“一带一路”下西北地区上市公司投资效率研究——基于DEA-Malmquist指数法

Research on Investment Efficiency of Listed Companies in Northwest China under “One Belt and One Road”——Based on DEA-Malmquist index metho

以西北地区118家上市公司2010-2017年财务数据为研究对象,运用DEA-Malmquist指数测算样本公司投资效率及其分解,并应用Tobit回归模型检验影响因素,从而分析"一带一路"倡议对西北地区上市公司投资效率的影响。结果表明:从整体来看,"一带一路"倡议对于西北地区上市公司投资效率的影响具有阶段性特征,短期效果显著,长期效果偏弱;投资效率存在明显的地区异质性和行业异质性,地区经济水平与投资效率正相关,且该关系受地区行业结构特征等影响。

Taking the financial data of 118 listed companies in northwest China from 2010 to 2017 as the research object, the DEA-Malmquist index is used to measure the investment efficiency of sample companies and its decomposition, and Tobit regression model is used to test the influencing factors, so as to analyze the impact of 'One Belt and One Road' initiative on the investment efficiency of listed companies in northwest region. The results show that, from the overall perspective, the 'One Belt and One Road' initiative has a phased impact on the investment efficiency of listed companies in the northwest, with significant short-term effect and weak long-term effect. Investment efficiency has obvious regional heterogeneity and industry heterogeneity, the regional economic level is positively correlated with investment efficiency and the relationship is affected by the structural characteristics of the regional industry.