新常态下风电企业经济绩效影响因素分析

Analysis of the Important Factors of Performance in Chinese Wind Power Equipment Manufacturing Industry under the New Normal

遴选风电5家上市公司,截取2004—2015年研究时段,运用固定效应变截距模型,探讨了影响企业经济绩效的因素。实证结果表明:市场份额与经济绩效呈正相关关系,是影响风电产业利润率的最关键因素;研发投入与经济绩效呈负相关关系;偏向"需求侧"刺激的产业政策对企业利润率的贡献甚微;风电产业具有很强的抗周期性。因此,当我国进入经济中高速增长的新常态时期,风电产业应从提高市场集中度和提升企业研发能力两个角度实现行业发展。

To determine and evaluate the effects of the important factors of performance in Chinese wind power equipment manufacturing industry,the present study adopts a fixed-effect and variable-intercept panel data model by the use of five listed companies＇ data from 2004~2015.The empirical results are as follows：the companies＇ economic performance is positively related to the market shares,which plays the most important role;the companies＇ sales of net profit（SNP）margin are negatively related to the research and development（RD）;the role of the industry policies is not significant;the wind power equipment manufacturing industry is anti-periodic.As the economy enters the ＂ new normal＂,the wind power equipment manufacturing industry should be developed by raising the industry concentration and increasing the RD.