钢铁企业纵向一体化与企业绩效关系研究

In recent years vertical integration indexes of steel enterprieses is volatile because of the raw material costs fluctuating, soaring iron ore prices leads to decrease of vertical integration indexes of Chinese steel enterprises. This paper uses two indexes——profitability of the business and develop the capacity of steel enterprises to measure the performance，Empirical results show that the main business of steel enterprises margin (steel enterprises profitability) and operating profit growth (the growth of steel enterprises) also showed the same trend. regression results show that steel enterprises can obviously improve vertical integration of the proceeds of the steel enterprises， and contribute to the future growth of enterprises.