Enterprise Flexibility Evaluation Of Port Listed CompaniesBased On Catastrophe Progression Method

At present,China has 7 seats in the top 10 ports in the world,and its port container throughput accounts for more than 1/3 of the world's total.Shipping accounts for more than 90%of China's foreign trade cargo traffic,providing strong support to make China the world's number one cargo trade country.The port industry is a basic industry of national economy of our country.Ports play an important role in meeting the transportation of bulk materials such as national energy and raw materials,supporting economic,social and trade development,improving people's living standards,and enhancing the country's comprehensive strength.However,the port industry is vulnerable to the external environment.Today,the world economy and trade are still showing a slowdown.The globalization process being blocked,regional political uncertainty keeping increasing,trade and investment protectionism on the rise,the port and shipping market continuing to slump,and port competition becoming increasingly fierce,global scientific and technological progress,accelerated transformation and upgrading have made China's port enterprises face a severe test.Enterprise flexibility is the ability to use internal and external resources to adapt to environmental changes and uncertainties.Since the research on the flexibility of port enterprises in China is relatively blank,it is necessary to construct a flexible evaluation system for port enterprises and analyze the differences and causes of enterprise flexibility of listed companies in China,which has important significance.According to the characteristics of China's port enterprises,based on summarizing the existing research,the thesis divides the enterprise flexibility of the port industry into three dimensions:financial flexibility,port comprehensive flexibility and strategic flexibility.The listed company's flexible evaluation index system including three first-level indicators,seven second-level indicators,and 21 three-level indicators is constructed.This thesis selects the data of 19 listed companies in China from 2017 as the research sample,uses the entropy method to determine the weight of each level of indicators,sorts according to the importance,and uses the normal formula of the catastrophe progression method to calculate the enterprise flexibility of the 19 listed companies in China.From the calculation results analysis,overall China's port listed companies has a high degree of enterprise flexibility.Shanghai International Port Co.,Ltd.'s enterprise flexibility ranks first,Tianjin Port Co.,Ltd.,Ningbo Zhoushan Port Co.,Ltd.and Qingdao Port State-owned Enterprise Co.,Ltd.also have a high degree of enterprise flexibility.The company with the lowest enterprise flexibility is Jiangsu Lianyungang Port Co.,Ltd.Among the five port groups in China,the Circum-Bohai-Sea port group has the highest flexibility.At the end of the thesis,according to the enterprise flexibility calculation results of listed companies in China's ports,suggestions and countermeasures are put forward to improve the enterprise flexibility of China's port industry.