资产规模、营运投入对军工上市企业经营效率的影响——基于PCA与DEA相结合的实证研究

The Impact of Capital Scale and Operation Investment on the Operational Efficiency of Military Listed Enterprises:An Empirical Research Based on the Combination of PCA and DEA

文章结合主成分分析法与数据包络分析模型对我国66家军工上市企业2016年财务数据进行实证分析以探究资产规模、营运投入对企业经营效率的影响,研究结果显示:绝大多数企业的经营效率未达到行业的平均水准,与DEA相对有效的企业存在较大差距;在生产经营过程中,资产规模的不断扩张并不能实现企业提高绩效的愿景,规模过大、资产结构不合理在一定程度上对企业的生产经营产生负面影响。因此,军工上市企业应合理控制资产规模和营运投入,通过提高投入要素使用效率和优化配置资源实现"以小博大"的效果,促进企业经营效率的提高。

Combined with Principal Component Analysis and Data Envelopment Analysis model, this paper conducts an empirical analysis of the financial data of 66 Military Industrial Listed enterprises in China in 2016 to explore the impact of capital scale and operating investment on the operating efficiency of enterprises. The results show that the operating efficiency of most enterprises does not reach the average level of the industry, and there is a big gap between them and those with relatively DEA-effective. In the process of production and operation, the continuous expansion of the capital scale does not realize the vision of improving enterprise performance. The excessive scale and unreasonable asset structure have a negative impact on the enterprise＇ s production and operation. Therefore, Military Industrial Listed enterprises should control capital scale and operation investment on a reasonable level, and achieve the effect of ＂Small broad＂ by improving the use efficiency of elements and optimizing the allocation of resources, so as to promote the improvement of business efficiency.