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——来自于中国数个行业上市公司的证据2002～2006

Firm Efficiency by SFA and Its Impacts on Finn Performance and Firm Value

本文旨在控制产业特征等因素的前提下,实证分析了企业效率对企业绩效与企业价值的影响效果。首先,以中国2002至2006年间数个行业近200家上市公司为样本,运用SFA模型测算了基于产品附加值和主营业务利润口径的企业效率。其次。估计了企业效率对企业绩效的影响效果,并发现这二者之间有着显著、稳健以及正向的联系。最后,估计了企业效率对企业价值的影响效果;整体而言,未能证实企业效率对企业价值具有积极显著的影响,且这一影响还容易受到产业类别和效率测算口径等因素的干扰。

Under the precondition of controlling industry＇s characteristics and other factors, the paper empirically analyses the relationship between the efficiency and performance and its value of the companies in China. Firstly, based on SFA approaches, the authors figure out the technical efficiency of 200 listed Companies in household appliance and electricity machinery, textile and garment, steel and non-ferrous metal industries from 2002 to 2006. Secondly, the authors examine the effect of firm efficiency on the firm performance by panel data random-effect model and find that there is a positive, significant and robust relationship between them. Finally, the paper estimates the effect of firm efficiency on firm value, unfortunately, the results cannot approve the positive and significant effective linkage between them, and this linkage is vulnerable to be interfered by industry characters and the approach of measuring efficiency.