中国旅游上市公司经营效率的测度与评价——基于混合DEA模型的实证分析

The Measurement and Evaluation of the Operating Efficiency of China's Listed Tourism Companies:An Empirical Analysis Based on the Mixed DEA Model

经营效率是衡量企业经营管理状况的重要财务指标,基于数据包络技术中的DEA-BCC模型和Malmquist指数法对我国26家旅游上市公司2011—2015年经营效率进行静态和动态测度,从旅游上市公司经营模式的自身特点、全要素生产率变动的影响因素和不同类型旅游上市公司经营效率水平等方面探讨中国旅游上市公司经营效率的发展空间。研究发现:旅游上市公司经营效率的发展状况因主营业务和管理理念的差异而不尽相同;我国旅游上市公司的全要素生产率主要得益于技术效率水平的提高;景区类、综合类和酒店类旅游上市公司的经营效率具有差异性特征;国有制旅游上市公司的经营效率还有很大提升空间。最后,依据研究结论得到若干启示。

As the leader in tourist industry, listed tourism companies have expanded continously in recent years. Through industry financing, capital operation and other measures, the economic vitality of these companies in financial market have been improved which plays a critical role of motivation and demonstration in the industry. As an important financial index to measure the operation and management of an enterprise, operational efficiency is associated with the overall economic efficiency and development of tourism industry, and provides reference for other small and medium-sized tourism enterprises to promote operational performance. In view of the above analysis, this paper makes a static and dynamic estimate on the operational efficiency of 26 listed tourism companies in China from 2011 to 2015 based on DEA-BCC model and Malmquist index. Taking full consideration of the labor-intensive and operation-particular characteristics, this paper uses double input indicators （the company＇ s total assets, the number of employees） and double output indicators （the main business income, the net profits） to measure the operational efficiency of China＇ s listed tourism companies. The total assets of the company are used as the material resources, and the labor force is quantified as the number of employee. With regard to the output index, main business income and the net profit of the listed tourism companies are used to measure operational efficiency. Then we proceed to explore the development space for operational efficiency of China＇ s listed tourism companies from the perspectives of characteristics of operation model, the influence factors of total factor productivity change, and the level of operational efficiency of different types of companies. The results suggest that： the development statues in operational efficiency of listed tourism companies tend to be different due to the diversity on main business and management concepts; the improved total factor productivity of China＇ s listed tourism companies mainly benefits from the improvement of technical efficiency level; scenic spot, comprehensive and hotel listed tourism companies own different characteristics in the operational efficiency; and there is still a great potential for the operational efficiency of state-owned listed tourism companies. According to the research conclusions, this paper gets the following inspiration： First, the listed tourism companies should reasonably invest tangible and intangible assets on the basis of their own business scope. Second, accelerating the speed of promoting technological progress level of listed tourism companies is an essential link to improve the production process and promote the operational efficiency, so the companies should take advantage of their own operation, strengthen the main core business. On the other hand, listed tourism companies should focus on refocusing operation strategy, simplify business fields, and effectively integrate the production technology, industrial structure and operation system. Third, the reform of the mixed ownership system should be implemented actively and comprehensively in state-owned listed tourism companies, and the reform as well as development routes such as state- owned assets supervision, resources allocation and equity governance should be perfected, which contribute to the formation of efficient enterprise operation and management system, and achieve effective flow of equity, so to improve the performance and vitality of enterprises, realize the strategic goal of maximizing profits.