我国上市公司的技术效率

Technical Efficiency of Chinese Listed Companies

应用两类随机前沿模型测度我国157家全球上市公司的技术效率,分析环境因素对公司技术效率的影响,其中,资本强度、年龄和第一大股东的持股比例三个变量被选取作为环境变量.分析结果表明,所研究的上市公司在两种模型下的技术非效率都显著存在.对于制造业企业,固定资本强度和第一大股东的持股比例分别是模型1和模型2中影响最大的变量;对于服务业公司,仅公司的年龄在模型1中对产出有显著的正影响,在模型2中三个环境变量对技术效率的影响都很小.并且,由模型1得到的效率值低于模型2,制造业公司的技术效率高于服务业公司的技术效率.

It measures the technical efficiency of 157 Chinese global listed companies based on the panel data by using two Stochastic Frontier Analysis （SFA） models, and evaluates the environmental effects on the technical efficiency. In the models, capital intensity, age, and shareholding ratio of the largest stock-holder are selected as the environmental factors. The results indicate that technical inefficiency exists significantly for all listed companies under these two mod- els. Regarding manufacturing companies, capital intensity and shareholding ratio of the largest holder are the most impor- tant factors in model 1 and model 2 respectively. With respect to service companies, age is the only influential factor in model 1 and all environmental factors have small influence in model 2. The efficiency scores obtained in model 1 are lower than those in model 2, and the manufacturing companies have higher technical efficiency than service companies in both models.