中国生物科技类上市公司经营效率的实证分析——基于DEA模型和Malmquist指数模型

An Empirical Analysis of the Operating Efficiency of Chinese Biotechnology Listed Companies:Based on DEA Model and Malmquist Index Model

构建数据包络分析DEA—BCC模型与Malmquist指数模型对2011—2016年30家中国生物科技上市公司经营效率做静态和动态分析。静态分析表明,生物科技类上市公司近67%处于经营效率较高,33%的公司处于规模报酬递增阶段,通过扩大生物科技类上市公司规模提高经营效率有很大操作空间,整体上看,管理效率成为制约公司经营效率的主要因素;动态分析表明,近年来中国生物科技类上市公司全要素生产率下滑7. 2%,技术进步下降7. 7%成为制约TFP增长的主要因素,同时受技术进步、规模效率以及纯技术效率制约的公司数占总数3. 4%,只受规模效率和纯技术制约占总数3. 4%,仅受技术进步制约占总数53%。

DEA-BCC model of data envelopment analysis and Malmquist index model are built to analyze static and dynamic operating efficiency of 30 Chinese listed biotechnology companies from 2011 to 2016. Static analysis shows that nearly67% of biotechnology listed companies are in the higher operating efficiency,and 33% of companies are in the stage of increasing return on a scale. There is a lot of room for operation of enlarging the scale of these listed companies to improve the operating efficiency,and overall,the management efficiency becomes the main factor that restricts the operating efficiency of the companies. Dynamic analysis shows that the total factor productivity of Chinese biotechnology listed companies has fallen by 7. 2% in recent years,and a 7. 7% decrease in technological progress has become the main cause of restricting the TFP growth. Moreover,3. 4% of the total companies are restricted by the technological progress,scale efficiency and pure technical efficiency at the same time,companies restricted by scale efficiency and pure technical efficiency account for3. 4% of the total,and 53% of the total companies are restricted only by technical progress.