Research On Evaluation Of Listed Corporation Competitive Power

Listed corporation is the high-quality property of each industry in our country, and is the important strength for our national economy development. Therefore, the analysis combines with evaluation of listed corporation competitive power have important academic and realistic meaning. Seldomly has research been carried on to listed corporation competitive power at present, which, seldom or never, considered the influence of institutional factors on listed corporation competitive power. Domestic and overseas scholars have already proved corporation governance is an important factor which decides corporation competitive power via series of theoretical and empirical study.This paper proposes, amongst all the driving factors which influence listed corporation competitive power, management and technology is relevant to corporation operating efficency and determines listed corporation short-term competitive power; while corporate governance and enterprise culture provides institutional guarantee and spiritual power to affect corporation competitive power and determines listed corporation long-term competitive power, based on the analysis of domestic and overseas relevant research. Corporate governance, together with management, technology and enterprise culture determine listed corporation competitive power, by way of mutual influence.This paper further studies each driving factor of listed corporation competitive power and sets up evaluation indicator system for listed corporation competitive power. Then, this paper chooses objective method of weighting based on coefficient of variability of indicant and subjective method of weighting based on AHP and adopts comprehensive index evaluation method to construct index model of listed corporation competitive power.Finally, this paper select 3590 listed corporations from CCER and CSMAR and do an empirical research on the competitive power during 2003-2006. the results indicate the listed corporation competitive power increases greatly during 2003-2006 and the improvement of governance is the main reason. However, during that period, financial solvency does not improve obviously. What is worse, the ability to pay debt decrease yearly. This paper put forwards relevant coutermeasures to improve listed corporation competitive power.This paper breaks the traditional limit of studying competitive power from technology or management view, and chooses corporate governance, enterprise culture, technology together with management as driving and performance factors to comprehensively evaluate listed corporation competitive power. Furthermore, this paper systematically evaluates the listed corporation competitive power making use of panel data for the first time. This is the main feature of this paper. However, listed corporation competitive power is a developing concept, and possesses different intension and extension in different period. Different factors affect listed corporation competitive power differently in different stage. Therefore, the study in listed corporation competitive power is a long-term and persistent topic. This paper is only an interim achievement and more study should be done to understand the character of listed corporation competitive power.