A Performance Study Of A Shares White-appliance Listed Companies Under The Perspective Of Industry Reform

With the development of China's market economy and the Internet, China's white-appliance industry is facing a saturated market demand, changes in consumption and the threat of new entrants. Under such a background, the white goods companies are seeking transformation in order to improve business performance sustainably.In this paper, we analyze the current situation of white-appliance industry first, and then make empirical analysis about the business performance of this industry. First of all, we calculated business performance scores of nine white-appliance listed companies in 2004--2013 through factor analysis. Second, one panel data econometric model is established in order to find reasons for the change of business performance scores. According to the results of this model, the business performance of white-appliance companies was positively correlated with urbanization rate and commercial housing sales area, and had negative correlation with the cost of raw materials. From the two sets of sample results, we can see that larger the company size is, the more obviously related with the industry factors. Thirdly, this study selected Qingdao Haier and Hefei Sanyo as typical cases for analysis. Finally, according to the empirical analysis and case studies, we put forward feasible suggestions on how to transform and how to enhance the business performance sustainably for white-appliance companies in different sizes.