Research On The Impact Of Institutional Transaction Cost On The Competitiveness Of Automobile Manufacturing Enterprises

With the gradual recovery of the global economy from the economic crisis in2008,the process of economic globalization is also accelerating.China is gradually moving from a big manufacturing country to a strong manufacturing country.In this process,as a pillar industry of the national economy,the automobile manufacturing industry inevitably enters the global automobile industry competition system.As the key point of domestic economic growth,the increasing cost of automobile manufacturing has led to the reduction of employment demand and profits of enterprises.Meanwhile this situation weaken the enthusiasm of production and cause the emergence of overcapacity.Therefore,in the context of "high cost" economy,the central government proposed the structural reform of supply side in 2015,in which "cost reduction" has become one of the five key tasks.The cost reduction strategy led by institutional transaction cost will also provide new impetus for the development of manufacturing enterprises.If we want to improve the competitiveness of automobile manufacturing enterprises by reducing the institutional transaction costs,we need to clarify the impact of the current institutional transaction costs on the competitiveness of enterprises first,and confirm the impact of different types of costs on competitiveness.Only by knowing about these problems can we reduce the cost and promote the economic development of our country effectively.Therefore,automobile manufacturing industry and institutional transaction costs are the main research objects in this paper,and the impact of the latter on the former is the main research objective.This paper reveals the source of institutional transaction costs,which is based on transaction cost theory.Then defines the conceptual connotation of institutional transaction costs and defines the categories of costs according to their connotations.At the same time,combined with the characteristics of the automobile manufacturing industry,the first-level indicators of the competitiveness of enterprises are determined,and the impact of institutional transaction costs on the competitiveness of enterprises is theoretically analyzed.In the analysis of the competitiveness level of automobile manufacturing enterprises,principal component analysis is used to evaluate the comprehensive competitiveness level of listed automobile manufacturing enterprises.An econometric model is constructed to empirically analyze the impact of institutional transactioncosts on listed automobile manufacturing companies.The results show that institutional transaction costs have a significant negative effect on the competitiveness of enterprises.Among them,the social security cost has the greatest impact.Combining theoretical and empirical research,this paper finally puts forward specific suggestions and measures for each category of institutional transaction costs.