The Empirical Test Of Export’s Impact On The Performance Of Stock A Companies In China

Export which is not only an important way to participate in international market competition and to carry out international marketing but also is a lifeline between golbal ecnomic integration and global resources allocation. It is kept tabs by the goverment offcier, the entrepreneur, the investor and the researcher that its impact on operation capacity investment behavior and corporation value. The paper chooses the listed companies both in shanghai and shenzhen security exchange market from 2001to 2008 as the sample,and adopts large-sample ,multicriteria, multi-dimension to discuss the impact of export on firm performance trying to find the influence on the listed company value of export and channels to the listed company value influence. This investigation founds that export company’s financial performance and the company’s (without export business) are no significant differences,and even the export company’s is weaker. Marketable value and business risks are higher than the company’s (without export business). But with a higher proportion of export earnings,the export companys financial performance is gonna higher ,marketbale value is gonna reduce and business risk is gonna lower too.The paper chooses three dimensions to measure the channels to the listed company value influence,that is investment behavior,production efficiency,management efficiency. But with the increasing of the ratio of export revenue,export company’s over-investment is worse than the company without export business.This investigation shows that by exporting to carry out international marketing can enhance production efficiency and management efficiency,but it can’t increase company value. This result is answerable to our relative low competition pattern in the global industrial chain also is relate to domestic markets surplus production and our country export commodities adopt tactics that price competition export at a low price promptly generally.