An Empirical Study On The Relationship Between China’s Macroeconomic Factors And The Opearating Performance Of Listed Company

The management of the enterprise performance has already becomea very hot social issue in the current society，especially the listedcompanies operating performance.The combination of interior andexterior factors has made our country’s listed companies operatingperformance on the whole not ideal. In2008, a serious financial crisislighting-fast spread to the whole world. Although Chinese economy isstably developing in a high space, the financial crisis still had a negativeeffect on Chinese macro economy development, After financial crisis,The Chinese government implemented an active fiscal policy and anaccommodative monetary policy, BY doing this, Chinese economicsituation recovered from the crisis quickly. But excess release of liquidityand inflation caused by high prices pushed China’s economy into another“mire”.During2001-2011, China Economy experienced the period ofrecession overheating, recession, rebound and downside. Marco Economyis repeatedly experiencing recovery upsurge, recession to depression, all the enterprises operating performance will inevitably suffer the effect ofmacro economic fluctuation. This paper analysed the relationshipbetween the enterprise operating performance and macroeconomic(including GDP, inflation and urban unemployment rate) and itsmacroeconomic factors (including GDP, inflation, real loan interest rate,money supply and exchange rate) by adopting the macroeconomic datafrom2001to2011, related theories and empirical research. Based on theback ground of post-crisis period, uncertainly and complexity ofdevelopment of macro economy will be analyzed in detail. As aconsequent, enterprises will realize the macro-economic situation hasconcrete implication on enterprise operating performance in thepost-crisis period. Besides, the paper will give viable solution andsuggestions on enterprise operating performance for Chinese listedcompanies.The main conclusions and Policy Suggestions of the dissertation areas follows:Firstly, the conclusions drawn from the theoretical and empirical analysis presented in this paper are: Through the Johansen co-integrationrelationship test shows that the companies operating performance andmacro economic fluctuation variables exist so long term balancedrelationship. Through the Granger causality test show that the macroeconomic fluctuation variable is the performance of the Granger reason, itshows the gross domestic product, the consumer price index and theinfluence of urban unemployment rate have an effect on the companyperformance. Through the impulse response function and variancedecomposition analysis show that the macro economic fluctuationvariable impact on the operating performance of the company after theimpact of is a negative Particularly, macro economic fluctuation variablesaffect the overall performance of listed companies current and futurevalue. The performance of the company in addition to the influence of thefluctuation by its own outside, with the passage of time, but also by thegross domestic product, the consumer price index and the influence ofurban unemployment rate, and the gross domestic product and theconsumer price index is more important than the influence of urban unemployment rate.Secondly, the result of the Regression model showed that theenterprises operating performance is positively related to GDP, consumerprice index (CPI) and currency supply, and negatively related to loaninterest rate. But exchange rate is not the key factor to influenceenterprise operating performance. Enterprise operating performance ismainly influenced by the fluctuations of their past performance influence,it shows that company’s manage performance has a certain memory.Further, Industry factor has an important effect on enterprise operatingperformance.Thirdly, government should be comprehensive use of variousmonetary policy tools combination, improve macro prudent policyframework, further optimize the credit structure adjust to maintainingreasonable social financing scale. To keep the RMB exchange rate at areasonable equilibrium level stably, We need to further improve the RMBexchange rate formation mechanism. When government makemacroeconomic policy, they should pay attention to price increases, intends to promote the price increases within the scope of certain, then ithas certain positive role on he enterprise performance. At present,the external demand relative weak, domestic economic growth modeand factor structure need change, the top priority is that keep economicmoderate growth steady.