Performance Difference Of Manufacturing Enterprise Under The New Normal

This dissertation analysis the performance difference of manufacturing enterprise under the New Normal from the view of factors-driven and TFP-driven respectly.Firstly,from the macro-level’s structure transformation,the comparative advantage disappears,as well as the medium-level level’s market concentration difference,the product difference and the entry barrier difference,the performance difference causes are briefly discussed.And based on the theory of resource advantage,this dissertation proposed that the reason in micro-level is the most important factors leading to the difference of performance.In the micro-level,innovation,entrepreneurial spirit,human resource,product quality,capital structure,capital size and many other factors can lead to the differences in performance,and it’s hard to find out which factors has a great impact and the explain the cross impact among these factors.Therefore,this dissertation introducing a concept of micro total-factor productivity and proposed a method that analyze this problem the perspective of factors driven and total-factor productivity driven.Early studies on factors driven and total-factor productivity driven is mainly based on the country level or industrial level,and focus on their impact in the process of economy growth.Capital,labor and land have various impact on economy growth.Solow(1956)pointed out that economy growth mainly derive from the increase of the amount of factors and the upgrade of factors level,which can produce the growth effect and level effect.On the other hand,Solow also proposed total-factor productivity is the most important factors to promote long-term stable economy growth.From the partition of economy growth phrases,economy growth is consistent with the theoretical basis of the conversion from factors driven to total-factor productivity driven.Meanwhile,from the development of china,the evolution process of "Chinese economy growth miracle"to "the trap of middle-income" has proved that this conversion is in line with the realistic basis.Economy growth and performance are closely related,and in micro level,performance should also meets this characteristic.In the empirical part,this dissertation uses the data of "China Enterprise-Employee Matching Survey"(CEES)which is jointly sponsored by Wuhan University,Tsinghua University,Chinese Academy of Social Sciences and Hong Kong University of Science and Technology to explore the relationship among factors,total-factor productivity and performance.This dissertation then select the labor productivity,asset yield,return on net assets and sales profit margins as the indexes of performance measurement.The result of descriptive statistics analysis indicated that manufacturing enterprises’performance under the new normal have decreased universally,and there are big differences among enterprises’ performance.Moreover,This dissertation used the TFP calculated by LP method as the index of total-factor productivity,investment in Fixed Assets as investment indicator,land area as land index to do the Correlation analysis,and the result illustrated that there is a strong positive correlation between total-factor productivity and performance,and the correlation between factor indexes and performance is very small,even has a negative correlation in a certain extent.With the control of scale,ownership structure,age,market share and export structure,etc.,the result of least squares regression shows that there is a significant positive correlation between total-factor productivity and performance,and the correlation between factors index and performance is not obvious,some factor indexes even has a negative correlation.The regression result is stable after the data has be grouped by years and performance,which shows that the higher the total-factor productivity,the better its performance.In conclusion,total-factor productivity could still have a great impact on performance while the factors cannot lead the increase of performance,and the difference in driving force results in the differences of performance.Based on the conclusion,this dissertation proposed four recommendations.First is to implement the transformation and upgrading strategy for those inefficient enterprises,and implement the elimination strategy for those enterprises out of efficiency;Second is the entrepreneur transition that from the "institutional entrepreneurs" into "innovative entrepreneurs";Third is the human capital transformation that from the "number of labor" to "human capital quality";Four is the transformation of innovation model that from the "government-led innovation" into"enterprise-led innovation".