基于(k,y)空间技术分解的企业投资效率评价

Investment Efficiency Evaluation Based on Technology Decomposition In(k,y) Space

投资的效率是经济增长的中心内容,在微观层次上则是影响企业发展的重要因素。目前还没有建立企业投资效率评价的有效方法,现有企业业绩评价方法对企业发展能力的评价呈现出明显的不合理。本文在总结投资效率评价基本出发点的基础上,利用技术效率评价在(k,y)空间的投影来建立企业层次上综合投资效率的评价方法。在(k,y)空间内,可以识别并分解企业资产技术和运营效率,能够有效跟踪企业资产及相应运营效率的变化。在此基础上建立的投资效率评价指标融合了目前宏观经济中的投资效率评价指标,反映的是企业投资活动对其经营效率的带动作用,能够准确评价企业投资效率的真实业绩。

Investment efficiency is the central problem of economy growth and is the main matter affecting firm development in microeconomic. By now, there has been no effective method for firm investment efficiency evaluation. Under such condition, the firm development evaluation demonstrates obvious irrationality. After summarizing the basic principles in investment evaluation, a method for investment efficiency evaluation at the firm level is presented in this paper based on technical efficiency evaluation established inspace. Here asset technology and operational efficiency of the firm can be identified, and firm labor productivity can be decomposed into such two elements, which make it possible to trace the transition of the firm state from the view of asset technology and operational efficiency. Index of Investment efficiency established on such information can identify the marginal effect of investment action on production efficiency, which combines the methods of investment efficiency evaluation used in macro economy, and can accurately evaluate the real performance in investment action.