Research On Performance Evaluation Of Chinese Automotive Listed Companies From The Perspective Of Value Chain

Chinese auto industry has gradually integrated into the global value chain system,it is currently large but not strong,and it is still at the middle and low end of the global value chain.Therefore,it has important theoretical and practical significance to measure and evaluate the performance level of listed automotive companies,an important subject of the Chinese automotive industry,and to explore the countermeasures to improve performance based on the value chain perspective.First,this paper qualitatively evaluates the current status of the value chain of Chinese auto companies.Then uses the three-stage DEA model to construct a corporate performance evaluation system from the perspective of the value chain,and evaluates the performance of sample automotive listed companies.The results show that the performance of value-added activities of most Chinese automotive listed companies has not yet reached an effective state,the external environment will have an adverse effect,and the vast majority of companies are in the stage of increasing returns to scale.The Tobit model is used to analyze the degree of influence of each factor.It is found that operating cost rate,sales expense rate and company size have a significant negative impact on the performance of value-added activities of the sample companies.The establishment period has a significant positive impact on the performance of value-added activities,however,the proportion of R&D expenses has no significant negative impact on the performance of corporate value-added activities.Finally,this article combines the status quo analysis and empirical results to give policy recommendations based on the value chain perspective to improve the performance of Chinese automotive listed companies.It mainly includes that appropriately adjust the scale of the enterprise,change the development mode,and alleviate the problem of overcapacity of independent brands;reasonably allocate the sales expenses,optimize the domestic and foreign marketing market structure,establish and improve the after-sales service system;improve independent innovation capabilities.According to the actual situation of the enterprise,adjust the scale of R&D investment to promote the realization of independent and controllable internal recycling industry chains.It is hoped that the research can provide a reference for Chinese auto listed companies and even listed companies in other industries to improve the performance of corporate value-added activities.