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文章首先利用聚类分析将国有制造业企业划分为两类,一类是盈利和发展能力较强但资产负债率较低的企业,另一类企业的资产负债率较高但盈利和发展能力较弱。其次,利用我国2010年之后经济增速减缓的实际数据,对这两类企业进行伺服原理中的主导因素检验,发现第一类企业的主导因素是技术创新,第二类的主导因素是资本扩张。由此表明,技术创新为主导的企业具有较强的适应性和竞争力,而资本扩张为主导的企业适应性较弱,在经济增长减速时却往往陷入高负债和低盈利水平状态。因此,解决当前我国国有企业竞争力不强的关键在于国有企业的战略选择,我国政府只有积极引导和激励国有企业将技术创新作为首要的战略发展目标,才能切实提高我国国有企业的竞争力。
Firstly, the article classifies the state-owned manufacturing enterprises into two categories by using cluster analysis. The first category is those with strong profitability and development ability but lower debt-to-liability ratio. The other group has higher asset-liability ratio but higher profitability and development ability weak. Second, using the actual data of economic growth slowdown after 2010 in our country, this paper tests the dominant factors in these two types of enterprises and finds that the dominant factor of the first type of enterprises is technological innovation. The second type of leading factor is capital expansion . This shows that technology innovation-oriented enterprises have strong adaptability and competitiveness, and capital expansion-led enterprises have weaker adaptability, but they often fall into high debt and low profitability when economic growth slows down. Therefore, to solve the current state-owned enterprises’competitiveness is not strong, the key lies in the strategic choice of state-owned enterprises. Only by actively guiding and motivating state-owned enterprises to regard technological innovation as their primary strategic development goal, can Chinese government effectively improve the competitiveness of Chinese state-owned enterprises.