| China auto industry started in the 1950's, from July 13 in 1956,the first van named Jie Fang marked, open the automobile industry in our country development history chapter, Until 1992, China automobile industry truly step on track, the annual output reaches 100 million vehicles. Subsequently, China auto industry has developed rapidly. Entering the 21st century, as the car market is rapid and outspread, automobile industry has been in high speed development state. In 2004, China automobile ranked fourth in the world, total sales more than 500 million vehicles. In 2006, rank for china is after the United States, more overtake Japan, the annual output yield 728 million vehicles and sales of good grades 722 million vehicles. By 2010, China auto industry has made proud achievements that attracted worldwide attention, global total of 77.61 million vehicles produced, of which China produced 1826.47 million vehicles, an increase of 32.4%.China has become the world's largest auto market and the first automobile production country, auto industry has become one of the important pillar industries in China. Automobile industry is also experienced an enclosed by to open, from scarce to prosperity development process. But the vigorous development of the automotive industry brought on for management and innovation is the higher requirement, on our country "1025" plan explicitly pointed out that China auto industry must transform from car powers to the car powers, advocate powers m&a and development of automobile new energy. Meanwhile, as the auto industry markets open, and the high profits in auto industry, more and more investment into the industries, such as the establishment of private enterprises, foreign enterprise purchase, etc. Therefore, the research on equity structure is a certain theoretical and practical significance.This study is mainly for the differences of the theory of the auto industry's state-owned enterprises and private enterprises. As well-known, China's listed companies mostly by the original state-owned enterprise change in our stock of the state-owned enterprise and exist in present situation of equity structure imbalance. Currently, because of fearing the loss of state-owned assets of appear and want to keep the public ownership of the means of control status, so the proportion of state shares in the equity structure of state-owned enterprises is still a great weight and provisions for the country still has a big corporate listed circulation. China current ownership structure of state-owned enterprises presents the basic features:the State-owned shares of the "dominance" and not circulation; Social strands of negotiable but few percentages. And for our country's private enterprise listed company stock ownership structure is not the same as the state-owned listed companies. Since the first private enterprise listed in 1992, is experienced its stagnation, the development period, and now the rapid development and now the development of private enterprise promoting economic development in China is an indispensable part. Most of the private enterprises in China from family enterprise develops, therefore, in its startup period, private enterprise's ownership concentration is highly centralized, with most of its shares are master in the family, also can say individual hand is due to a single property and show the ownership and management together. Gradually, along with enterprise's expansion, the demand to capital is increasing, therefore, non-family members will private enterprise, Ownership began to differentiate, thus need to start hiring managers, then gradually ownership and managerial authority and the separation of ownership concentration is also started slowly scattered. In view of state-owned enterprises and private enterprise development course of different, so think, for comparative analysis of two kinds of enterprises with corporate performance and the share concentration ratio is a certain theoretical and practical significance. In terms of business performance indicators, it's always the hot scholars both at home and abroad, in foreign countries, scholars generally use Tobin Q value as business performance indicators, in the domestic, scholars prefer to use rate of net-capital income (ROE) and main business the return on assets (CROA) as business performance indicators. On April 2010, State-Bureau of Financial Supervision and Evaluation public a book named Standard value of 2010 Performance Evaluation.The book united the performance evaluation index, including 27 financial index data, and provides five supplement materials, in order to make a unified standards for performance evaluation, this paper is based on the five aspects of this standard screening financial index: profitability, asset management, debt paying ability, growth ability and cash flow capacity, total 18 indexes for factor analysis.This article mainly researches the relationship between ownership concentration and business performance of listed companies in auto industry. At first, reviewing and analyzing theory in order to establish the basis for this paper. Then, the basis of study of automobile industry ownership concentration and performance of relevant index in an overall evaluation, in empirical part, finally is based on the conclusion puts forward related suggestions. This paper from five chapters to discussed ownership concentration and performance relationship in automobile industry. The first part is the introduction of this article. This section includes two parts, the first introduced the research papers, the background significance as well as research adopts methods and ideas, and probably discusses the main content of this article and structure, the second, the research situation at home and abroad. Through analyzing and learning the related literature at home and abroad, we can understand the current study development at home and abroad, and absorb other experts and scholars experience to take an indirect route in my studies. The second chapter is about the related theory of ownership concentration and enterprise performance. Firstly, is the interpretation for some definition, including the division standard of state-owned enterprises and private enterprises, the interpretation of equity concentration and performance. Secondly, is the comparison of the state-owned enterprises theories and private enterprises theories. The third chapter is the status analysis of ownership structure and performance in auto industry. This chapter basically set of ownership concentration in the development trend of the research, as well as for state-owned and private performance comparative analysis, in order to find the differences between state-owned enterprises and private enterprises in equity concentration and performance. The fourth chapter is empirical research. This paper selects three years of annual reports and half annals of automotive industry data in 2007 to 2009, First of all, analyze samples of listed companies in the automotive industry, according to actual controller, divided the sample into two groups, state-owned enterprises sample group and private enterprises sample group. Then, do the factor analysis using SPSS software for two sample groups and get the comprehensive performance values. According to the front the theoretical guidance, establish the hypothesis and reasonable mathematical model of this study, use the comprehensive performance and equity concentration to do regression analysis. The fifth chapter is the research conclusions and recommendations. First is arrangement the result of an empirical analysis of the regression results, then, to explain them and based on the national conditions of our country's economy to puts forward reasonable suggestions on improve the ownership structure. |
PDF Full Text Request