智力资本、风险投资与高端装备制造企业效率——基于DSBM方法与Tobit模型的实证研究
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摘要
以我国2009~2013年52家上市高端装备制造企业为样本,运用DSBM模型测算企业效率得分,并使用随机面板Tobit模型检验风险投资与智力资本对企业效率的改善效应。研究发现:高端装备制造企业效率处于较高水平,但总体呈下降趋势和发散特征;高端装备制造企业智力资本对效率具有显著改善效应,而且贡献主要来自于物质资本投入,人力资本和结构资本贡献相对较小;风险投资可通过高端装备制造企业智力资本实现效率改善,且持股比例较高和声誉较好的风险投资可通过物质资本和人力资本改善企业效率,具有国有背景的风险投资可通过物质资本与结构资本改善企业效率,存在联合投资的风险投资则可通过人力资本和结构资本改善企业效率。
Using the DSBM model measure the efficiency of high-end equipment manufacturing enterprise in China from 2009 to2013. The study finds that the efficiency score of high-end equipment manufacturing enterprise in China is high, but they have shown some downward trend and divergent characteristics; the effect of intellectual capital and physical capital on the efficiency of enterprises of China's high-end equipment manufacturing is significant, but the impact of human capital and structural capital on efficiency of enterprises is no significant; the combined effect of intellectual capital and venture investment on the efficiency of high-end equipment manufacturing enterprise is significant positive; the combined effect of venture investment organizations of high proportion of shares and good reputation and physical capital and human capital of high-end equipment manufacturing enterprise on efficiency is positive; the combined effect of venture investment organizations with the background of the state-owned and physical capital and structural capital of high-end equipment manufacturing enterprise on efficiency is positive.
Using the DSBM model measure the efficiency of high-end equipment manufacturing enterprise in China from 2009 to2013. The study finds that the efficiency score of high-end equipment manufacturing enterprise in China is high, but they have shown some downward trend and divergent characteristics; the effect of intellectual capital and physical capital on the efficiency of enterprises of China's high-end equipment manufacturing is significant, but the impact of human capital and structural capital on efficiency of enterprises is no significant; the combined effect of intellectual capital and venture investment on the efficiency of high-end equipment manufacturing enterprise is significant positive; the combined effect of venture investment organizations of high proportion of shares and good reputation and physical capital and human capital of high-end equipment manufacturing enterprise on efficiency is positive; the combined effect of venture investment organizations with the background of the state-owned and physical capital and structural capital of high-end equipment manufacturing enterprise on efficiency is positive.
引文
[1]陈旭升,钟云.高端装备制造业市场绩效影响研究[J].工业技术经济,2013(06):25-32.
[2]Lu W,Wang W,Kweh Q L.Intellectual Capital and Performance in the Chinese Life Insurance Industry[J].Omega,2014,42(01):65-74.
[3]刘兴凯,张诚.中国服务业全要素生产率增长及其收敛分析[J].数量经济技术经济研究,2010(03):55-95.
[4]Tone K,Tsutsui M.Dynamic DEA:A Slacks-Based Measure Approach[J].Omega,2010,(38):498-509.
[5]綦良群,王成东,蔡渊渊.中国装备制造业R&D效率评价及其影响因素研究[J].研究与发展管理,2014,26(01):111-118.
[6]牛泽东,张倩肖.中国装备制造业的技术创新效率[J].数量经济技术经济研究,2012(11):51-67.
[7]原毅军,耿殿贺.中国装备制造业技术研发效率的实证研究[J].中国软科学,2010(03):51-57.
[8]韩晶.中国装备制造业上市公司生产力和生产效率研究[J].财经问题研究.2010(01):33-40.
[9]陈爱贞,钟国强.中国装备制造业国际贸易是否促进了其技术发展[J].经济学家,2014(05):43-53.
[10]Bontis N,Keow W C,Richardson S.Intellectual Capital and Business Performance in Malaysian Industries[J].Journal of Intellectual Capital1,2000,1(01):223-247.
[11]Mavridis D G,Kyrmizoglou P.Intellectual Capital Performance Drivers in the Greek Banking Sector[J].Management Research New,2005,28(05):43-62.
[12]Riahi-Belkaoui A.Intellectual Capital and Firm Performance of US Multinational Firms[J].Journal of Intellectual Capital,2003,4(02):215-226.
[13]Ghosh S,Mondal A.Indian Software and Pharmaceutical Sector IC and Financial Performance[J].Journal of Intellectual Capital,2009,10(03):369-388.
[14]李冬伟,汪克夷.智力资本与高科技企业绩效关系的研究[J].科学学研究,2009,27(11):1700-1707.
[15]秦辉,王瑜炜.智力资本提升组织绩效了吗[J].科学学与科学技术管理.2014,35(03):154-163.
[16]陈劲,谢洪源,朱朝晖.企业智力资本评价模型和实证研究[J].中国地质大学学报(社会科学版),2004,4(06):27-31.
[17]傅传锐.智力资本对企业竞争优势的影响—来自我国IT上市公司的证据[J].当代财经,2007(04):68-74.
[18]蒋琰,茅宁.智力资本与财务资本:谁对企业价值创造更有效—来自江浙地区企业的实证研究[J].会计研究,2008,(07):49-56.
[19]Firer S,Williams S.Intellectual Capital and Traditional Measures of Corporate Performance[J].Journal of Intellectual Capital,2003,4(03):348-360.
[20]李嘉明,黎富兵.企业智力资本与企业绩效的实证分析[J].重庆大学学报(自然科学版),2004,27(12):23-25.
[21]万希.智力资本对我国运营最佳公司贡献的实证分析[J].南开管理评论,2006(09):55-60.
[22]陈晓红,李喜华,曹裕.智力资本对企业绩效的影响:基于面板数据模型的分析[J].系统工程理论与实践,2010,30(07):1176-1184.
1 引自2010年工业化与信息化部印发的《高端装备制造业“十二五”发展规划》。
2 据统计,2010年,我国高端装备制造业年销售收入仅为1.6万亿,约占装备制造业销售收入的8%左右,但预计到2015年销售收入将超过6万亿,在装备制造业销售收入中的占比将超过20%。
[2]Lu W,Wang W,Kweh Q L.Intellectual Capital and Performance in the Chinese Life Insurance Industry[J].Omega,2014,42(01):65-74.
[3]刘兴凯,张诚.中国服务业全要素生产率增长及其收敛分析[J].数量经济技术经济研究,2010(03):55-95.
[4]Tone K,Tsutsui M.Dynamic DEA:A Slacks-Based Measure Approach[J].Omega,2010,(38):498-509.
[5]綦良群,王成东,蔡渊渊.中国装备制造业R&D效率评价及其影响因素研究[J].研究与发展管理,2014,26(01):111-118.
[6]牛泽东,张倩肖.中国装备制造业的技术创新效率[J].数量经济技术经济研究,2012(11):51-67.
[7]原毅军,耿殿贺.中国装备制造业技术研发效率的实证研究[J].中国软科学,2010(03):51-57.
[8]韩晶.中国装备制造业上市公司生产力和生产效率研究[J].财经问题研究.2010(01):33-40.
[9]陈爱贞,钟国强.中国装备制造业国际贸易是否促进了其技术发展[J].经济学家,2014(05):43-53.
[10]Bontis N,Keow W C,Richardson S.Intellectual Capital and Business Performance in Malaysian Industries[J].Journal of Intellectual Capital1,2000,1(01):223-247.
[11]Mavridis D G,Kyrmizoglou P.Intellectual Capital Performance Drivers in the Greek Banking Sector[J].Management Research New,2005,28(05):43-62.
[12]Riahi-Belkaoui A.Intellectual Capital and Firm Performance of US Multinational Firms[J].Journal of Intellectual Capital,2003,4(02):215-226.
[13]Ghosh S,Mondal A.Indian Software and Pharmaceutical Sector IC and Financial Performance[J].Journal of Intellectual Capital,2009,10(03):369-388.
[14]李冬伟,汪克夷.智力资本与高科技企业绩效关系的研究[J].科学学研究,2009,27(11):1700-1707.
[15]秦辉,王瑜炜.智力资本提升组织绩效了吗[J].科学学与科学技术管理.2014,35(03):154-163.
[16]陈劲,谢洪源,朱朝晖.企业智力资本评价模型和实证研究[J].中国地质大学学报(社会科学版),2004,4(06):27-31.
[17]傅传锐.智力资本对企业竞争优势的影响—来自我国IT上市公司的证据[J].当代财经,2007(04):68-74.
[18]蒋琰,茅宁.智力资本与财务资本:谁对企业价值创造更有效—来自江浙地区企业的实证研究[J].会计研究,2008,(07):49-56.
[19]Firer S,Williams S.Intellectual Capital and Traditional Measures of Corporate Performance[J].Journal of Intellectual Capital,2003,4(03):348-360.
[20]李嘉明,黎富兵.企业智力资本与企业绩效的实证分析[J].重庆大学学报(自然科学版),2004,27(12):23-25.
[21]万希.智力资本对我国运营最佳公司贡献的实证分析[J].南开管理评论,2006(09):55-60.
[22]陈晓红,李喜华,曹裕.智力资本对企业绩效的影响:基于面板数据模型的分析[J].系统工程理论与实践,2010,30(07):1176-1184.
1 引自2010年工业化与信息化部印发的《高端装备制造业“十二五”发展规划》。
2 据统计,2010年,我国高端装备制造业年销售收入仅为1.6万亿,约占装备制造业销售收入的8%左右,但预计到2015年销售收入将超过6万亿,在装备制造业销售收入中的占比将超过20%。