我国会展上市企业经营效率及影响因素研究

Research on the Operating Efficiency and Influencing Factors of China’s Listed Exhibition Companies

会展业作为世界“三大无烟产业”之一,是极具发展潜力的新兴服务业。随着2015年首家会展企业的上市,会展资本市场初具雏形,会展企业上市后的经营状况备受行业内外人士关注。文章运用DEA-Tobit模型测算我国2015—2017年19家会展上市企业的经营效率,从财务和管理视角对影响企业经营效率的因素进行实证研究。研究结果表明:会展上市企业总体经营效率不高,各企业差异明显;总资产周转率、员工平均受教育年限、行业多元化程度、产品多元化程度与企业经营效率呈显著正相关;净利润增长率、应收账款周转率、企业研发与经营效率呈显著负相关。

As one of the “three major smoke-free industries” in the world, the convention and exhibition industry is an emerging service industry with great development potential. With the listing of the New Third Board of the first exhibition company in 2015, the exhibition capital market began to take shape. The business status of the exhibition companies after listing has been widely concerned in and out of this profession. The article uses the DEA-Tobit model to measure the comprehensive technical efficiency, pure technical efficiency and scale efficiency of 19 listed exhibition companies in China from 2015 to 2017 and conducts an empirical study on the factors affecting the efficiency of business operations from the perspective of finance and management. The results suggest that the overall operating efficiency of the listed exhibition companies is not high, and the differences between enterprises are obvious. Total asset turnover, average number of years of education for employees, industry diversification, product diversification are significantly positively correlated with operating efficiency. Net profit growth rate, accounts receivable turnover rate, and R&D are significantly negatively correlated with operating efficiency.