中国新能源上市公司效率及其影响因素研究

发布时间：2018-03-29 20:44

本文选题：新能源上市公司　切入点：数据包络分析　出处：《五邑大学》2013年硕士论文

【摘要】：能源产业作为国民经济发展的重要基础产业之一,是支撑经济增长的基本要素。但由{于传统经济发展模式过度依赖石化能源的消耗,使能源短缺和环境恶化问题日益严重。在此背景下大力发展新能源产业已成为热点,中国新能源产业进入快速发展阶段,新能源技术不断进步,产业规模不断扩大,一系列政府支持政策也促进了新能源上市公司的快速发展。但同时中国新能源上市公司蓬勃发展的背后也存在诸多不足：自主知识产权的核心技术缺失、产业集约化程度低、产品趋于同质化严重、产品附加价值低,产品生产成本高,缺乏市场竞争力。因此无论从投资者角度还是新能源上市公司自身,都应注重新能源上市公司效率,从效率角度出发考察新能源上市公司经营现状并分析其运营效率影响因素,对提高新能源上市公司竞争力和加速中国新能源产业的发展具有重要的现实意义。本文选择数据包络分析法(DEA)以及基于DEA的Malmquist指数方法,分别构建了中国新能源上市公司静态效率模型(包括技术效率及其分解——规模效率和纯技术效率)和动态效率模型(包括全要素生产率变化指数及其分解——技术进步指数和技术效率变化指数),从静态和动态双维度视角出发对中国60家新能源上市公司2006-2011年间的效率变动进行了测度,分析效率水平演化趋势,并且比较了不同类型新能源上市公司之间的效率差异性。在实证分析所得的新能源上市公司效率的基础上,文章进一步分析了影响新能源上市公司效率的影响因素,并构建Tobit面板计量模型,解释了效率影响机制。研究结果表明：(1)从新能源上市公司技术效率总体状况来看,2006-2011年间中国新能源上市公司的技术效率总体平均值为0.837,且在样本研究期间新能源上市公司技术效率呈现先上升后下降趋势。(2)从不同类型新能源上市公司效率的差异性分析来看,氢能、核能、LED绿色照明这3种类型上市公司的技术效率水平要高于太阳能、风能、生物质能类上市公司。造成生物质能类上市公司技术效率水平不佳的主要原因是规模效率低下。(3)从新能源上市公司在2006-2011年间动态效率变化来看,全要素生产率总体来说略有上升,平均增长1.5个百分点。技术进步是中国新能源上市公司全要素生产率小幅上升的主要原因,技术效率的下降在一定程度上限制了全要素生产率的提升幅度。(4)从新能源上市公司技术效率的影响机制来看,新能源上市公司技术效率与股权集中度显著正相关,且第一大股东性质为非国有法人上市公司的技术效率要高于第一大股东性质为国有法人上市公司的技术效率。上市公司规模以及公司大专及以上学历员工比例与上市公司技术效率负相关,但不显著。最后在实证分析的基础上提出了改善新能源上市公司效率的建议。
[Abstract]:As one of the important basic industries in the development of national economy, energy industry is the basic factor to support economic growth. Under this background, vigorously developing new energy industry has become a hot spot. China's new energy industry has entered a stage of rapid development, new energy technology is constantly advancing, and the scale of new energy industry is constantly expanding. A series of government support policies have also promoted the rapid development of new energy listed companies. But at the same time, there are many shortcomings behind the vigorous development of new energy listed companies in China: the lack of core technology of independent intellectual property rights, the low degree of industrial intensification, Products tend to be homogenized, with low added value, high production costs and lack of market competitiveness. Therefore, whether from the perspective of investors or from the perspective of new energy listed companies, they should pay attention to the efficiency of new energy listed companies. From the point of view of efficiency, it is of great practical significance to investigate the current situation of new energy listed companies and analyze the influencing factors of their operation efficiency, which will improve the competitiveness of new energy listed companies and accelerate the development of China's new energy industry. In this paper, we choose data Envelopment Analysis (DEA) and Malmquist exponent method based on DEA. The static efficiency model (including technical efficiency and its decomposition-scale efficiency and pure technical efficiency) and the dynamic efficiency model (including total factor productivity change index and its decomposition-technology) are constructed respectively. The progress index and the technical efficiency change index are used to measure the efficiency changes of 60 new energy listed companies in China from 2006 to 2011 from the static and dynamic perspectives. This paper analyzes the evolution trend of efficiency level, and compares the efficiency differences among different types of new energy listed companies. This paper further analyzes the factors that affect the efficiency of listed companies of new energy, and constructs the Tobit panel econometric model to explain the mechanism of efficiency impact. The research results show that the overall technical efficiency of new energy listed companies is 0.837 from 2006 to 2011, and the technical efficiency of new energy listed companies in the sample period is 0.837. From the analysis of the differences in efficiency of listed companies of different types of new energy, Hydrogen, nuclear energy, LED green lighting, these three types of listed companies have higher technical efficiency than solar, wind, The main reason for the low level of technical efficiency of bioenergy listed companies is the inefficiency of scale.) from the perspective of the dynamic efficiency changes of new energy listed companies between 2006 and 2011, Overall, total factor productivity (TFP) rose slightly, with an average increase of 1.5 percentage points. Technological progress was the main reason for the slight increase in TFP of China's new energy listed companies. The decline of technical efficiency limits to a certain extent the increase of total factor productivity (TFP) from the perspective of the mechanism of technical efficiency of new energy listed companies, the technical efficiency of new energy listed companies is significantly positively correlated with the degree of equity concentration. The technical efficiency of the listed company with the largest shareholder is higher than that of the listed company with the largest shareholder. The scale of the listed company and the proportion of the employees with college degree or above of the listed company are higher than those of the listed company with the largest shareholder. The technical efficiency of listed companies is negatively correlated, In the end, some suggestions are put forward to improve the efficiency of new energy listed companies on the basis of empirical analysis.
【学位授予单位】：五邑大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272;F426.2

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