后金融危机下基于DEA的高新技术企业与传统企业并购绩效比较研究——以中国A股制造业上市公司为例

A DEA-based comparative study of M&A efficiency between high-tech and traditional enterprises:a case study of A shares listed manufacturing enterprises

采用DEA-Malmquist指数模型,将2010年我国上市公司采取并购行为的制造业上市公司分为高新技术企业与传统企业进行对比分析,结果显示:(1)从两类企业整体层面分析,高新技术企业与传统企业各年的综合效率均值并无明显的差别;纯技术效率则是高新技术企业显著高于传统企业;规模效率指标上,二者在2009年和2011年并无明显的差别,然而,对比二者2010年以及三年的平均值,传统企业的规模效率要显著高于高新技术企业。(2)从个体企业效率来看,高新技术企业的综合效率、纯技术效率以及规模效率均优于传统企业,然而,二者的差距却在逐年减小。(3)传统企业纯技术效率显著低于规模效率,这说明了纯技术效率低下是导致传统企业效率低下的主要原因。(4)在全要素生产率变化(TFP)上,高新技术企业要略优于传统企业。最后,基于企业在资产投入、劳动力投入、成本消耗、无形资产等方面的投入,挖掘影响两类企业并购绩效效率的因素。

Based on DEA-Malmquist index model, this paper makes a comparative analysis of the high-tech and traditional enterprises in the 2010 listed manufacturing enterprises. We have the following results.( 1) Generally speaking,there is no significant discrepancy in the average value of comprehensive efficiency between the high-tech enterprises and traditional enterprises; the high-tech enterprises is significantly higher than traditional enterprises in pure technical efficiency; there is no significant discrepancy in scale efficiency in the year of 2009 and 2011,but traditional enterprises are significantly higher than the high-tech enterprises in 2010 and in the average value of the three years.( 2) In terms of the efficiency of individual enterprise,the comprehensive efficiency,pure technical efficiency and scale efficiency of the high-tech enterprises are better than those of traditional enterprises,but the discrepancy are decreasing.( 3) The pure technical efficiency is significantly lower than scale efficiency in the traditional enterprises,which is the cause of their low efficiency.( 4) In terms of the changes of TFP,high-tech enterprises is a slightly higher than the enterprises in the traditional industry. This paper finally explores the contributing factors in the efficiency of M & A performance from the perspectives of input of assets,labor input,cost and intangible assets.