全要素生产率视角下创业企业发展路径研究

Research on the development path of start-ups from the perspective of total factor productivity

近年来,我国创业企业发展迅速,但其发展路径学界尚未厘清。本研究选取182家创业板上市公司2012 -2016年的面板数据与全球创业观察(GEM )报告,使用Luenberger指数法对创业企业全要素生产率(TFP)进行分解,深入剖析我国创业企业的发展路径。结果表明:第一,TFP于2015 -2016年出现显著提升,但纯技术效率变化(技术转化)对TFP贡献明显降低;第二,TFP前期主要由纯技术效率变化和规模技术变化(规模效率)带动,近期逐渐转变为由纯技术变化(技术进步)带动;第三,规模技术效率(配置效率)对TFP贡献始终为负。可见国家创新创业政策落实已见成效,但企业技术利用能力与资源配置效率低,更应提倡精益创业、规范注册门槛、落实创业支持平台建设。

In recent years, start - ups in our nation is experiencing a rapid growth , but the reason for its development path has not yet been clarified by academic circles. This research selects panel data of 182 listed companies on growth enterprise market from 2012 to 2016 and global GEM report, adopting Luenberger index method to decompose the TFP of start ups, and further analyses the development path of venture capital in our nation. The result indicates the followings. First, the TFP rose significantly from 2015 - 2016 ,but the contribution of purely technological efficiency change (technical conversion) to TFP has decreased sharply. Second, TFP start - ups growth in the early stage was mainly driven by changes in purely technological efficiency and sizable scale technology ( scale efficiency),which recently have been transformed into pure technological changes ( technical progress). Third, scale efficiency ( allocation efficiency) is always bring negative contribution to TFP growth. Thus it can be seen that the implementation of policies of national innovation and entrepreneurship has initially worked, but enterprise's technology application and resource allocation is low. Therefore a series of countermeasures should be carried out includes promote lean entrepreneurship, standardize the registration threshold, and carry out the establishment of entrepreneurial support platform.