부산대학교 도서관

The business performances of 21 public automobile manufacturers were analyzed with the original data released by China Securities Regulatory Commission from 2013 to 2015. Four common factors, including profitability indicators, liquidity indicators, capacity development indicators and aggregate performance indicator, were identified to commonly impact the aggregate performance of the automobile manufacturers. The results show that joint venture brand generally performs better than Chinese local brand, while bus manufacturers perform better than private car manufactures. In the meanwhile, different automobile manufacturers perform quite different on the common factors. Due to the economic growth slowdown in China and tightening of bank loans, some companies increased liquidity reservation. However, pursuit of high liquidity results in excessive idle fund which influences the investment and profitability, undermines business growth, and affects the aggregate business performance of the company. Therefore, distributing and utilizing of funds reasonably, increasing development capacity and reinforcing the management of inventory turnover should be the focus of the operating strategy