智力资本、风险投资与高端装备制造企业效率——基于DSBM方法与Tobit模型的实证研究

Intellectual Capital, Venture Capital and Enterprise Efficiency of the High-end Equipment Manufacturing——Analysis of the DSBM Model and the Tobit Regression Model

以我国2009~2013年52家上市高端装备制造企业为样本,运用DSBM模型测算企业效率得分,并使用随机面板Tobit模型检验风险投资与智力资本对企业效率的改善效应。研究发现：高端装备制造企业效率处于较高水平,但总体呈下降趋势和发散特征;高端装备制造企业智力资本对效率具有显著改善效应,而且贡献主要来自于物质资本投入,人力资本和结构资本贡献相对较小;风险投资可通过高端装备制造企业智力资本实现效率改善,且持股比例较高和声誉较好的风险投资可通过物质资本和人力资本改善企业效率,具有国有背景的风险投资可通过物质资本与结构资本改善企业效率,存在联合投资的风险投资则可通过人力资本和结构资本改善企业效率。

Using the DSBM model measure the efficiency of high-end equipment manufacturing enterprise in China from 2009 to2013. The study finds that the efficiency score of high-end equipment manufacturing enterprise in China is high, but they have shown some downward trend and divergent characteristics; the effect of intellectual capital and physical capital on the efficiency of enterprises of China＇s high-end equipment manufacturing is significant, but the impact of human capital and structural capital on efficiency of enterprises is no significant; the combined effect of intellectual capital and venture investment on the efficiency of high-end equipment manufacturing enterprise is significant positive; the combined effect of venture investment organizations of high proportion of shares and good reputation and physical capital and human capital of high-end equipment manufacturing enterprise on efficiency is positive; the combined effect of venture investment organizations with the background of the state-owned and physical capital and structural capital of high-end equipment manufacturing enterprise on efficiency is positive.