Research On Factors Affecting The Performance Of Listed Companies In Machinery And Equipment Manufacturing

As the fundamental and the core of the industry,mechanical equipment manufacturing can play an important role in promoting and accelerating to develop other relevant industries,and occupies a vital position in our national economy. With the dramatic changes in the world economic environment,China's the listed companies of mechanical equipment manufacturing industry have been great impacted. With the demand for product crunched,the listed companies' profits reduced,business performances ups and downs.Therefore,accurate measure of performance of the listed companies,and then research on the internal and external factors which affect the performance of the companies can contribute some theoretical basis for the development of measures to enhance the performance.The paper firstly reviews the system and method for evaluating the performance of the academic community at present.Then based on X-efficiency theory and the theory of the root cause of the performance differences,after compare the different method of measuring performance,select data envelopment analysis (DEA) method as a performance measurement methods in the paper.After the establishment of the corresponding evaluation index system,the paper use DEA method to measure the performance in 2006-2013 of 176 listed companies of machinery equipment manufacturing industry.Finally,according to the three major economic regions classify the companies and research on different averages trends of regions.Thereafter,reviews the literature and theory about factors which may affect the enterprise performance.Then choose 10 indexes from the corporate governance,enterprise essential capabilities and external environments as explanatory variables,and use the statistical software of STATA 12.0 and DEA-Tobit regression to research the relationship between performance and influencing factors.After the regression we can found that:(1) there were significant positive correlation between the concentration of equity, equity balance degree, executives monetary compensation, assets-liability ratio, cash flow debt ratio,inventory turnover and firm performance; (2)there was a significant negative correlation between the proportion of corporate shares and corporate performance;(3) there is no significant negative correlation between accounts receivable turnover and firm performance; (4) there is no significant positive correlation between the economic environment and the openness of the provinces and business performance was no significant positive correlation. Finally, according to the empirical results presented in favor of a few suggestions to improve enterprise performance.