光伏企业纵向一体化的水平测度及对经营绩效的影响

Measurement of the Level of Vertical Integration of PV Enterprises and Its Impact on Business Performance

文章从光伏制造产业链的特征出发设计科学测度方法,得出2008-2014年间20家光伏企业纵向一体化程度的面板数据。在此基础上运用变系数面板数据模型分析了纵向一体化对企业经营绩效影响,研究表明:大多数光伏企业通过实施纵向一体化能有效提升盈利能力,下游企业往往比上游企业能从新增投资中获得更多回报,光伏行业总体价格指数与大多数企业的主营收入呈正相关,但对上游企业的盈利能力影响更大。

From the perspective of characteristics of photovoltaic manufacturing industry chain, this paper designs a scientific measurement method, and draws the panel data of the vertical integration level of 20 PV enterprises from 2008 to 2014. On this basis, the impact of vertical integration on enterprise business performance is analyzed by using variable coefficient panel data model. The research shows that the majority of photovohaic enterprises can effectively improve profitability through the implementation of vertical integration. The downstream enterprises are often better than the upstream companies to get a better return. The overall price index of photovoltaic industry is positively related to the main business income of most enterprises, but the impact on the profitability of upstream enterprises is greater.