中国食品饮料行业经营绩效评价及影响因素——基于SORM-BCC和Malmquist的DEA-Tobit模型

Efficiency Evaluations and Influencing Factors of China Food & Beverage Listed Companies——DEA-Tobit model based on SORM-BCC & Malmquist

本文运用基于SORM-BCC和Malmquist的DEA-Tobit模型对中国食品饮料行业44家主要上市公司2002-2009年间的经营绩效及影响因素进行了分析。研究结果显示:第一,静态来看,受规模效率限制,综合技术效率均值普遍偏低;第二,动态来看,技术水平变化是TFP增长的强劲来源,但是纯技术效率变化和规模效率变化呈现不同程度的衰退,影响了TFP的进一步提升;第三,资产周转率以及人均资本均是正向影响食品饮料公司综合技术效率及规模效率的显著因素,公司规模亦产生正向影响,但是稳健性较差,而上市年龄则产生显著的负向影响;第四,只有资产周转率对纯技术效率产生显著正向影响,其它环境变量的影响缺乏显著性和稳健性。

Using DEA-Tobit model based on SORM-BCC and Malmquist, this paper analyses efficiency and influencing factors of 44 major food＆beverage listed companies in the year of 2002 - 2009. Results show that：because of poor performance of scale efficiency, average values of tech-efficiency are always low statically;dynamically, tech-change is the major and strong source of TFP growth, however, because of recessions of pure tech-change and scale efficiency change, further growth of TFP is restrained; asset turnover and capital per capita affect both tech-efficiency and scale efficiency of food＆beverage listed companies positively and significantly, scale also shows positive effects but poor robustness, while listed age works both negatively and significantly; only asset turnover plays both positive and significant roles on pure tech-efficieney of food＆beverage listed companies, while others environmental variables perform lack of neither significance nor robustness.