| The arrival of 5G era has driven the comprehensive upgrade of the electronics industry,thus,the PCB industry,known as the "mother of electronic products",has also ushered in new opportunities.China is the largest PCB producer in the world,accounting for more than 50% of the international market.However,the current market concentration is not high,the market share of domestic leading enterprises is low,and the major manufacturers are mainly overseas enterprises.In this regard,domestic PCB enterprises have been through the extension of the value chain,enhance cost control and competitive advantages,to obtain the market discourse power.However,the enterprise value chain extension strategy is a double-edged sword.On the one hand,it can indeed expand the company's volume and business and enhance its competitiveness.On the other hand,it will increase the difficulty of enterprise operation,affect operating income and compress profit space.And the important basis of evaluating the success of enterprise value chain extension strategy is its impact on financial performance.Therefore,actively exploring the specific relationship between enterprise value chain extension and financial performance can help enterprises understand the real situation and provide a basis for making strategic choices,which has a strong research significance.This paper selects Chaohua Technology,a representative PCB enterprise,to explore the basic support of value chain extension,its implementation path and its impact on the financial performance of enterprises.First of all,in this paper,by defining the relevant concepts,the existing theory and literature induction and summary,analyzed the reason,type and the current problems facing the PCB industry value chain extension of the status quo,and from the value drivers,market driven,synergistic effect three aspects analyzes the PCB industry value chain extension,the mechanism of the enterprise financial performance.On this basis,this paper makes an in-depth study of Chaohua Technology,analyzes the goal and path of its implementation of the value chain extension strategy,and summarizes its impact mechanism on financial performance by sorting out the process of its value chain extension.Finally,through analyzing the changes of financial performance in the process of Chaohua Technology's value chain extension,the effect of value chain extension is explored.In order to judge the change of financial performance more intuitively,this paper first uses the factor analysis method to build a financial performance scoring model to comprehensively judge the financial performance of Chaohua Technology.Then it analyzes the specific financial indicators of profitability,debt paying ability,operation ability and development ability to explore the dynamic changes of enterprise operating conditions under the extension of value chain.Overall,through the vertical extension of the value chain,Chaohua Technology has significantly expanded its business scope,expanded the scale of production and operation,optimized the industrial structure,avoided the transaction risk,realized the competitive advantage of the whole industry chain,and effectively enhanced the core competitiveness of the enterprise.By expanding the scale of the enterprise,the enterprise will have the foundation to increase production capacity,so that the core business of the enterprise will be extended to high gross profit products,and the profitability will be enhanced.At the same time,although the company actively carried out diversification extension,explored the combination of industry and finance mode and entered new fields to seek new profit growth points,the effect was not as expected because the diversification extension had not yet produced synergies and faced entry risks.Under the situation that China's PCB industry is facing great opportunities and challenges,the research of this paper has realistic enlightenment significance for PCB enterprises and even other electronic industry development. |
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