中欧高端制造业国际竞争力比较研究——基于上市公司层面的实证分析

A Comparative Research on the International Competitiveness of High-end Manufacturing Industry between China and the EU-Based on an Empirical Analysis of Listed Companies

在全球产业格局新一轮变革中,中欧产业发展战略均寻求在高端制造业领域获得突破,力争抢占高新技术制高点。在公平市场竞争环境下,上市公司作为产业载体在竞争中起到决定性作用。因此,提升中国高端制造业上市公司国际竞争力水平至关重要。结合欧盟对于高端制造业的行业及产品定义,本文首先分析中国与欧洲主要制造业强国近年来在高端制造业国际市场上的竞争现状;其次,从管理能力、财务水平、投资绩效和发展潜力四个维度建立上市公司国际竞争力评价体系,并结合100家中欧高端制造业上市公司年报数据,比较中欧高端制造业的国际竞争力水平。研究表明,中国高端制造业国际竞争力整体上与欧洲存在一定的差距。相较欧洲上市公司,中国上市公司规模较小,缺少行之有效的内部激励,其管理能力落后于欧洲公司;中国公司在财务能力方面表现较好,具有较强的生存能力、盈利能力及成长能力,但资本运营及人力资源管理水平有待加强;相比于欧洲资本市场对相关产业的理性投资,中国高端制造业上市公司已出现投资过热迹象,具体表现在较高的资产估值及较低的市场回报上;中国公司已具有一定的发展潜力,研发投入、无形资产增长,其拥有专利数已接近英法水平,但国际化程度明显落后,国际竞争力的培育和海外业务的拓展仍任重道远。

With the new wave of global industrial restructuring,both China and the European countries have implemented the "re-industrialization"strategy to enhance their industry's international competitiveness. It is crucial to enhance the international competitiveness of China's high-end manufacturing listed companies,which play an important role in industrial transformation and upgrading. Firstly,this paper analyzes the export situation of high-end manufacturing industries in China and some major manufacturing countries in Europe in recent years. Secondly,this paper establishes an international competitiveness evaluation system of high-end manufacturing listed companies. Then,combined with the annual report data of 100 listed companies,this paper makes an empirical comparison of the international competitiveness of the high-end manufacturing listed companies. It reveals that there is a gap between the international competitiveness of listed companies in China and Europe,which is most evident in terms of market size and internal motivation. Chinese companies perform well in survivability,profitability and growth capacity,but they are overvalued by the capital market. The level of research and development capability of listed companies in China has approached that of the European companies,but the degree of internationalization still needs to be improved.