The Big Differentiation Of The Enterprises' Operating Performance

Our country's economy has entered the new normal after many years of high speed growth,the macroeconomic growth now is facing greater downward pressure.From the year 2010 to 2015,the GDP growth rate fell down from 10.3%to 6.9%,total investment in fixed assets fell down from 10.3%to 6.9%,and the total retail sales of social consumer goods dropped from 14.8%to 10.7%.A lot of empirical studies based on countries have showed that the downward of demand,financing constraints,etc.that caused by the downward of the national macroeconomic growth,could affect the micro enterprises'operating performance.However,when some enterprises' operating performance got large impact by the downward pressure,another part has realized "buck up",kept continued steady growth.With the macroeconomic growth slower down futher,the operating performance differences between enterprises will be more and more obvious,present big differentiation characteristics.Facing with the same economic downward pressure,why the operating performance has a big differentiation between enterprises?It's hard to use the traditional factors of production(such as labor,capital,etc.)to explain this phenomenon,and the human capital,R&D input about total factor productivity have a certain hysteresis for enterprise' operating performance.So,within the endogenous growth theory as the logical framework,from the perspective of enterprises' profit model,this article will use the empirical survey data to explain the reason of the enterprises'operating performance big differentiation.The existing research show that the fluctuation of the macroeconomic and micro enterprises' quality behavior have impact on enterprises' operating performance.The essence of economic growth is the combination of all kinds of factors.From the perspective of factors allocation,economic growth can be derived to two different ways:One is based on the increased investment and expand,emphasizes the growth rate;The other is based on efficiency,emphasizes the structure optimization and quality improvement of economic growth.Such two kinds of macroeconomic growth ways,for the microscopic enterprise level,is embodied in the profit model,namely the "speed type profit model" and "quality type profit model" The operating performance of the "speed type profit model" is more vulnerable and influence to the impact of the external macroeconomic situation,especially in the quantitative growth environment,and it can be explained by the comparative advantage theory and path dependence theory.After the reform and opening-up policy,under the background of the high growth rate of the macro economic,these "peed type profit model" enterprises' development and operating performance is rapid.However,along with our country economy has entered the new normal,these enterprises' operating performance got a huge shock by the downside of the macro economic.The reflection of the enterprises' operating performance indexes have fallen significantly.The change of the external economic environment,cause the unsupported of these enterprises' growth.Also can say that these "speed type profit model" enterprises rely too much on macro demand,lack of the endogenous growth ability.The "quality type profit model" enterprises' growth are the same with the economic growth in the quality mode.These enterprises take their own endogenous capability as a starting point,focus on increased investment in human capital and R&D,through continuous technological innovation,product improvement,market development,build up the core competitiveness of the enterprises' profit.These enterprises' growth is a kind of endogenous development,so the influence of the external economic environment's on the enterprises' operating performance is often short or finite.We can use the endogenous growth theory to explain it.The endogenous growth theory emphasizes the influence of enterprises' internal human capital,the R&D input et al.on the enterprises'operating performance.Later,Schumpeter summarized the core of the endogenous growth theory as technology lead to the "creative destruction",and highlighted the role of entrepreneurship on economic growth.Relative to the "speed type profit model" enterprises,the "quality type profit model" enterprises pay more attention on the "innovation" as their core competitiveness construction,on meet customer demand as the guidance,including capital,technology,products,reputation,brand,service,supply and marketing channels,customers of enterprise assets,such as a more reasonable system configuration,input and output of enterprise,service and a series of comprehensive optimization of the system.Most fundamental points of development of the "uality type profit model" enterprises' management is through constantly innovation to meet customers' demand.The "quality type profit model" enterprises focus on the customer demand in the market,regard innovation as the main means,discover these requirements constantly,measure and implementation,namely continuously through innovation to make their optimal product quality.Because the "quality type profit model"enterprises' growth not rely on the macroeconomic and policy environment,its always aim the quality as the core of market demand,so the influence of the macroeconomic environment to the enterprises is relatively small.Profit model is the foundation of the enterprises'profit,and the quality ability plays an important role.As a comprehensive index that can reflect the enterprises' quality input,quality performance and the degree of consumers' demand,we can use quality competition theory to explain its mechanism of enterprises' operating performance improment.Based on the quality management theory,quality competition theory regards the quality evaluation as it's derived from the competitive of consumer choice.Based on the theory of industrial competitiveness,the quality competitiveness is influenced by quality factors,market competition and environmental impact factors.Therefore,for a enterprise with better qualirt ability,on one hand,its inherent quality input is more,quality management and quality performance is better,its products are more able to meet the consumers' demand in the market.On the other hand,quality factors drive the improvement of products through market competition,even if the external macro environment change,its operating performance can still be able to maintain steady growth.Based on the analysis of the internal profit mechanism of these two different profit model enterprises,this dissertation suppose,it is the difference of the profit model,causes the big differentiation of our country enterprises' operating performance,and the quality ability in different profit model enterprise is heterogeous.To confirm these conjectures above,in the framework of the endogenous growth theory,this study selects the total factor productivity as the proxy variable of the operating performance.By using the "China Enterprise-Employee Survey"(CEES)data obtained through random and scientific sampling,1207 companies data contains such as production behavior and comprehensive operating performance indicators.Besides,comprehensive calculation of enterprise quality and total factor productivity and other variables are received too.And based on the difference in quality ability(selected by R&D intensity as indicator),we make two groups as "speed type profit model" and "quality type profit model".We named the group with that R&D intensity less than or equal to the average value as"speed type profit model",and the remaining R&D intensity greater than the average of the enterprise sample as "quality type profit mode".Then,through the comparison of the difference of the enterprises' operating performance between provinces,industries and different profit model enterprises,this dissertation reveals the status quo of the enterprises,operating performance differentiation in China,and explores the reason why the operating performance of "quality type profit model" is better than "speed type profit model" by analyzing the differences in input factors.This dissertation compares the enterprises' operating performance in different provinces,industries and profit models,and finds that there are some differences in the enterprises' operating performance between provinces,the differences of operating performance between enterprises are obvious,and the operating performance of different profit models shows the characteristics of big differentiation.Furthermore,this dissertation also finds that quality,human capital,entrepreneurial education,intermediate imports et al.are all positive correlated with the enterprises'otal factor productivity.Human capital,entrepreneur education level,supervision structure expenditure,staff training expenditure,the use of imported intermediate products show a positive correlation with the enterprises' quality ability.On the basis of this,this dissertation constructs the endogenous growth model of the enterprise's total factor productivity after the full control of the variables such as enterprise's size,ownership type and industry type,and through the ordinary least square estimation(OLS),instrumental variable method(IV)and limited information maximum likelihood estimation(LIML)show that there is a significant positive correlation between quality ability and enterprise's total factor productivity.At the same time,the study also found that the quality ability enhance the enterprises' total factor productivity through the promotion of human capital and innovative.Furthermore,this study also makes empirical analysis on the heterogeneity of different quality models of enterprise profitability.By empirical analysis of the ordinary least square estimation(OLS),instrumental variable method(IV)and limited information maximum likelihood estimation(LIML),the results show that the quality ability of the "quality type profit model" enterprises is significantly higher than the "speed type profit model" enterprises.So,we can say that the difference of the profit model cause the big differentiation of the enterprises' operating performance in our country.Based on the findings above,the policy suggestions of this study are:Accelerate the upgrading of the quality ability and guide the transformation of the enterprises' profit model;Develop skilled personnel energetically and improve the enterprises' efficiency;Focus on fostering entrepreneurship and innovation,and improve the efficiency of enterprises' resource allocation;Promote supply-side reform actively and improve the quality public service system;Implement the mechanism of quality management system innovation comprehensively and establish a comprehensive quality management department.This dissertation is divided into eight chapters,each chapter's main content is as follows:The first chapter is the introduction,including the introduction of the research background,problem and the significance of this article.Then,based on the problem,the relevant literature about the related factors that influence the enterprises' operating performance and the mechanism are summarized,from the sight of the macroeconomic fluctuation and microscopic enterprises' quality behavior.Besides,this chapter also cover the introduction and analysis of the main methods,the content and the technology roadmap,and the related statements of the difficulties,the innovation points of this dissertation;The second chapter is the definition of the related concepts and basis theory.In this chapter,the relevant endogenous growth theory and the quality competition theory are defined;The third chapter is the related data acquisition and indicators measurement,mainly about the introduction of the "China Enterprise-Employee Survey"(CEES)data acquisition method,the content of replacement,and the measurement of the enterprises'quality ability,the total factor productivity,the enterprises' profit model groups and other indicators;The fourth chapter is an analysis of the present situation of our country enterprises'operating performance.At first,the CEES data are adopted by the descriptive statistics,through comparative study,the enterprises' operating performance of different provinces,industries and profit model show the current situation of our country enterprises'operating performance has a big differentiation.Through the comparative analysis of the enterprises' internal quality ability and related influencing factors,we find the internal factors that influence the enterprises' quality abibily and total factor in our country;The fifth chapter quality is the significant empirical analysis about the profit model and enterprises' operating performance.The metasomatism measurement method and the construction of model are explained.We assume the quality ability of "quality type profit model" is better than the "speed type profit model",and through the ordinary least squares estimation(OLS),instrumental variable method(IV)and limited information maximum likelihood estimation(LIML),the question of whether quality ability can improve enterprises' operating performance is answered.In addition,in this chapter,we also find the quality ability improve enterprises' operating performance through a correlation between human capital and innovation;The sixth chapter is the empirical research of the heterogeneity of different profit model enterprises' quality ability.Similar to the empirical analysis of the fifth chapter,we use the same method,text the enterprises' quality ability heterogeneity between the"speed type profit model" and the "quality type profit model" enterprises by regression analysis;The seventh chapter is the policy suggestions;The eighth chapter is the summary and outlook.This dissertation based on the endogenous growth theory,from the perspective of economics,fully considering the influence of the quality for enterprises' operating performance,assuming that the difference between profit model leads to the big differentiation of the enterprises' operating performance in our country.The further hypothesis of this article is the difference of enterprises' inner quality ability cause leading to the enterprises' profit model differences mostly.This article confirm the hypothesises from macro and micro sight,answer why the the difference between profit model may lead to the big differentiation of the enterprises' operating performance,and the mechanism how the enterprises' inner quality ability influence the operating performance by theoretical analysis.Then,this article assumes the quality ability in different enterprises is heterogeneity,and select quality ability,total factor productivity as the proxy variables of the enterprises' profit model and the operating performance,then prove the profit model has a significant correlation with the enterprises' operating performance.Then,this article further confirm the heterogeneity of different profit model enterprises' quality ability,and enhance the suppose that the difference of profit model leads to the enterprises' operating performance big differentiation in China.These studies have a certain extent deepen the research of the endogenous growth theory and broaden the research field of total factor productivity,and will be meaningful for the development of the related theory research about the improvement of quality to the enterprises'operating performance.The conclusions in this dissertation provide realistic methods and path about how to deal with the impact of the macroeconomic downturn to the enterprises in China.