基于DEA模型的轨道交通上市公司投资效率研究

On Investment Efficiency of Rail Transit Listed Company Based on DEA Model

通过构建DEA模型,结合轨道交通行业特点,选取在上海证券交易所和深圳证券交易所上市的24家轨道交通龙头企业,运用deap2.1软件,对2014年的投资效率进行实证研究。实证结果表明:我国轨道交通上市公司主要受规模效率的影响,导致其整体投资效率不是很高,虽然大部分上市公司处于规模报酬递增区间,但是纯技术效率也不高。应该从扩大轨道交通上市公司的投资规模,以及加强轨道交通上市公司技术方面的创新入手,切实提高轨道交通上市公司投资效率。

By constructing the DEA model, combined with the characteristics of rail transit industry, the invest- ment efficiency of twenty - four rail transit listed company which were listed on the Stock Exchange of Shanghai and Shenzhen, was empirically studied. The study was based on the year of 2014 and used the software of deap2. 1, the results of the empirical study showed that for mainly influenced by scale efficiency, the whole investment efficiency of rail transit was low, although most of these companies in the returns to scale increasing range; the pure technical efficiency was not high. In order to solve these problems, we should take some measures to improve the investment efficiency of rail transit listed company. At the same time, the company should expand the scale of investment, and also pay attention to strengthen technical innovation.