The Impact of Import Penetration on the Financial Performance of Companies in 8 Developed Countries

碩士 === 國立政治大學 === 財務管理學系 === 107 === The economy of China has been soaring in the past two decades. The large population and the cheap labor made China the most popular country for manufacturing products. Due to the fact that China has bigger influence on global export, manufacturing industries with...

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Main Authors: Hung, Yu-Lun, 洪裕惀
Other Authors: Chang, Yuan-Chen
Format: Others
Language:zh-TW
Published: 2019
Online Access:http://ndltd.ncl.edu.tw/handle/h33wvv
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spelling ndltd-TW-107NCCU53050022019-05-16T01:44:47Z http://ndltd.ncl.edu.tw/handle/h33wvv The Impact of Import Penetration on the Financial Performance of Companies in 8 Developed Countries 進口滲透對八個已開發國家企業財務表現的影響 Hung, Yu-Lun 洪裕惀 碩士 國立政治大學 財務管理學系 107 The economy of China has been soaring in the past two decades. The large population and the cheap labor made China the most popular country for manufacturing products. Due to the fact that China has bigger influence on global export, manufacturing industries with higher labor costs in developed countries were seriously affected. Hombert and Matray(2015)studied the data of manufacturing firms in U.S. between 1991 and 2007, and found that the sales growth and the profitability of the companies in U.S. decreased if they were facing higher import penetration from China, but Research and Development (R&D) spending could mitigate this negative effect. We examine whether the effects are the same in other industrialized countries because of diverse industrial structures. In our empirical results, we find that the effects of import penetration on profitability of firms in Germany and Denmark decreased due to import competition from China. In contrast, the profitability of firms in Switzerland and Japan rose as import penetration became more severe. In Australia, Spain, Finland and New Zealand, we find no significant evidence for the effects of import penetration on companies’ profitability. Furthermore, the results from Australia and Germany showed that investing in R&D could benefit companies. On the contrary, companies investing more on R&D had lower profitability in Japan. Our results show that higher import penetration from China affected our sample countries with diverse industrial structures differently. Chang, Yuan-Chen 張元晨 2019 學位論文 ; thesis 66 zh-TW
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description 碩士 === 國立政治大學 === 財務管理學系 === 107 === The economy of China has been soaring in the past two decades. The large population and the cheap labor made China the most popular country for manufacturing products. Due to the fact that China has bigger influence on global export, manufacturing industries with higher labor costs in developed countries were seriously affected. Hombert and Matray(2015)studied the data of manufacturing firms in U.S. between 1991 and 2007, and found that the sales growth and the profitability of the companies in U.S. decreased if they were facing higher import penetration from China, but Research and Development (R&D) spending could mitigate this negative effect. We examine whether the effects are the same in other industrialized countries because of diverse industrial structures. In our empirical results, we find that the effects of import penetration on profitability of firms in Germany and Denmark decreased due to import competition from China. In contrast, the profitability of firms in Switzerland and Japan rose as import penetration became more severe. In Australia, Spain, Finland and New Zealand, we find no significant evidence for the effects of import penetration on companies’ profitability. Furthermore, the results from Australia and Germany showed that investing in R&D could benefit companies. On the contrary, companies investing more on R&D had lower profitability in Japan. Our results show that higher import penetration from China affected our sample countries with diverse industrial structures differently.
author2 Chang, Yuan-Chen
author_facet Chang, Yuan-Chen
Hung, Yu-Lun
洪裕惀
author Hung, Yu-Lun
洪裕惀
spellingShingle Hung, Yu-Lun
洪裕惀
The Impact of Import Penetration on the Financial Performance of Companies in 8 Developed Countries
author_sort Hung, Yu-Lun
title The Impact of Import Penetration on the Financial Performance of Companies in 8 Developed Countries
title_short The Impact of Import Penetration on the Financial Performance of Companies in 8 Developed Countries
title_full The Impact of Import Penetration on the Financial Performance of Companies in 8 Developed Countries
title_fullStr The Impact of Import Penetration on the Financial Performance of Companies in 8 Developed Countries
title_full_unstemmed The Impact of Import Penetration on the Financial Performance of Companies in 8 Developed Countries
title_sort impact of import penetration on the financial performance of companies in 8 developed countries
publishDate 2019
url http://ndltd.ncl.edu.tw/handle/h33wvv
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