions on their mineral resources, energy, water resources, transportation, market demand, environment capacity, the demand and utilization of foreign resources etc. and the enterprise competition situation within each region, and based on that, we came out some ideas of the spatial integration of non ferrous metal industry. |
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