| In the process of supply-side reform,the government has issued a series of industrial policies for related industries with excess production capacity and serious environmental pollution,including regulatory measures such as eliminating outdated production capacity and raising environmental protection barriers.From a micro perspective,industrial policies guide the company’s investment behavior and clarify the company’s investment direction,which is conducive to the healthy development of the company.Therefore,in the context of industrial transformation and upgrading,it is necessary to analyze and study the company’s investment behavior and its impact on performance.This paper combines the industrial policy environment with the company’s strategy to construct a research path for the company’s investment behavior and its performance impact.Based on this,the phosphorus chemical industry,which takes the lead in transformation and upgrading under the background of overcapacity and environmental protection pressure,is selected.The leader-Hubei Xingfa Chemicals Group Co,Ltd as a case study object.This article is divided into three parts: The first part summarizes and sorts out the relevant industrial policies of phosphorus chemical industry that affect the company’s investment behavior,and lays the groundwork for the following.The second part,under the background of industrial transformation and upgrading,studies the company’s investment behavior through the three dimensions of investment level,investment direction and investment efficiency.First,analyze the overall investment level of the company from two aspects:inward investment and foreign investment;secondly,in terms of investment direction,the company seizes the opportunity of industrial transformation and upgrading,adjusts the company’s strategy,opens up the industrial chain,increases technological innovation,increases Measures such as investment in environmental protection and diversification of industrial operations are developing in the direction of high-end,refinement,recycling,greening,and internationalization;finally,the Richardson model is used to calculate the company’s investment efficiency.The results show that the company’s actual investment from2014 to 2020 is close to The expected level is in an effective investment state,which verifies the correctness and rationality of the company’s investment behavior.In the third part,by analyzing the impact of the company’s investment behavior on performance,the research shows that a series of investment activities can open up profit space for the company and promote the company to successfully embark on an ecological,efficient and green high-quality development path.Based on the EVA evaluation method,this paper adds environmental protection factors and production costs,reflects the company’s environmental protection and recycling development capabilities,and more reasonably evaluates the performance of transformation.Through the research of this paper,we explore the investment path of traditional high-pollution and high-energy-consumption companies during transformation and upgrading,as well as the effectiveness of the company’s investment behavior under the guidance of policy signaling and company strategy,which has positive significance for the company’s development under the current industrial transformation and upgrading. |
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