Study On The Index Evaluation Of Three-Dimension Financial Competitiveness

Under the background of economic globalization and after the entering WTO, the openness in China becomes more comprehensive and the enterprises participate in the international competition more frequently. Chinese government and Chinese enterprises have intensively felt the urgency and importance to strengthen competitiveness. The tremendous competition pressure has brought challenges to Chinese enterprises. If an enterprise wants to seek for survival and development in the severe market competition, enterprise should recognize its level of competitiveness and evaluate its competitiveness. Compared with foreign enterprises, the level of competitiveness is not optimistic in China. It is very important how to enhance the competitiveness for Chinese enterprises. Financial management is the key to an enterprise's operation and development. The financial activities have important function in utilizing resources, disposing resources and resource distribution. So the financial activities are important factors about enterprises' competitiveness. From a certain meaning, the financial Competitiveness determines an enterprise's competitiveness condition.It is a new realm that focusing competitiveness from the financial perspective in the competitiveness research. According to the existing research achievements about financial competitiveness in domestic and overseas, the systematic and generally accepted financial competitiveness theoretical system and its evaluation theory and method have not formed. Therefore, based on the analysis of Michael E. Porter' "diamond model" competitive advantage theory, the dissertation presents the concept of "Three-Dimension Financial Competitiveness", which includes financial environment adaptation competitiveness, financial resource distribution competitiveness and financial Interest coordination competitiveness. Based on the analysis of strategic environment analyzing theory, resources allocation theory and interests-related person's theory, it constructs the theoretical analyzing system of the forming mechanism. Then it constructs the theory and method system of the evaluation of the three-dimension financial competitiveness. It provides feasible methods and measures for the scientific evaluation of the three-dimension financial competitiveness. The main research contents and conclusions of the whole dissertation show as follow:(1) The dissertation constructs a theoretical analyzing paradigm using the "diamond model" competitive advantage theory as a theory core and the strategicenvironment analyzing theory, resources allocation theory, the theory of interests-related persons as theoretical supports. Then it analyzes the concepts and implications of financial environment adaptation competitiveness, financial resource distribution competitiveness and financial interest coordination competitiveness.(2) The dissertation presents logical paradigm, theoretical paradigm and model paradigm of forming mechanism of the three-dimension financial competitiveness Based on the deeper analysis of the relation between competitive advantage and competitiveness. Then it systematically analyzes the determinants and forming mechanisms of financial Environment adaptation competitiveness, financial resource distribution competitiveness and financial interest coordination competitiveness. On the other hand, it regards the three sub- dimensions as an organic entirety and it systematically analyzes the forming mechanism and the " space-time view" mechanism in the interactions of the synthetic three-dimension financial competitiveness. It presents the confirmatory factor analysis of structural equation model to analyze the action mechanism using empirical analyzing method.(3) Because the index is a kind of standardized data, the dissertation evaluates the three-dimension financial competitiveness using an index evaluation method. Firstly it constructs an evaluation indicator system of the three-dimension financial competitiveness and then converts the indicators to index, so the index system is established. It chooses the standardized dimensionless quantity method in this conversion.(4) The dissertation constructs an index evaluation model system of the three-dimension financial competitiveness based on the index system of the three-dimension financial competitiveness, which includes synthetic model, matrix model and cubic model. The synthetic model is used to determine the sequence of the in the evaluation of the three-dimension financial competitiveness itself and its each dimension. The matrix model and cubic model are the combination of qualitative and quantitative method, which are used to divide the evaluated objects' types of the three-dimension financial competitiveness. The matrix model divides the evaluated objects into five types and the cubic model divides the evaluated objects into ten types.(5) The dissertation designs a normalized implementing procedure of the index evaluation of the three-dimension financial competitiveness, which includes six sub-procedures: preparation of evaluation, calculation of indicators, conversion of fundamental indexes, model evaluating, and data merger. It analyzes and designs the concrete operation method to support the whole evaluation procedure using the technology of database and computer aided design.(6) According the method and procedure of the index evaluation of the three-dimension financial competitiveness, the dissertation chooses the listed company in mechanical equipment and instrument industry as the evaluated object which includes 179 listed companies. It uses the evaluation indexes and the evaluation model to systematically evaluate the conditions of the three-dimension financial competitiveness in the industry and it obtains multiple forms of evaluation conclusion. The conclusion explains the established index evaluation system is feasible and scientific.