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Competitiveness of listed companies in Hubei Province

Author: JingLe From: www.yourpaper.net Posted: 2009-06-28 00:28:25 Read:
Abstract: The study listed company in Hubei Province, the country's overall level of competitiveness, based on the the boss company competitiveness connotation understanding, and to build the foundation of competitiveness evaluation index system, with the help of SPSS statistical software, using factor analysis factor analysis in accordance with the strict steps, the overall competitiveness of the country's 31 provinces and cities listed companies interprovincial comparison, an objective assessment of the overall level of competitiveness of Hubei listed companies.
Keywords: listed companies; competitiveness; Factor Analysis; indicators

A listed company competitiveness theory

The 1.1 listed companies competitive connotation
Competitiveness of enterprises is a hierarchical, integrated complex concepts, therefore, rightly understood the meaning of the competitiveness of enterprises, and to grasp the concept should be integrated. The understanding of the competitiveness of enterprises, the competitiveness of enterprises means enterprises as the main competition in the market competition environment upon which the survival and development capacity. Specifically, independent business enterprises in accordance with the internal and external environment and its changes, effective use and allocation of resources to build competitive advantage, market expansion and profit, as the basis for the ability to achieve sustainable development of enterprises.
1.2 listed companies competitiveness index system
The principles of the construction of the index system should be combined with the spirit of purpose and science sexuality, comprehensive and representative, operability and stability combined qualitative and quantitative combination of versatility and development combined. Financial indicators of business performance based on financial indicators of listed companies, it is more reasonable to evaluate competitive. Selected five representative financial indicators, as a comprehensive evaluation of the competitiveness index system. (See Table 1)
The 1.3 listed companies competitive evaluation method
Determination of the competitiveness of listed companies comprehensive assessment is made on the basis of integration in the evaluation of the competitiveness of listed companies. In this paper, the application of multivariate statistical analysis, the factor analysis the integrated processing competitiveness evaluation index of listed companies. Factor analysis is a comprehensive evaluation and determination for multiple indicators, describe the characteristics and status of the economic system as a main factor. Factor Analysis of the substance is the study of internal dependencies related data array, the integration of the plurality of variables for a few factors, to reproduce the correlation between the original variable factors. In the factor analysis, the common factor can be expressed as a linear combination of the variables so that it can be estimated from the observed values ??of the variable to the value of each factor, and this value is called a factor score. The factor score model of the following formula: E i = a I1 x 1 a I2 X 2 a i3 x 3 ... A in. x n (i = 1,2, ..., M). (Wherein: E i is the score values ??of the i-th factor; a ij for the i-th coefficient of the j-th variable factor score; x j is the observed value of the j-th variable; M for the sample number.) the biggest advantage of the method in at first, it eliminates the related impact indicators; eliminate the subjectivity of human valuation weights. In this way, we ensure the objectivity of the evaluation model and the accuracy of the evaluation findings.

An Empirical Study of the listed company in Hubei Province competitiveness

The 2.1 evaluation data selection
In this paper, selected more than 1,600 listed companies across the country as on the basis of analysis of samples, will be divided into these companies by provinces and cities. The sample data are taken from the public disclosure of listed companies in the online (China Listed Company News) 2007 Annual Report and the financial indicators.
Factor of 2.2 data analysis process
2.2.1 The original data standardization
In order to make the indicators comparable, standardized processing of the raw data, standardized data obedience (0,1) standard normal distribution. Nationwide listing of more than 1,600 corporate data is divided according to provinces and one by one standardized, and then averaged provinces and cities of the company's data in the same indicator, as the indicators of the provinces and cities under the average annual data Here only a list of several major provinces indicators: (see Table 2)
2.2.2 Solving the correlation matrix R eigenvalues ??and eigenvectors
Call SPSS factor analysis program indicators data processing can be obtained correlation coefficient matrix and the explained variance comprehensive (Total Variance Explained,). (See Table 3)
Visible characteristic values ??in Table 3, the characteristic values ??of the first factor = 1.734, about 34.677% of the variance of the process-based default characteristic value is greater than the one of the rules, the Factor procedure extracted the first two factors, factor 2 63.472% of the variance of the total characteristic values, these two factors provide sufficient information of the original data. 2.2.3 Select the common factors and factor loadings
Factor loading matrix (see Table 4) on the extracted two main factors F1, F2, by the coefficient matrix can be provided with the original variable write factor expression, in order to understand the meaning of the factor. As can be seen from Table 4, F1, F2 on the original variable load value or less, it is not easy to explain what they mean, so in order to factor more interpretability, choose the method varimax orthogonal rotation, after five th rotation obtained after the rotation factor loading matrix. (See Table 5)
Seen from Table 5, indicators X1, X4 in F1 higher load, higher load indicators X5 on F2. Therefore, the first factor F1 can be considered to reflect the company's growth and profitability factor, the second factor F2 can be considered to reflect the company's operating ability factor.
2.2.4 calculate the factor score, the comprehensive evaluation value
Automatically generated by the the spss statistics software data processing, Fact1 Fact 2 two factor score coefficient matrix (see Table 6), two scores of 63.472 percent of the amount of information that can replace the original data. Standardized value, the value of each factor can be obtained with the factor score coefficient multiplied by the corresponding index. The application of the formula: Fact1 = 0.521 X1 0.097 X2 0.238 X3 0.528 X4 0.029 X5.
Fact2 = 0.044 X1 0.402 X2 (-0.431) X3 (-0.059) X4 0.549 X5

Rotation Method: Varimax with Kaiser Normalization. (Rotation method: using Kaiser Varimax rotation method)
Comprehensive evaluation of the competitiveness of the various provinces and cities listed companies available variance contribution of each factor as a weighting factor value linear weighted average summation calculate the composite score of the provinces and cities listed on the company's overall competitiveness, the model is as follows:
F = (0.32683 F1 0.30789 F2) / 0. 63472
(: F composite score of the provinces and cities listed on the company's overall competitiveness, factor value of coefficient of variance contribution of each factor and the ratio of the cumulative contribution rate.) 2007 provinces and cities listed on the company's overall competitiveness factor scores obtained by calculation, integrated score and ranking.
2.2.5 The results of analysis
From the composite score ranking, Jiangxi, Zhejiang, Henan and other provinces listed companies competitive score ranking, respectively, at 1, 2, 3, with a strong competitive score did not differ much between the provinces. Hubei ranked No. 24 in the middle or lower level, and below average, and poor overall level of competitiveness of the listed companies in Hubei Province. Hubei and before a gap below the more optimistic prospects Hubei catch up with the advanced level after a gap behind the province more than a little dangerous.
On the first factor score ranking from each factor score ranking, Hubei ranked No. 26, Hubei listed on the company's growth and profitability performance; ranked No. 21 on the second factor score ranking, description of Hubei in listed companies operating capacity than the growth and profitability of a strong performance, but the overall level is still in the middle and lower reaches, to be further improved.
From the rank of each factor score and the composite score ranking comparison, the composite score of the top ten provinces and cities, the second common factor score ranking 90% of the top 10, the second common factor score a great impact on the composite score competitiveness of the company, indicating the differences are mainly reflected in its operating capacity. In addition, the first factor score ranking the front, but poor in the second factor score ranking provinces and cities, the composite score ranking is still at a moderate level, such as Heilongjiang, Tianjin Hubei, the second factor score rankings are residing in the lower level of the decision on its composite score ranking. Thus listed on the company's growth, profitability and operational capacity of the balanced development of the three areas is an important guarantee to enhance their competitiveness.

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