Empirical Study On The Operating Performance Of Chinese Military Quoted Companies

As an important component of national defense industry, the traditional military industrygroups have not been able to cope with increasingly serious international economic and politicalenvironment. Therefore, China promulgates a series of policies to consolidate and improve thecompetitiveness of industry groups. Finally, the professional military groups gradually integrateinto military quoted companies which will promote collaborative development of defense industryand the securities market. Military quoted companies are organic combination of military defenseindustry and securities market, also inevitable result of the development of military enterprises.Consequently, relevant research about military quoted companies has very great significance fornational defense, economy. Existing research is mainly manifested in two aspects about qualitativeand quantitative analysis, especially focus on capital structure, evaluates management of militaryquoted companies, but lacks of overall performance evaluation. The transformation of joint-stockChinese military quoted companies has achieved certain results: excellent technology anddevelopment capability, and plays a positive role in promoting international competitiveness inorder to speed up the realization of modernization of national defense industry. But because ofcharacteristic of military quoted companies, there is still a series of problems in the operation andmanagement that lead to poor in some military listing Corporation’s management performance.Therefore, it is great theoretical and practical significant for promoting harmonious and healthydevelopment of national defense, economy to solve problems of operating Chinese military quotedcompanies performance.Consequently, this paper chooses30military quoted companies which take military productsfor the main business, belonging to10military groups, as the research object and chooses itsoperating performance as core, uses factor analysis, value at risk and data envelopment analysis toanalyze2012financial data which represent management of military quoted companies at thisstage. In conclusion, performance of military quoted companies is good, but the ranking of30companies is not stable, mainly for low efficiency of military technology, weakness of resisting risk ability, unbalanced distribution of business ability, insufficiency of sustainable developmentability, weakness of human resources. Quoted companies not only have the characteristics ofsecuritization and market, but also have the particularity of public products serving defense andpublic. It is very meaningful for military quoted companies to enhance technological efficiencyand ability of resisting marketing risk, business distribution, sustainable development, humancapital, debt paying ability, profit ability and innovation ability. These suggestions providereference to improve the performance of military listing Corporation.