<ワO 6 x 6D\ワ 11 x Haziran 2016 47 ,6:6.$6-6, 4&,5コ3タ/タ/ 1035&3*/ #&IJ (タョ .0%&-ņ ņ-& 3&,"#&5ョņ-ņ, "/"-ņ;ņ 53"#;0/ ņ-ņ コ3/&Ėņ * 5)& $0.1&5*5*7& "/"-:;& 0' +&8&-3: 4&$503 #: 1035&34 '*7& '03$&4 .0%&- 5)& 53"#;0/ $"4& #JMHFO ",.&3.&3 )BTBO "::*-%*; z: %X oDOユúPDGD 7UDE]RQカXQ N|NO VHNW|UOHULQGHQ ELUL RODQ NX\XPFXOXN VHNW|UQQ UHNDEHWoLOLN JF GH- ÷HUOHQGLULOHUHN EX JFQ VUGUOPHVLQH \|QHOLN VWUDWHMLN |QHULOHULQ JHOLúWLULOPHVL DPDoODQPユúWユU %X DPDoOD 7UDE]RQ LOL LoLQGH NX\XPFXOXN VHNW|UQGH |]HOOLNOH 7UDE]RQ LOL LOH |]GHúOHúPLú NX\XPFXOXN UQOHULQLQ UHWLPLQL YH VDWユúユQユ JHUoHNOHúWLUHQ LúOHWPH ]HULQGH 0LFKDHO 3RUWHU WDUDIユQGDQ JHOLúWLULOHQ ウ%Hú *o $QDOL]Lエ \DNODúユPユ NXOODQユODUDN EX EHú JFQ VHNW|UQ UHNDEHW JF ]HULQGHNL HWNLOHUL DUDúWユ- UユOPユúWユU <DSユODQ DUDúWユUPD VRQXFXQGD |]HOOLNOH VHNW|UH \HQL JLUHQ ソUPDODUユQ \DUDWWユ÷ユ WHKGLGLQ VHNW|UQ UHNDEHW JFQ ROXPVX] HWNLOHGL÷L YH GúUG÷ J|]OHPOHQPLúWLU <LQH VHNW|U LoLQGH EXOXQDQ ソUPDODUユQ NHQGL DUDODUユQGD \DúDGユ÷ユ UHNDEHW YH DOユFユODUユQ VHNW|UGHNL KDNLPL\HW GHUHFHVL VHNW|UQ UHNDEHW JFQ D]DOWDQ HWNHQOHUGHQ GL÷HU LNLVL RODUDN RUWD\D oユNPユúWユU 7HGDULNoLOHULQ KDNLPL\HW JFQQ YH LNDPH UQ YDUOユ÷ユQユQ VHNW|UQ UHNDEHW JFQ DUWWユUDQ LNL |QHPOL HWNHQ RODUDN RUWD\D oユNPDVユ DQDOL]LQ ELU GL÷HU |QHPOL VRQXFXGXU Anahtar Kelimeler: .X\XPFXOXN 6HNW|U 5HNDEHWoLOLN *F %Hú *o 0RGHOL * 0DNDOH *|QGHULP 7DULKL 0DNDOH .DEXO 7DULKL ** $Uú *|U .DUDGHQL]7HNQLN hQLYHUVLWHVL øø%) øúOHWPH %|OP EDNPHUPHU#NWXHGXWU *** 'Ro 'U .DUDGHQL]7HNQLN hQLYHUVLWHVL øø%) øúOHWPH %|OP D\\LOGL]#NWXHGXWU Abstract: 7KH DLP RI WKLV SDSHU LV WR HYDOXDWH WKH FRPSHWLWLYH SRZHU RI MHZHOU\ LQGXVWU\ WKH RQH RI ZHOO HVWDEOLVKHG VHFWRU RI 7UDE]RQ 3URYLQFH DQG WR GHYHORS VWUDWHJLF UHFRPPHQGDWLRQV IRU FRQWLQXLQJ WKLV SRZHU )RU WKLV SXUSRVH E\ XVLQJ 0LFKDHO 3RUWHUカV ウ)LYH )RUFH $QDO\VLVエ DSSURDFK RQ SURGXFWLRQ DQG VHOOLQJ FRPSDQLHV ZKR SURGXFH 7UDE]RQカV VSHFLソF MHZHOU\ SURGXFWV LW LV LQYHVWLJDWHG WKH HIIHFWV RI WKHVH ソYH IRUFHV RQ FRPSHWLWLYH SRZHU RI MHZHOU\ LQGXVWU\ $V D UHVXOW RI WKH UHVHDUFK HVSHFLDOO\ WKH WKUHDWV RI QHZ HQWUDQWV WR WKH VHFWRU VLJQLソFDQWO\ DIIHFW DQG GHFUHDVH FRPSHWLWLYH SRZHU RI WKH LQGXVWU\ KDYH EHHQ REVHUYHG $OVR LW LV VHHQ WKDW WKH FRPSHWLWLYH EHWZHHQ H[LVWLQJ FRPSDQLHV LQ LQGXVWU\ DQG GRPLQDWLRQ SRZHU RI EX\HUV DUH WZR RWKHU PDMRU IDFWRUV GHFUHDVLQJ WKH FRPSHWLWLYHQHVV RI LQGXVWU\ 2QH RI WKH RWKHU LPSRUWDQW VROXWLRQV RI WKH VWXG\ LV WKH GRPLQDWLRQ SRZHU RI VXSSOLHUV DQG WKH H[LVWHQFH RI VXEVWLWXWH SURGXFWV KDV VLJQLソFDQW HIIHFWV IRU GHFUHDVLQJ WKH FRPSHWLWLYH SRZHU RI LQGXVWU\ Keywords: -HZHOU\ ,QGXVWU\ &RPSHWLWLYH 3RZHU )LYH )RUFH $QDO\VLV 0RGHO