中國太陽能產業在次貸危機前後經營績效之差異分析

Abstract

在全球太陽能產業面臨慘淡的經濟環境之下，中國太陽能產業卻意外的崛起，並且無論是生產量或者需求面均在全球占有一席之地。在次級房貸危機爆發之後，中國太陽能業者面臨大環境的不景氣時，不但積極地進行產業整合，並且擴大投資以增加產能，似乎絲毫不受環境不景氣的影響。 本研究以中國太陽能上市公司為樣本，試圖分析中國太陽能業者在次級房貸爆發前後，經營績效是否受到影響，並且進一步分析有進行垂直整合業者，在次級房貸爆發之後經營績效是否較沒有垂直整合者更為優異。研究結果顯示，中國太陽能產業在次級房貸危機之後，經營績效變得較差。而有進行垂直整合的公司，整體而言其經營績效較未整合者更為優異；但是在危機爆發之後，有進行垂直整合者的經營績效卻變得較差。

China solar energy industry has grown up unexpectedly as the global solar energy industry was facing an economic recession and it played an important role in both demand and supply of the world. After Subprime Mortgage crisis exploded, China solar energy companies not only integrated vertically but increased investment in facilities. In this research, the samples are the companies in China solar energy industry, and we try to analyze whether the performance of management of the companies in China solar industry is affected by the explosion of Subprime Mortgage Crisis and the degree of influence before and after. Furthermore, we compare the companies with vertical integration with those without vertical integration to see whether the performance is better after the subprime crisis.The results indicate that, after Subprime Mortgage Crisis exploded, the performance of the companies in China solar industry got worse. As for the companies with vertical integration, the performance is even worse than those without vertical integration. But the companies with vertical integration get better performance in generally.