The Impact Of Capital Deepening On Value Creation Of China’s Port Industry

With the rapid development of China’s opening up and economic globalization,the share of import and export trade in the national economy has gradually increased,which has led to the development of shipping industry.Ports,as an important part of shipping industry,are playing an increasingly important role in China’s economic development.However,in recent years,China’s macroeconomic development has entered a new normal,and the pace of industrial restructuring has accelerated,resulting in low-speed growth as a long-term trend of future changes in China’s ports.With the development of economy,the port industry,as a capital-intensive industry,presents the trend of capital deepening.The accumulation and deepening of capital is conducive to improving the technical conditions of the port industry,improving the efficiency of resource allocation and promoting the value creation of the port industry in China.Therefore,it is of great theoretical and practical significance to study the capital deepening of the port industry in China for the sustainable and stable development of the port industry in the future.Based on the analysis and reference of other scholars’ research results on capital deepening,this paper studies the impact of capital deepening on the value creation of China’s port industry in light of the actual situation of capital deepening in China’s port industry.Firstly,this paper describes the relevant literature at home and abroad,and elaborates the relevant concepts and theories,providing theoretical support for the follow-up study.Secondly,By analyzing the current situation of investment in China’s port industry and the situation of diversified investment driving performance growth,this paper reveals the present situation of investment and output in China’s port industry and the impact of diversification on the operation performance of port enterprises.Then,by calculating the average labor capital,labor productivity and capital productivity of 17 port listed companies in China from 2010 to 2017,the impact of capital deepening on value creation of port industry is analyzed from two aspects of capital densification and capital allocation efficiency.Through research,this paper finds that The diversified investment of port enterprises can significantly drive the growth of performance.At the same time,diversified investment can help port enterprises to increase capital density and improve the efficiency of resource allocation,thus accelerating the deepening of capital.Capital deepening of port enterprises brings about capital densification and capital allocation efficiency,and both of them have a positive role in promoting the value creation of port enterprises.According to the research results,in order to enhance the value creation ability of China’s port industry,this paper puts forward some countermeasures for reference.Finally,it summarizes the research conclusions and points out the future research directions.