1. What determines the competitiveness of an enterprise?
Due to the different characteristics of production technology and industry demand, the source and performance of competitiveness are different in every industry. According to the situation of electronic communication industry, we divide the indicators of enterprise competitiveness in electronic communication industry into three categories, namely, scale indicators and efficiency indicators.
Speed index and growth index. Scale indicators include net profit, sales revenue and net assets, and absolute values describe the competitiveness of enterprises. Generally speaking, the larger the enterprise scale, the larger the scale index will be. Efficiency indicators include the profit rate of net assets, the contribution rate of total assets, the labor efficiency of all employees, and the proportion of export revenue to sales revenue. These indicators relatively describe the competitiveness of enterprises. The larger the enterprise scale, these indicators are not necessarily good. Growth indicators include sales revenue growth rate and net profit growth rate in recent three years. These indicators describe the growth potential of enterprises and can be said to be predictive indicators reflecting the competitiveness of enterprises. Corresponding to the growth index, scale index and efficiency index are indicative indexes reflecting the competitiveness of enterprises. We analyzed the influence of three indicators on the competitiveness of enterprises, and we summarized the influence of three indicators on the competitiveness in table 1.
The total contribution is measured by the determination coefficient calculated by simple correlation coefficient; The marginal contribution of scale index is obtained by subtracting the total contribution of other indicators from 1, and the marginal contributions of efficiency index and growth index are also obtained. The total explanatory degree of the total contribution measurement index to competitiveness. For example, the total contribution of scale index is 8 1.89%, which shows that scale index can explain 8 1.89% of comprehensive competitiveness. Marginal contribution measures the independent contribution of such indicators to competitiveness, which cannot be explained by other factors. For example, the marginal contribution of scale indicators is 35.08%, which means that the part that other indicators can't explain is 35.08%. In addition to the interaction with other indicators, the scale indicator itself also contributed 35.08%. Figure 1 is the image explanation of total contribution and marginal contribution.
As shown in figure 1, the area of the whole ellipse A is the total contribution of the calibration index, and the area of the whole ellipse B is the total contribution of other indexes; The intersection of ellipses A and B is the same contribution of various indicators, and the area of ellipse A minus the intersection of two ellipses is the marginal contribution of scale indicators.
The order of the total contribution of electronic communication industry from large to small is scale index, efficiency index and growth index; The order of marginal contribution from small to large is efficiency index, growth index and scale index. For the electronic communication industry, if you want to choose a category index to express competitiveness, you should choose the scale index, because the total contribution of the scale index is the largest; If you want to lower a class index, you should choose the efficiency index, because the marginal contribution of the efficiency index is the smallest. Although the efficiency index is greater than the growth index for the electronic communication industry, due to the high correlation between the efficiency index and the scale index, a large part of the total contribution of the efficiency index to competitiveness is included in the contribution of the scale index and the growth index, so the marginal contribution of the efficiency index is small. In short, for the electronic communication industry, enterprises should first pay attention to scale indicators, followed by growth indicators, and finally benefit indicators; In other words, enterprises should first pay attention to scale indicators, followed by growth indicators, and finally efficiency indicators.
Second, the characteristics of the competitiveness of enterprises in the electronic communication industry
We found that five of the top ten enterprises are related to the telecom equipment manufacturing industry. The main business field of Shenzhen ZTE Corporation is telecom equipment manufacturing, while the other four companies, namely TCL Communication Equipment Co., Ltd., Xiamen Amoi Electronics Co., Ltd., Ningbo Bird Co., Ltd. and China Kejian Co., Ltd., are mainly engaged in telecom terminal equipment (mainly mobile phones). Amoi Electronics Co., Ltd., which is particularly striking here, successfully changed from a loss-making enterprise to a profit-making enterprise in 2002. The industrial background of electronic communication industry in 2002 was that the number of mobile communication users in China increased rapidly last year. The above situation makes us consider the grasp of the context of enterprise industrial development, which is the key factor to determine the competitiveness of enterprises.
All of these 10 enterprises are located in the east of China, especially in special economic zones or coastal open cities (such as 3 in Shenzhen and 3 in Beijing). These cities are characterized by intensive talents and a certain degree of industrial agglomeration, while the labor costs and operating costs of these cities are relatively high. We believe that for the electronic communication industry, the geographical factor is still an important factor, and choosing the company headquarters is very important for enhancing the company's competitiveness. This may be related to the external economic scale produced by enterprise agglomeration, or to the industrial agglomeration effect and the communication of enterprise information.
Third, the analysis of enterprise competitive advantage
We chose the companies with strong competitiveness in the electronic communication industry for competitiveness analysis. We chose Amoi Electronics Co., Ltd., whose index is relatively balanced, and Shenzhou Scholars Group Co., Ltd., whose index is extremely unbalanced, for analysis.
1. Xiamen Amoi Electronics Co., Ltd.
The radar chart of competitiveness index of Xiamen Amoi Electronics Co., Ltd. is shown in Figure 2, from which it can be seen that the indicators of Xiamen Amoi Electronics Co., Ltd. are relatively balanced. We are particularly concerned that the company's net assets are lower than the industry average, and the profit rate of net assets is much higher than the industry average. Therefore, the company can increase its net assets through equity financing in the future, thus improving its competitiveness. Xiamen Amoi Electronics Co., Ltd. has maintained a net profit growth rate higher than the industry average in the past three years under the condition of good scale and benefit indicators, which shows that the company has a good development prospect.
See Table 3 for the forecast results of Amoi Electronics Co., Ltd.' s competitiveness. As can be seen from Table 3, after the standard value of Amoi Electronics Co., Ltd.' s net profit was adjusted from 2.58 to the industry average, the basic data of competitiveness dropped from 1.0 1 to 0.62, and the ranking dropped from the third to the fourth, which shows that the company's competitiveness has strong stability; After the standard value of the company's net assets was adjusted from -0. 19 to the industry average, the basic data of competitiveness was upgraded from 1.0 1, ranking third. From the analysis of the degree of competitiveness improvement, there is not much room for the company to improve its competitiveness. The competitiveness of the company shows strong stability.
The radar chart of the competitiveness of Amoi Electronics Co., Ltd. reflects the company's shortcomings. For example, in the first half of this year, China produced 82 19.67 mobile phones and sold 8,003.02 mobile phones, of which 36,866,900 were exported, accounting for nearly 46% of the country's mobile phone exports, while Amoi Electronics Company exported very little, which was lower than the industry average, reflecting that the company's ability to participate in international competition was still weak.
We have noticed that Amoi Electronics Co., Ltd.' s current success is largely attributed to the related diversification, but have Amoi Electronics executives noticed what is the reason behind the company's success in this related diversification? Will this lead to the misunderstanding of blind association and diversification, thus ultimately affecting the competitiveness of the company? We're watching.
2. shenzhou scholars group co., ltd.
The radar chart of competitiveness indicators of Shenzhou Shusheng Group Co., Ltd. is shown in Figure 3. As can be seen from Figure 3, the indicators of Shenzhou Shusheng Group Co., Ltd. are very unbalanced, and the strong competitiveness of the company is mainly caused by the high growth rate of sales revenue in the past three years. The radar chart of the company's competitiveness is very similar to that of Beijing Zhaowei Technology Co., Ltd., and the peak of the radar chart appears in the growth index, but the peak of the radar chart of Shenzhou Scholars Group Co., Ltd. appears in the growth rate of sales revenue in the last three years, while the peak of the latter radar chart appears in the growth rate of net profit in the last three years. In the past three years, except for one indicator of sales revenue growth rate, other indicators of Shenzhou Scholars Group Co., Ltd. are lower than the industry average; Moreover, this indicator is still a growth indicator, and the growth indicator is likely to fall rapidly in the coming year. Therefore, we think that although the company shows strong competitiveness and ranks sixth, its competitiveness is unstable. We also noticed that the growth rate of net profit, another growth indicator of the company, has not increased synchronously in the past three years. While the sales growth rate is much higher than the industry average, the net profit growth rate is lower than the industry average. Therefore, we can infer that the growth of the company is an inefficient growth and unsustainable growth, which also indicates that the competitiveness of the company may fall back rapidly in the next two years.
See Table 4 for the forecast results of the competitiveness of Shenzhou Scholar Group Co., Ltd. From Table 4, it can be seen that after the standard value of sales revenue growth rate of Shenzhou Ren Xue Group Co., Ltd. was adjusted from 3 to the industry average level in recent three years, the basic data of competitiveness dropped from 0.243 to -0.237, and the ranking dropped from 15 to 93rd place, that is, from the bottom to 13, which shows that the competitiveness of the company is extremely unstable. After the standard value of the company's sales revenue was adjusted from -0.334 to the industry average, the basic data of competitiveness was improved from 0.243 to 0.306, and the ranking was improved from 15 to 8. From the analysis of the degree of competitiveness improvement, the company's competitiveness has certain room for improvement. Combined with the radar chart analysis of the company, the competitiveness of Shenzhou Scholars Group Co., Ltd. is unstable. On the premise that the company's financial data are true and reliable, we believe that the company's competitiveness will decline to a great extent in the next year or two, but it is unlikely that the company's competitiveness will improve in the next year or two.
From the above analysis results, we can see that only by in-depth analysis of the competitiveness data can we find the problems reflected behind the data. Similarly, some companies with strong competitiveness are relatively stable, while others are very fragile, which makes us wonder whether the financial statements of some companies really follow the principle of "objectivity".