后金融危机下基于DEA的高新技术企业与传统企业并购绩效比较研究——以中国A股制造业上市公司为例
发布时间：2018-08-17 13:28
【摘要】：采用DEA-Malmquist指数模型,将2010年我国上市公司采取并购行为的制造业上市公司分为高新技术企业与传统企业进行对比分析,结果显示:(1)从两类企业整体层面分析,高新技术企业与传统企业各年的综合效率均值并无明显的差别;纯技术效率则是高新技术企业显著高于传统企业;规模效率指标上,二者在2009年和2011年并无明显的差别,然而,对比二者2010年以及三年的平均值,传统企业的规模效率要显著高于高新技术企业。(2)从个体企业效率来看,高新技术企业的综合效率、纯技术效率以及规模效率均优于传统企业,然而,二者的差距却在逐年减小。(3)传统企业纯技术效率显著低于规模效率,这说明了纯技术效率低下是导致传统企业效率低下的主要原因。(4)在全要素生产率变化(TFP)上,高新技术企业要略优于传统企业。最后,基于企业在资产投入、劳动力投入、成本消耗、无形资产等方面的投入,挖掘影响两类企业并购绩效效率的因素。
[Abstract]:By using the DEA-Malmquist index model, the listed manufacturing companies in 2010 are divided into high-tech enterprises and traditional enterprises. The results show that: (1) from the overall level of the two types of enterprises analysis, There is no significant difference in the mean of comprehensive efficiency between high-tech enterprises and traditional enterprises. The pure technical efficiency of high-tech enterprises is significantly higher than that of traditional enterprises. In terms of scale efficiency, there is no significant difference between them in 2009 and 2011. However, Compared with the average of 2010 and three years, the scale efficiency of traditional enterprises is significantly higher than that of high-tech enterprises. (2) from the point of view of individual enterprise efficiency, the comprehensive efficiency, pure technical efficiency and scale efficiency of high-tech enterprises are better than those of traditional enterprises. However, the gap between the two is decreasing year by year. (3) the pure technical efficiency of traditional enterprises is significantly lower than that of scale efficiency, which shows that the low efficiency of pure technology is the main cause of the inefficiency of traditional enterprises. (4) on the change of total factor productivity (TFP), High-tech enterprises should be slightly better than traditional enterprises. Finally, based on the investment in asset input, labor input, cost consumption and intangible assets, the factors that affect the efficiency of M & A performance of two types of enterprises are explored.
【作者单位】： 中山大学管理学院;
【分类号】：F271;F425
[Abstract]:By using the DEA-Malmquist index model, the listed manufacturing companies in 2010 are divided into high-tech enterprises and traditional enterprises. The results show that: (1) from the overall level of the two types of enterprises analysis, There is no significant difference in the mean of comprehensive efficiency between high-tech enterprises and traditional enterprises. The pure technical efficiency of high-tech enterprises is significantly higher than that of traditional enterprises. In terms of scale efficiency, there is no significant difference between them in 2009 and 2011. However, Compared with the average of 2010 and three years, the scale efficiency of traditional enterprises is significantly higher than that of high-tech enterprises. (2) from the point of view of individual enterprise efficiency, the comprehensive efficiency, pure technical efficiency and scale efficiency of high-tech enterprises are better than those of traditional enterprises. However, the gap between the two is decreasing year by year. (3) the pure technical efficiency of traditional enterprises is significantly lower than that of scale efficiency, which shows that the low efficiency of pure technology is the main cause of the inefficiency of traditional enterprises. (4) on the change of total factor productivity (TFP), High-tech enterprises should be slightly better than traditional enterprises. Finally, based on the investment in asset input, labor input, cost consumption and intangible assets, the factors that affect the efficiency of M & A performance of two types of enterprises are explored.
【作者单位】： 中山大学管理学院;
【分类号】：F271;F425
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