我国传统汽车上市公司转型中经营效率评价——基于DEA-Tobit模型的实证研究

Evaluation of Operating Efficiency in the Transformation of Listed Companies of Traditional Automobile Enterprises in China

运用以投入为导向的DEA-BCC模型和Malmquist模型,对12家传统车企向新能源车企转型过程中经营效率进行静态和动态分析,并用Tobit回归对影响经营效率的因素进行分析。实证结果表明:传统车企转型过程中企业经营效率主要受规模效率影响,在保持资源利用效率的同时需进一步提升规模效率。在对经营效率影响因素做进一步剖析时,发现筹资活动现金流入对规模效率有消极作用,政府补贴对规模效率有积极作用。同时,企业规模对综合技术效率有显著的积极作用。因此,适当扩大企业规模,加大政府投入力度并对投入的资金进行合理配置,可以提升综合技术效率,进而提高企业经营效率。

The input-oriented DEA-BCC model and Malmquist model were used to analyze the operational efficiency of 12 traditional automakers in the process of transformation to new energy vehicle enterprises,and Tobit regression was used to analyze the factors affecting operational efficiency.The empirical results show that the operation efficiency of traditional automobile enterprises is mainly affected by scale efficiency in the process of transformation,and it is necessary to further improve scale efficiency while maintaining resource utilization efficiency.In further analysis of the influencing factors of operational efficiency,it is found that cash inflow from financing activities has a negative effect on scale efficiency,and government subsidies have a positive effect on scale efficiency.At the same time,enterprise scale has a significant positive effect on overall technical efficiency.Therefore,appropriately expanding the scale of enterprises,increasing government investment and rationally allocating the invested funds can improve the comprehensive technical efficiency and then improve the operational efficiency of the enterprise.