我国上市公司投资非效率的动态识别与预警——基于Two-tier Stochastic frontier的视角

本文运用双边随机前沿模型取代Richardson(2006)模型,运用MLE估计优化OLS估计,提出了双边随机前沿模型更有利于解决人们应对非效率投资问题的设想,构建了对公司非效率投资展开高效分析和合理建议的新型工具。结果表明:双边随机前沿模型的MLE估计能胜任对非效率投资的快捷识别及预警工作,同时发现现行我国上市公司投资整体状况为投资不足,极端非效率投资现象并不多见,轻度非效率投资的企业需要关注拉升投资行为的不良后果,重度非效率投资的企业需要谨防压低投资的负面效应,自由现金流有加大过度投资的倾向,负债率有诱发投资不足的风险。

Technical Efficiency Analysis of Electric Power Industry with Stochastic Frontier Model

A kind of algorithm was provided to resolve the calculating problem of stochastic frontier model and applied to electric power industry.By Matlab,maximum likelihood estimation is adopted to evaluate σ and λ of stochastic frontier model in this paper, then the technical efficiency of electric power companies is calculated. The calculated and analyzed results reflect the situation of the management of electric power industry on the whole,that is ,the electric power companies with high technical efficiency are those which have developed their modern enterprise system successfully.

The quantified analysis of China's GM cotton yield capacity by C-D function and stochastic frontier model

Using a modified C D function and stochastic frontier model, the paper analyzed China's cotton yield capacity and found that the yield and technical efficiency of China's cotton planting system can be increased by the use of genetically modified (GM) varieties.

Technical efficiency of hybrid maize growers: A stochastic frontier model approach

This study investigated the effect of credit constraints and credit unconstraints on the technical efficiency of hybrid maize growers in the Khyber Pakhtunkhwa Province(KPK) of Pakistan. The primary data were collected by a direct elicitation method from 510 maize growers of KPK Province. Stochastic frontier model techniques were used for technical efficiency analyses. The results revealed that the mean technical efficiency difference between the two groups was 10.2%. The results of technical inefficiency effect modeling demonstrated that education of the household head, family size, number of married family members, off-farm income, farming experience, tractor drill, water irrigation through a lined course, certified seed, extension services, household saving variables, and a credit size variable had positive effects on technical efficiency for both credit constrained farmers(CCFs) and credit unconstrained farmers(UCCFs). In addition, age of household head and fragmented land values had negative effects on technical efficiency for both groups. However, the interest rate had positive and negative impacts on the technical efficiency of CCFs and UCCFs, respectively. Our results have significant implications for policies related to land use, interest rate, and banking sector expansion in the rural areas of Pakistan.

Technical and environmental efficiency of hog production in China—A stochastic frontier production function analysis

This article analyses the technical and environmental efficiency of hog production in China using data from the China Agricultural Product Cost-Benefit Compilation（NDRC 2005–2013） and the First National Census of Pollution： Manual of Discharge Coefficient of Livestock and Poultry Industry（IEDA and NIES 2009）. The empirical results show a great variation in environmental efficiency, ranging from 0.344 to 0.973 with a mean value of 0.672 that declines over time. Southwest China is found to be the most environmentally efficient region, while the Northeast and the Northwest are the least efficient. Another finding is that technical and environmental efficiencies are highly correlated in hog production; the most environmentally efficient regions are usually found to have high technical efficiency, and vice versa. In addition, we computed the output elasticities with respect to each factor input. The results show that feed is the most efficient input, with an output elasticity of approximately 0.551, which is much higher than the elasticity of the nitrogen surplus, other capital or labour. The output elasticity with respect to the nitrogen surplus is 0.287 on average. Finally, the scale elasticity in hog production is slightly higher than 1.

Regional Economic Efficiency and Its Influencing Factors of Beijing-Tianjin-Hebei Metropolitans in China Based on a Heterogeneity Stochastic Frontier Model

Using a heterogeneity stochastic frontier model(HSFM),we empirically investigated the economic efficiency of Beijing-Tianjin-Hebei from 2003 to 2016 and its influencing factors.The key findings of the paper lie in:1)in Beijing-Tianjin-Hebei,the overall economic and technological efficiency tended to increase in a wavelike manner,economic growth slowed down,and there was an obvious imbalance in economic efficiency between the different districts,counties and cities;2)the heterogeneity stochastic frontier production functions(SFPFs)of Beijing,Tianjin and Hebei were different from each other,and investment was still an important impetus of economic growth in Beijing-Tianjin-Hebei;3)economic efficiency was positively correlated with economic agglomeration,human capital,industrial structure,infrastructure,the informatization level,and institutional factors,but negatively correlated with the government role and economic opening.The following policy suggestions are offered:1)to improve regional economic efficiency and reduce the economic gap in Beijing-Tianjin-Hebei,governments must reduce their intervention in economic activities,stimulate the potentials of labor and capital,optimize the structure of human resources,and foster new demographic incentives;2)governments must guide economic factors that are reasonable throughout Beijing-Tianjin-Hebei and strengthen infrastructure construction in underdeveloped regions,thus attaining sustainable economic development;3)governments must plan overall economic growth factors of Beijing-Tianjin-Hebei and promote reasonable economic factors(e.g.,labor,resources,and innovations)across different regions,thus attaining complementary advantages between Beijing,Tianjin,and Hebei.

The Estimation Methods for Agricultural Surplus Labor Based on Stochastic Frontier Production Function

The existing calculation methods for the number of agricultural surplus labor have a common flaw,that is,they can not reflect the impact of technical efficiency changes in agricultural production on the surplus labor. Based on the basic principle of stochastic frontier production function,this paper calculates the agricultural production technical efficiency of various provinces,and selects the province with the highest technical efficiency to assume that its agricultural labor is fully utilized,and there is no agricultural surplus labor. With the ratio of agricultural labor number to agricultural output value in this province as a reference,this paper calculates the number of agricultural surplus labor in other provinces. This calculation method makes up for the shortcomings of the existing calculation methods; it reflects the relationship between the number of agricultural surplus labor and production technical efficiency.

The Impact of Liberalization on the Production of Electricity in Japan: Stochastic Frontier Analysis

This study aims to measure the impact of liberalization on the efficiency of electricity production in Japan using Stochastic Frontier Analysis (SFA). In addition, this study also aims to examine whether or not economies of scale exist in the electricity generation sector and the transmission sector, and whether or not economies of scope exist between electricity generation and transmission. Since 1995, liberalization of the electricity market in Japan has been phased in and regulations on entry have been relaxed three times. One motivation for these regularity changes has been to improve the efficiency of electricity production by introducing competition. Using a panel data set on the nine main power companies in Japan over the period 1970-2010, estimates of fixed-effects and stochastic frontier models of the cost function are obtained and compared. Estimates of the cost function show that liberalization has improved cost efficiency when both frontier models and non-frontier models are estimated. Estimates of the fixed-effects model are used to calculate economies of scale and economies scope because the data support the fixed-effects model. Economies of scope are found to exist for all nine power companies, while overall economies of scope declined in the 1970s and have improved little by little since the 1980s.

Productivity Growth, Technological Progress, and Efficiency Change in Vietnamese Manufacturing Industries: A Stochastic Frontier Approach

This study applies a stochastic frontier production approach to decompose the sources of total productivity (TFP) growth into technical progress and changes in technical efficiency of 8057 firms in Vietnamese manufacturing industries during 2003-2007. Using both total manufacturing industry and sub-manufacturing industrial regressions, the analysis focuses on the trend of technological progress (TP) and technical efficiency change (TEC), and the role of productivity change in economic growth. According to the estimated results, the annual technical progress for the manufacturing industry and sub-manufacturing industries are calculated directly from the estimated parameters of the translog stochastic frontier production function by taking a partial derivative of output with respect to time t. The average technical changes in manufacturing industry and sub-manufacturing industries are positive, with an average technical change about 5.2%, 5.8%, 5.4%, 11.8%, 4.6%, 4.1%, 7.3%, 4.8%, 4.8% and 4.8% for total sample, food products & beverages, textile & wearing apparel, footwear, paper & products, industrial chemicals, rubber & plastic products, non- metallic mineral, basic & fabricated metal and other sub-industries, respectively. Total TFP in the manufacturing sector has grown at the annual rate of 0.052, although the rate of growth decreased continuously during the sample period. For the sub-industry estimates during the sample period, TFP grew fastest in the footwear sub-industry, with annual average growth rate of 11.8%, followed by the rubber & plastic products with a rate of 7.3%, and the food products & beverages with a rate of 5.8% per annum.

Empirical Analysis of Agricultural Policy Impacts of Senegal for food Self-sufficiency： The Stochastic Frontier Production of Rice and Maize in Senegal River Valley

The stochastic production function estimates of rice and maize in Senegal River Valley demonstrate the possibility to reach self-sufficiency of rice in Senegal. Nonetheless, its fulfillment requires many accompanying measures in rice and maize production. These measures include all upstream and downstream activities related to agricultural production for their efficiency and sustainability in rice and maize production to maintain the country＇s comparative advantages and competitiveness. Then priorities should be given to agricultural infrastructure building, establishment of credit markets, and providing an easy access of production factors （e.g., improved land, fertilizers, improved and certified seeds, as well as agricultural machines）. Furthermore, policy makers should provide a larger incentive in terms of producer price to encourage farmers to increase considerably their outputs, thereby farmers face smaller risk of having non-sold outputs. And during an early harvesting period, appropriate policy measures are in need to prevent farmers from dumping their products under severe social and economic pressures such as children schooling and loan payment, etc

Primary Educational Productivity ： A Study Based on Stochastic Frontier Educational Production Function Model

This paper builds a stochastic frontier educational production function model, estimating the primary educational productivity with annual data of 31 provinces from 2007 to 2011. The conclusions are as follows： （1） in educational production function, output elasticity of public educational expenditure exceeds private educational expenditure＇s. The degrees of contribution of public and private educational expenditure reflect that China should increase public educational expenditure. （2） regional educational technical efficiency is affected by both structure of educational expenditure and levels of regional economic growth. Primary educational technical efficiency of east, middle and west regions all tended to fall down during 2007 to 2011.

A comparative analysis of multi-output frontier models

Recently, there have been more debates on the methods of measuring efficiency. The main objective of this paper is to make a sensitivity analysis for different frontier models and compare the results obtained from the different methods of estimating multi-output frontier for a specific application. The methods include stochastic distance function frontier, stochastic ray frontier, and data envelopment analysis. The stochastic frontier regressions with and without the inefficiency effects model are also com-pared and tested. The results indicate that there are significant correlations between the results obtained from the alternative estimation methods.

碳约束下不同规模生猪养殖技术效率及贡献率测度

为了解决生猪养殖主体追求效益最大化和环境保护之间的冲突,度量碳约束下的生猪养殖技术效率,本研究以我国生猪养殖大省四川省、河南省、山东省、云南省、湖北省、广东省及广西壮族自治区为研究对象,选取2012—2021年4种生猪养殖规模投入产出的面板数据,采用超对数随机前沿模型对4种养殖规模下生猪养殖的技术效率及各生产要素的贡献率进行分析。结果表明:碳约束对散养、小规模和中规模养殖的技术效率具有显著影响,而对大规模养殖的技术效率影响不显著;中规模是生猪养殖生产前沿面的分界规模,当养殖规模低于中规模时,技术效率明显降低;当养殖规模为中规模时,技术效率明显提高;养殖规模对技术进步贡献率存在“U”型影响,小规模是“U”型拐点。说明我国应推广中、大规模养殖,其中小规模向中规模过渡时,应重点增加人工投入;中规模向大规模过渡时,应增加创新投入,提高技术进步贡献率。

中国奶酪市场引力效应与伙伴国贸易前景——以中欧为例

在世界未有之大变局下,奶酪贸易不确定性加剧,严重威胁中国奶酪供需平衡。本文在构建随机前沿引力模型与显性竞争优势指数的基础上,预测中欧奶酪贸易前景。研究结果表明,中欧奶酪贸易效率分布不均,不同国家贸易前景存在较大差异。随机前沿引力模型结果显示:双方人口规模、人均GDP促进中欧奶酪贸易,但双方之间的距离阻碍中欧奶酪贸易;贸易伙伴国政府支出、商业自由度、投资自由度等促进贸易效率,但贸易伙伴国政府诚信、税收负担、贸易自由度和生产者价格对贸易效率有阻碍作用。为了提高中欧奶酪贸易效率,中国应对不同“贸易前景”性质的国家采取异质性进口策略,构筑通达、互联互通的贸易环境、打造自由的营商制度环境,促进中欧奶酪贸易效率,保障中国奶酪贸易安全。

互联网发展能否提升农业劳动力配置效率?

在要素市场化配置改革快速推进的背景下,互联网发展对农业劳动力配置效率发挥着重要影响。基于中国2011—2020年省级层面数据,实证检验互联网发展对农业劳动力配置效率的影响及机制。研究发现:互联网发展能够显著提升农业劳动力配置效率;异质性分析发现,在沿海和内陆地区,互联网发展都能够提高农业劳动力配置效率,且在内陆地区的影响幅度更大;在户籍制度改革之后,互联网发展对农业劳动力配置效率产生显著的推动作用;在农业劳动力配置效率越低的地区,互联网发展对农业劳动力配置效率的影响幅度越大;机制分析结果表明,互联网发展会通过降低农业资本价格扭曲渠道提高农业劳动力配置效率。

中日数字服务贸易潜力及影响因素分析

在数字服务贸易迅猛发展的背景下,我国不断深化与世界各国的数字服务贸易合作,日本是我国数字服务贸易进出口的主要市场之一。基于此,有必要判断中日数字服务贸易的潜力并找出其影响因素,从而为中日数字服务贸易合作的推进提供对策建议。采用随机前沿引力模型,以2013—2022年为考察期,以中日两国17个共同的主要数字服务贸易伙伴国为参照系,从进出口与出口双视角测度中日数字服务贸易潜力及影响因素发现,中日两国在数字服务贸易上有较大的发展潜力和提升空间,中国对日本出口效率的改善空间更大。可通过完善数字基础设施建设、加强知识产权保护、提升开放水平,寻求数字贸易共识以及改善政府效能等多种方式,进一步提高贸易效率,挖掘、释放中日双方贸易潜力。

养殖户参与农业产业组织对肉羊养殖技术效率的影响

为探究养殖户参与农业产业组织对肉羊养殖技术效率的影响,研究立足微观农户角度,以2013—2022年11个省份489份肉羊养殖户数据为研究对象,运用倾向得分匹配法与随机前沿分析法,分析养殖户参与农业产业组织对肉羊养殖技术效率的影响。结果表明,养殖户参与农业产业组织对肉羊养殖技术效率产生正向促进作用,且该结果在经过近邻匹配、半径匹配与核匹配3种内生性检验之后仍然成立。研究表明,鼓励养殖户积极参与农业产业组织,对于提升肉羊养殖效率及推动整个养殖业高质量发展具有深远意义。

基于移动教学软件的混合式课程教学改革实践及实证分析

以“全球速卖通”为例创建了一种基于移动教学软件的线上线下混合式教学模式,通过模型分析、实验研究、问卷调查、案例分析等研究方法,对“全球速卖通”移动教学软件的混合式课程教学改革进行了分析,发现学生的行为投入程度、认知投入程度等对教学效果产生显著性影响,移动教学软件的应用可以有效地提高混合式课堂教学的效率,促进课程质量的提升。

云南与南亚东南亚国家贸易效率及潜力研究

本文基于随机前沿引力模型,选取2002-2021年贸易相关数据,对影响贸易额的变量进行检验。结果显示,解释变量GDP、人口、距离以及贸易依存度对贸易额有重要影响,是否有共同边界和共同语言影响不明显,非效率因素政治稳定性、政府监管质量和贸易自由度对贸易额影响明显,政府效率、法治情况和商业自由度影响不明显。对贸易效率和潜力的测算显示,效率提高可开拓潜力占比下降,但贸易潜力绝对值扩大。分国家看,云南与各国贸易效率和潜力差异较大,因此文章将15国分为4个区域,并就云南建设面向南亚东南亚辐射中心中如何促进贸易增长提出差异化的参考建议。

注册制改革提升了IPO定价效率吗?——基于随机前沿模型

我国正深化以注册制为核心的股票发行定价制度改革,致力于提高股市的IPO定价效率。文章通过探究注册制是否可以反映公司的内在价值为着眼点,采用随机前沿模型,从一级市场中选取相应指标,检验了科创板、创业板和沪深主板的IPO定价效率。研究结果表明:注册制下的IPO定价效率显著高于核准制下的IPO定价效率。在注册制下,市场能更好地反映公司的内在价值,提高资源配置效率。注册制实施市场化发行制度的改革,有助于使投资者更加理性、全面地进行投资决策,降低投资风险,推动市场资源的优化配置,提高市场的运行效率。