基于DEA的我国创业板制造业上市公司经营绩效评价

发布时间：2018-12-12 12:54

【摘要】：创业板虽然有高成长、高收益的特点,但由于入市门槛低,其上市公司相对于主板上市公司往往规模小、风险大、经营业绩不稳定,且由于我国创业板还处于初期阶段,相关法律法规并不完善,使得创业板存在许多问题。创业板刚成立不久就发生了大规模的套现和高管离职现象,“三高”、“圈钱”、“破发”等争议话题一直围绕创业板；上市前高技术、高利润,上市后低技术、低利润的变脸现象也是时有发生。如何评价上市公司的绩效,明辨上市企业的真实价值,对于投资者而言具有重要意义。为提高创业板公司的自主创新能力,政府常常给予其一定的资源支持,但企业却没能有效地将政府补助投入到技术研发上,未能带来企业市场价值的提高。对于给予创业板制造业上市公司大量补贴的政府而言,准确评价企业绩效,弄清楚自己的补贴是否起到了应有的作用也十分重要。本文利用数据包络分析,以2010年底前上市的112家制造业企业为样本,对创业板制造业上市公司进行了绩效评价。结果显示我国创业板制造业上市公司的绩效水平整体较高,但综合效率并没有随着行业技术水平的上升而上升；样本公司的规模效率普遍高于技术效率,保持生产规模、提高生产效率是大部分企业提升绩效的有效方式；高技术企业在同类企业较少的地区表现相对较好。
[Abstract]:Although the gem has the characteristics of high growth and high income, because of the low entry threshold, the listed companies often have small scale, high risk, unstable operating performance, and because the gem of our country is still in the initial stage. Relevant laws and regulations are not perfect, make gem exist many problems. The gem has just established a large scale of cash and executive turnover phenomenon, "three high", "circle money", "break" and other controversial topics have been around the gem; High-tech, high-profit, low-tech, low-profit face phenomenon also happens. How to evaluate the performance of listed companies and distinguish the real value of listed companies is of great significance to investors. In order to improve the independent innovation ability of the gem, the government often gives it some resources support, but the enterprises can not effectively invest the government subsidy into the technology research and development, and fail to bring about the improvement of the market value of the enterprises. It is also very important for the government which gives a large amount of subsidies to the listed companies of the gem manufacturing industry to evaluate the performance of the enterprises accurately and to find out whether their subsidies have played their due role. Based on the data envelopment analysis and 112 manufacturing enterprises listed before the end of 2010, this paper evaluates the performance of listed companies in gem. The results show that the performance level of listed companies in gem manufacturing industry is relatively high, but the comprehensive efficiency does not rise with the rise of industry technology level. The scale efficiency of the sample company is generally higher than that of the technical efficiency. Maintaining the production scale and improving the production efficiency are the effective ways for most enterprises to improve their performance.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.5;F425

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