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Research on Mechanism of How Vertical Integration Affects Performance of Steel Enterprise

Author: LiZuoXiao
Tutor: RenShuMing
School: Dalian University of Technology
Course: Industrial Economics
Keywords: Iron and steel enterprises Vertical integration Enterprise Performance Vertical integration index
CLC: F426.31
Type: Master's thesis
Year: 2009
Downloads: 433
Quote: 6
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Abstract


The steel industry as the basis for the national economy , the relationship between China 's sustained and coordinated the entire national economy development , after decades of development and growth , China 's steel industry has been in the world occupy a certain position . Although China is the world's steel big country, but not the world's steel power. In recent years , due to the lack of mineral resources relative plaque , leading to iron and steel enterprises not only faced fierce competition from the industry landscape , also face competition from upstream producers and manufacturers , manufacturers and retailers two vertical markets and competition for resources between competing . It is in this context, China 's major steel companies have chosen vertical integration behavior attracted our attention and interest . This article uses the theory of industrial organization structure - conduct - performance (SCP) analytical framework to analyze the steel industry vertical integration strategy on firm performance impact mechanism: vertically integrated steel production can bring cost savings and market transactions cost reduction, technical conditions and supply and demand conditions in the same circumstances , will inevitably lead to lower costs increase profit margins ; vertical integration through the internalization of external trade and to ensure the effective communication of information on the downstream of the iron and steel enterprise technology have some role in promoting innovation , thus improving the performance of iron and steel enterprises ; vertically integrated steel industry by raising barriers to entry thereby preventing entry of new firms , thereby reducing the steel market competition , resulting in corporate profitability and margins improved. Vertically integrated iron and steel enterprises index fluctuated in recent years , mainly due to the impact of fluctuations in the cost of raw materials , iron ore prices soared cause degree of vertical integration of China's steel enterprises was reduced. Empirical research and development capabilities to profitability two indicators to measure the performance of iron and steel enterprises , empirical results show that iron and steel enterprises main business profit margins ( steel companies earnings capacity ) and operating profit growth ( the growth of steel companies resistance ) also showed the same trends. Therefore the establishment of a regression model , the regression results show that vertically integrated iron and steel enterprises steel enterprises can significantly improve the income and contribute to the organization 's future growth .

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CLC: > Economic > Industrial economy > China Industrial Economy > Industrial sector economy
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