高端装备制造企业效率及其与绩效关系的研究
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摘要
为探究高端装备制造企业效率水平,及控制变量影响下效率与绩效的关系,采用DEA-Malmquist指数以及面板数据模型对沪市高端装备制造企业2008～2016年的数据进行了分析。研究发现:高端装备制造企业平均技术效率水平不高;规模效率变动水平较高,技术效率变动较低主要受纯技术效率变动较低的影响,技术变动呈现波动增长;企业纯技术效率、规模效率与企业绩效存在显著的正向联系,未能证实技术变动对绩效的正向显著影响。
Based on the data envelopment analysis method and Malmquist index method, the data of high-end equipment manufacturing enterprises listed on Shanghai Stock Exchange from 2008 to 2016 were analyzed to research the firms' efficiency level and their dynamic changes. A panel data model was used to explore the relationship between firms' efficiency and performance, considering the influence of control variables. The results suggest that the industry average technical efficiency is not high and many enterprises belong to different levels; the scale efficiency change is high, which means that low technical efficiency change is influenced mainly by the low pure technical efficiency change; technical change shows the volatile growth trend; the pure technical efficiency and scale efficiency have significant positive impacts on performance, while technical change and performance have no significant effective linkage.
Based on the data envelopment analysis method and Malmquist index method, the data of high-end equipment manufacturing enterprises listed on Shanghai Stock Exchange from 2008 to 2016 were analyzed to research the firms' efficiency level and their dynamic changes. A panel data model was used to explore the relationship between firms' efficiency and performance, considering the influence of control variables. The results suggest that the industry average technical efficiency is not high and many enterprises belong to different levels; the scale efficiency change is high, which means that low technical efficiency change is influenced mainly by the low pure technical efficiency change; technical change shows the volatile growth trend; the pure technical efficiency and scale efficiency have significant positive impacts on performance, while technical change and performance have no significant effective linkage.
引文
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[16]吴晓晖,姜彦福.机构投资者影响下独立董事治理效率变化研究[J].中国工业经济,2006(5):105-111.WU Xiaohui,JIANG Yanfu.Change of the independent director’s governing efficiency under the influence of institutional investor:empirical evidence from China’s listed firms[J].China Industrial Economics,2006(5):105-111.
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[19]CAVES D W,CHRISTENSEN L R,DIEWERT W E.The economic theory of index members and the measurement of input,output,and productivity[J].Econometrica,1982,50(11):1393-1414.
[20]F?RE R,GROSSKOPF S,NORRIS M,et al.Productivity growth,technical progress,and efficiency change in industrialized countries[J].The American Economic Review,1994,84(1):66-83.
[21]何枫,陈荣.基于SFA测度的企业效率对企业绩效与企业价值的影响效果研究[J].金融研究,2008(9):152-263.HE Feng,CHEN Rong.Research on the effect of enterprise efficiency on enterprise performance and value--based on SFAmodel[J].Journal of Financial Research,2008(9):152-263.
[22]HAUSMAN J,WILLIAM T.Panel data and unobservable individual effects[J].Econometrica,1981,49(6):1377-1398.
[23]HABIB M,LJUNGVIST A.Firm value and managerial incentives:a stochastic frontier approach[J].Journal of Business,2005,78(6):2053-2094.
[24]任继球.中国制造业企业需要高学历人才吗?[J].产业经济研究,2013(6):77-87.REN Jiqiu.Do Chinese manufacturing enterprises need highly educated people[J].Industrial Economics Research,2013(6):77-87.
[2]姚晓芳,胡斯文.安徽高端装备制造上市企业经营效率研究--基于DEA模型[J].华东经济管理,2014,28(5):18-21.YAO Xiaofang,HU Siwen.A research on the operational efficiency of high-end equipment manufacturing listed companies in Anhui province-based on the DEA method[J].East China Economic Management,2014,28(5):18-21.
[3]黄磊.中国高端装备制造业发展浅谈[J].新材料产业,2012(2):77-80.
[4]贺正楚,潘红玉,寻舸,等.高端装备制造企业发展模式变革趋势研究[J].管理世界,2013(10):178-179.
[5]罗福凯,于江,陈肖丹.高端装备制造上市企业技术资本测度及收益分析[J].经济管理,2013,35(11):59-70.LUO Fukai,YU Jiang,CHEN Xiaodan.The measurement of the technology capital and the analysis of the profitability for the high-end equipment manufacturing enterprises-financial data from the high-end equipment manufacturing[J].Economic Management,2013,35(11):59-70.
[6]雷海民,梁巧转,李家军.公司政治治理影响企业的运营效率吗--基于中国上市公司的非参数检验[J].中国工业经济,2012(9):109-121.LEI Haimin,LIANG Qiaozhuan,LI Jiajun.Does the firm’s political governance affect its operational performance--a non-parametric test based on Chinese listed companies[J].China Industrial Economics,2012(9):109-121.
[7]王兵,於露瑾,杨雨石.碳排放约束下中国工业行业能源效率的测度与分解[J].金融研究,2013(10):128-141.WANG Bing,YU Lujin,YANG Yushi.Measuring and decomposing energy productivity of China’s industries under carbon emission constraints[J].Journal of Financial Research,2013(10):128-141.
[8]吉生保,王晓珍.外资研发嵌入与国企研发效率--价值链视角的高技术产业为例[J].国际贸易问题,2016(1):93-108.JI Shengbao,WANG Xiaozhen.Embeddedness in foreign R&Dand efficiency in SOE’s R&D:a case study of value chains in the High-Tech industry[J].Journal of International Trade,2016(1):93-108.
[9]潘雄锋,彭晓雪,李斌.市场扭曲、技术进步与能源效率:基于省际异质性的政策选择[J].世界经济,2017(1):91-115.PAN Xiongfeng,PENG Xiaoxue,LI Bin.Market distortion,technical progress and energy efficiency:policy choice based on the provincial heterogeneity[J].The Journal of World Economy,2017(1):91-115.
[10]周杰琦,汪同三.外商投资、环境监管与环境效率--理论拓展与来自中国的经验证据[J].产业经济研究,2017(4):67-79.ZHOU Jieqi,WANG Tongsan.Foreign investment,environmental regulation and environmental efficiency:theoretical expansion and empirical evidence from China[J].Industrial Economics Research,2017(4):67-79.
[11]马大来,陈仲常,王玲.中国区域创新效率的收敛性研究:基于空间经济学视角[J].管理工程学报,2017,31(1):71-78.MA Dalai,CHEN Zhongchang,WANG Ling.Research on convergence of regional innovation efficiency in China:based on the perspective of spatial econometric[J].Jonrnal of Industrial Engineering/Engineering Management,2017,31(1):71-78.
[12]林青宁,毛世平.中国高新技术企业研发效率及影响因素研究[J].经济经纬,2018,35(2):1-12.LIN Qingning,MAO Shiping.Study on R&D efficiency and influencing factors of China s High-Tech industries[J].Economic Survey,2018,35(2):1-12.
[13]M?RCK R,SHLEIFER A,VISHIY R.Management ownership and market valuation:an empirical analysis[J].Journal of Financial Economic,1988,20(1-2):293-315.
[14]LEHMAN D R.Linking marketing to financial performance and firm value[J].Journal of Marketing,2004,64:73-75.
[15]NARAYAN R,CHRIS F K.Technical debt and the reliability of enterprise software systems:a competing risks analysis[J].Management Science,2016,62(5):1487-1510.
[16]吴晓晖,姜彦福.机构投资者影响下独立董事治理效率变化研究[J].中国工业经济,2006(5):105-111.WU Xiaohui,JIANG Yanfu.Change of the independent director’s governing efficiency under the influence of institutional investor:empirical evidence from China’s listed firms[J].China Industrial Economics,2006(5):105-111.
[17]YOSHIO W.Incentives and property rights in China’s stateowned enterprise reform OECF[J].Journal of Development Assistance,1998,4(1):1-37.
[18]BANKER R D,NATARAJAN R.Evaluating contextual variables affecting productivity using data envelopment analysis[J].Operations Research,2008,56(1):48-58.
[19]CAVES D W,CHRISTENSEN L R,DIEWERT W E.The economic theory of index members and the measurement of input,output,and productivity[J].Econometrica,1982,50(11):1393-1414.
[20]F?RE R,GROSSKOPF S,NORRIS M,et al.Productivity growth,technical progress,and efficiency change in industrialized countries[J].The American Economic Review,1994,84(1):66-83.
[21]何枫,陈荣.基于SFA测度的企业效率对企业绩效与企业价值的影响效果研究[J].金融研究,2008(9):152-263.HE Feng,CHEN Rong.Research on the effect of enterprise efficiency on enterprise performance and value--based on SFAmodel[J].Journal of Financial Research,2008(9):152-263.
[22]HAUSMAN J,WILLIAM T.Panel data and unobservable individual effects[J].Econometrica,1981,49(6):1377-1398.
[23]HABIB M,LJUNGVIST A.Firm value and managerial incentives:a stochastic frontier approach[J].Journal of Business,2005,78(6):2053-2094.
[24]任继球.中国制造业企业需要高学历人才吗?[J].产业经济研究,2013(6):77-87.REN Jiqiu.Do Chinese manufacturing enterprises need highly educated people[J].Industrial Economics Research,2013(6):77-87.
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