中美两地上市中国互联网公司全要素生产率分析

Analysis on Total Factor Productivity of Listed Chinese Internet Companies in A-Share and the US Share

运用DEA-Malmquist非参数法对2003~2013年中国A股上市的136互联网公司以及45家美国中概股2011~2014年的全要素生产率分别进行了多层次的分析和对比研究。首先测算了TFP的变动值,然后将全要素生产率分解为技术效率、技术进步、纯技术效率和规模效率,测算了各个分解因素的变动情况。A股互联网上市公司近几年全要素生产率增长率明显呈递增趋势,虽然整体TFP均值呈现负增长,但在2003~2013年间不同年度各公司的全要素生产率增长率存在较大的差异性;美国中概股公司的规模效率是TFP增长的主要正向驱动因素,具有“成长期”特点。对比A股和美股上市公司发现,二者全要素生产率测算结果差别存在但不大,美股的TFP增长和技术进步增长均低于A股,说明其资源配置效率相对低于A股表现,但美股公司的规模经济效应明显。

This paper analyzes and compares the total factor productivity of Chinese listed Internet Companies between 136 in A-share Stock Market over the period 2003~2013 and 45 in US stock market during 2011~2014 using the non parametric DEA-Malmquist method. Firstly, the change of TFP is calculated. Then, the total factor productivity is decomposed into technical efficiency, technical progress, pure technical efficiency and scale efficiency. The finding is that the growth rate of Listed Companies’ TFP in A-share Market is significantly increased in recent years, although the overall average TFP showed a negative growth. There is a big difference with different company’s TFP in different years. To those Chinese Internet Companies in US stock market, the scale efficiency is the main driving factor for the growth of TFP, which has the characteristics of “growth period”. Contrast of the listed companies’ TFP between A-share and US-share, the result shows that the differences exist but not quite, the growth of TFP and technical progress in US-share is lower than the A-share, but the economies of scale is more significant than the A-share’s companies. It indicates that the efficiency of the allocation of resources is relatively lower than the performance of A-shares.