首批创业板上市公司生产技术效率的实证分析——基于DEA和非参数的Malmquist指数方法

The Empirical Analysis on the Technical Efficiency of the First Batch Listed Companies on the Growth Enterprises Market——Based on DEA and Nonparametric Malmquist Index

本文利用首批28家创业板上市公司2012年度数据和2009-2012年季度数据,分别运用DEA方法和Malmquist指数方法测度其综合技术效率和全要素生产率变化。结果表明:创业板上市公司整体综合技术效率平均值小于1,经营效率有待进一步提高;全要素生产率(TFP)总体平均值达到1.031,且处于持续上升阶段;其中技术进步对TFP上升贡献较大。文章对提高创业板运行效率、促进其稳健发展提出相关的政策建议。

Using the annual data in 2012 and the quarterly data from 2009 to 2012 of the 28 first batch listed companies on the GEM, the paper uses respectively DEA and Malmquist index to measure their comprehensive technical efficiency and TFP change. The results show that the average value of overall comprehensive technical efficiency is less than 1 and management efficiency needs improving. The average value of TFP reaches 1.031 and rises continuously. And technical progress contributes a lot to TFP increase. Finally, policy suggestions are proposed to improve the operation efficiency of the GEM and ensure its steady development.