新能源汽车上市公司投资效率评价研究——基于DEA和Malmquist指数模型

Research on the Evaluation of Investment Efficiency of Listed Companies of New Energy Vehicles:An Index Model Based on DEA and Malmquist

以新能源汽车上市公司为研究对象,运用DEA模型和Malmquist指数法,从静态和动态双视角分析和评价新能源汽车行业的投资效率。静态结果表明:2017—2021年,我国新能源汽车上市公司的投资效率整体水平较高但呈现下降趋势,综合效率值接近于1,其主要源于纯技术效率的贡献。动态结果表明:样本公司的全要素生产率小于1,其主要原因为技术效率指数较低。据此,新能源汽车公司应增强研发能力、注重人才培养、强化成本管控、加强市场营销和品牌建设,以提升投资效率。

Taking the listed companies of new energy vehicles as the research object,and the DEA model and Malmquist index as the methods,this paper tries to analyze and evaluate the investment efficiency of new energy automobile industry from both static and dynamic perspectives.The static results show that from 2017 to 2021,the overall level of investment efficiency of China’s new energy vehicle listed companies is relatively high but with a downward trend.The comprehensive efficiency value is close to 1,mainly due to the contribution of pure technical efficiency.However,what the dynamic results exhibit is that the total factor productivity of the sample companies is less than 1,mainly due to the low technical efficiency index.Accordingly,new energy vehicle companies should enhance their R&D capabilities,focus on personnel training,strengthen cost control,and strengthen marketing and brand building to improve investment efficiency.