中兴通信为何胜利(国外英文资料).doc

中兴通讯为何成功 Ztes main product is the SPC exchange. After entering the data communications market in 1999, as a result of these products on the technology of similarity, zte to finished in a short time at low cost in data communications products research and development. From the above two cases, zte in its main business, wireless communication, mobile phone, exchange and access, data communication), and enjoy the benefits of such technology sharing in theory. So what is actually? Ztes rd model whether there really is technical penetration, thus reduce ztes research and development costs, research and development speed, make zte compared with its rivals have great advantages, and additional returns for its shareholders? The best validation is to study ztes stock price because the markets valuation of a company is reflected directly by its share price. Price-to-book ratio is the companys every yuan net carrying the market value of assets, the higher market value, on behalf of the market participants think that the companys net book assets can generate higher returns, so they are willing to pay higher premium for the companys assets. We will be listed on the communications industry companies in China is divided into five categories: mobile phone manufacturers, optical communication equipment manufacturers, data communication equipment manufacturers, access equipment manufacturers, involving the above four types of industry communication company. The above categories, one to four types of only a single business, five categories for consolidation of companies, similar to ztes situation, manufacturing a variety of related products of the same technology manufacturers. By comparing their price-to-book ratio as shown in table 1, the market participants can be generalized to give higher evaluation to an integrated company. Compared to the category one to four, category five and zte have a significantly higher price-to-book ratio. It is worth mentioning in five categories of da