The Impact Of Supply-side Factorson Firm Performance

As the core of manufacturing industry,equipment manufacturing plays an important role in promoting national economy development and safeguarding national defense security.At present,the development of China's equipment manufacturing industry has achieved some achievements,one is the scale and the level reached a certain level,the other is the ability to participate in international competition.However,with the change of the global manufacturing pattern and the new normal of China's economic development,structural optimization and dynamic transformation,China's equipment manufacturing industry faces a huge challenge in the transformation and upgrading.Scholars generally believed that the bottom of the equipment manufacturing industry is still in the "L" type,the unreasonable industrial structure,serious excess capacity,independent innovation ability is insufficient,the low level of development is the most prominent problem,the equipment manufacturing industry in our country mainly reflects in the supply of these structural contradictions and problems.Supply side structural reform in our country puts forward the realistic basis,including the change of the pattern of international division of labor,industry overcapacity,product supply and demand imbalances,etc.,thus by supply side boundary reform problems in the supply of the equipment manufacturing industry,realize the industrial transformation and upgrading is the best choice for us.Therefore,in this paper,the equipment manufacturing industry listed companies as the research object,research on supply side factors influence on the equipment manufacturing industry listed company business performance,through empirical research,from put forward according to improve the business performance of the equipment manufacturing industry supply side structural reform countermeasures,so as to promote industrial transformation and upgrading,the mass transfer efficiency.Firstly,this paper analyzes the development status and existing problems of manufacturing equipment to find China's equipment manufacturing industry technical innovation ability is not enough,lack of human resources development,supply side structural problems such as unreasonable industrial structure;Secondly,combing the related theory,to define the concept,build the supply side factors and enterprise performance between the theoretical analysis framework,and USES the standard research and empirical research method,through the research hypothesis is put forward,set up the supply side factors and performance of the enterprise substitution variables,data gathered from the equipment manufacturing industry in the annual reports of listed companies,and by using descriptive statistics analysis,correlation analysis,factor analysis,regression analysis for statistical data processing,The results of the study are: government intervention has a significant negative impact on enterprise performance,and technological innovation has a significant positive impact on enterprise performance.Human capital investment andtechnical human capital has significant positive impact on corporate performance,but the equipment manufacturing industry listed company technical overall human capital stock is low,is not conducive to the improvement of enterprise performance.Production and sales are also significantly more positive than corporate performance,but the excess capacity of equipment manufacturing industry hinders the improvement of corporate performance.Finally,this paper suggested that the equipment manufacturing industry should improve the business performance of listed companies,to increase investment in enterprise r&d investment and human resources,improving the structure of the production,reduce government intervention as foothold,to the enterprise to promote industrial transformation and upgrading,the mass transfer efficiency.