中国高端装备制造上市企业融资效率的实证测度——基于Super-SBM和Malquist模型
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摘要
充分发挥Super-SBM精准测量融资效率值并排序的优势,利用上市公司数据计算高端装备制造企业的融资效率差异;运用Malquist模型研究综合效率指数轨迹、技术效率轨迹和技术进步效率轨迹的动态变化。研究表明,我国高端装备业整体的融资效率均值大于0.85,但大部分处于非效率状态;Malquist平均指数总体保持在1.0左右的水平,但是融资效率呈现波动性特征;技术效率指数受规模效率影响大而纯技术效率作用不明显;大部分企业注重技术创新,但是技术进步还未成为提升融资效率的主要动力源。
This paper used the data of listed companies to calculate the financing efficiency differences of high-end equipment manufacturing enterprises, employing Super-SBM which can accurately measure and rank the financing efficiency. In addition, Malquist model was used to study the dynamic changes of the comprehensive efficiency index track, technical efficiency track and technical progress efficiency track. The research shows that(1) the overall financing efficiency of China's high-end equipment industry is higher than 0.85, but most of it is in an inefficient state;(2) On the whole, the Malquist average index remains around 1.0, but the financing efficiency shows fluctuation;(3) the technical efficiency index is greatly affected by the scale efficiency, but the pure technical efficiency is not obvious;(4) most enterprises attach importance to technological innovation, but technological progress has not become the main source to improve financing efficiency yet.
This paper used the data of listed companies to calculate the financing efficiency differences of high-end equipment manufacturing enterprises, employing Super-SBM which can accurately measure and rank the financing efficiency. In addition, Malquist model was used to study the dynamic changes of the comprehensive efficiency index track, technical efficiency track and technical progress efficiency track. The research shows that(1) the overall financing efficiency of China's high-end equipment industry is higher than 0.85, but most of it is in an inefficient state;(2) On the whole, the Malquist average index remains around 1.0, but the financing efficiency shows fluctuation;(3) the technical efficiency index is greatly affected by the scale efficiency, but the pure technical efficiency is not obvious;(4) most enterprises attach importance to technological innovation, but technological progress has not become the main source to improve financing efficiency yet.
引文
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[23]高学哲.企业融资效率内涵及外延[J].生产力研究,2005(6):205-207.
[24]刘伟,王汝芳.中国资本市场效率实证分析:直接融资与间接融资效率比较[J].金融研究,2006(1):64-73.
[2]昌冬,田发.我国高端装备制造业发展的金融支持研究[J].物流工程与管理,2016(11):109-111.
[3]ASLAN H,KUMAR P.Stapled financing,value certification,and lending efficiency[J].Journal of Financial and Quantitative Analysis,2017,4(52):677-703.
[4]SORIN B,ADRIAN G.The efficiency of foreign investments in the financing of audited entities[J].Annals of Faculty of Economics,2013,22(1):1289-1299.
[5]GANEA V,OGLIND? L,?IGANU A.Determination of company financing efficiency based on evaluation indices of innovation performance[J].Economy Transdisciplinarity Cognition,2015,1(18):151-155.
[6]TOOLSEMA L,ALLERS M.Welfare financing:grant allocation and efficiency[J].De Economist,2014,162(7):147-166.
[7]陈伟,刘强.基于DEA方法的高端装备制造业企业经营绩效研究[J].工业技术经济,2017(3):56-63.
[8]姚晓芳,胡思文.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(5):18-21.
[9]刘焕鹏,严太华.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[J].山西财经大学学报,2015(5):63-72.
[10]胡翠,姚永鹏,吴泓秉.战略性新兴产业金融支持效率研究:基于PCA-DEA-Tobit模型的实证分析[J].技术与创新管理,2017(5):291-297.
[11]吴雷.高端装备制造业创新绩效评价研究[J].科技管理研究,2015(15):51-55.
[12]李鹏,林迎星.高端装备制造业技术创新效率评价指标体系的构建[J].科技和产业,2013(7):66-68.
[13]李萌,杨扬.经济新常态下战略性新兴产业金融支持效率评价及影响因素研究[J].经济体制改革,2017(1):129-135.
[14]王雷,赖玉霜.金融创新、资本配置与企业技术创新:来自战略性新兴产业上市公司的实证[J].科技进步与对策,2017(10):69-75.
[15]刘晖,刘轶芳,乔晗,等.我国战略性新兴产业技术创新效率研究[J].系统工程理论与实践,2015(9):2296-2303.
[16]吕岩威,孙慧.中国战略性新兴产业技术效率及其影响因素研究:基于18个大类行业面板数据的分析[J].科学学与科学技术管理,2013(11):137-146.
[17]TONE K.A slacks—based measure of efficiency in data envelopment analysis [J].European Journal of Operational Research,2001 (130) :498-509.
[18]TONE K.A slacks-based measure of super-efficiency in data envelopment analysis [J].European Journal of Operational Research,2002,143(1):32-41.
[19]王琼,耿成轩.江苏省战略性新兴产业上市公司融资效率研究:基于2009—2014年面板数据[J].华东经济管理,2016(7):14-20.
[20]F?RE R,GROSSKOPF S,NORRIS M,et al.Productivity growth,technical progress and efficiency change in industrialized countries [J].American Economic Review,1994(84):66-83.
[21]F?RE R,GROSSKOPF S,NORRIS M,et al.Productivity growth,technical progress and efficiency change in industrialized countries:reply [J].American Economic Review,1997(87):1040-1043.
[22]耿成轩.基于Malmquist方法的江苏省机械制造业上市公司融资效率研究[J].社会科学家,2017(1):74-79.
[23]高学哲.企业融资效率内涵及外延[J].生产力研究,2005(6):205-207.
[24]刘伟,王汝芳.中国资本市场效率实证分析:直接融资与间接融资效率比较[J].金融研究,2006(1):64-73.