高速公路上市公司经营绩效的评价及实证研究--基于VRS-BCC和Malmquist指数分析法的DEA-Tobit模型

An Empirical Study on the Performance Evaluation of the Highway Listed Company——with the Tobit model based on the VRS-BCC and Malmquist index analysis

近年来,我国高速公路行业快速发展的同时其经营弊端日益显露.通过建立全面反映高速公路行业投入与产出的综合指标体系,选取2014-2016年全国18家高速公路上市公司的投入产出指标,运用基于VRS-BCC和Malmquist指数法的DEA-Tobit模型对其经营绩效及其影响因素进行评价和分析.研究表明:静态分析发现大多数上市公司经营绩效呈逐年上升趋势,并且不断逼近经营效率的前沿面;动态分析发现技术进步和技术效率分别对经营绩效有正向和负向作用;对影响因素的分析得出:财务效益指标中每股收益指标对经营绩效有负向影响,资产营运状况中总资产周转率与其存在显著的正相关关系.

In recent years,the highway industry of China has developed rapidly,and its shortcomings exposed increasingly.This paper established a comprehensive index system which can reflect the input and output of the highway industry,and selected the input and output index of eighteen national highway listed companies from 2014 to 2016,to evaluate the operating performance and analyze its influencing factors with the DEA-Tobit model which is based on the VRS-BCC and Malmquist index method.As the results shown,static analysis found that there is an upward trend of the operating performance in most of listed companies,and the operating efficiency approximates to the frontier.Dynamic analysis found that technological progress has positive effect to the business performance while the technical efficiency has negative effect.Furthermore,analysis of the affecting factors found that EPS has a negative effect on operating performance,and the total assets turnover has significant positive correlation with operating conditions.Finally,combining with the actual,the paper put forward several suggestions to improve the performance of highway listed companies.