【作者】 王晓东；

【导师】 薛声家；

【作者基本信息】 暨南大学 ， 技术经济及管理， 2009， 博士

【摘要】 与发达国家同类型企业相比,我国高科技上市公司在技术创新、市场开拓、企业盈利等方面都存在显著差距,很多高科技上市公司还徘徊在亏损边缘。褪去高科技的光环,高科技上市公司经营效率究竟如何?其与非高科技上市公司相比是否具有效率优势?哪些因素影响了高科技上市公司的经营效率?对这些问题的深入研究有助于科学评价当前我国的高科技产业发展现状,有助于高科技企业提升经营管理水平。本文在国内外学者关于高科技企业相关研究的文献基础上,分析了高科技上市公司的特征,运用数据包络分析法测算了我国2000年-2006年的深沪两市782家上市公司的效率指标,从中筛选出106家高科技上市公司的经营效率指标(总效率水平、技术效率水平、规模效率水平、全要素生产率、技术进步率)。文章分析了高科技上市公司效率水平的变化趋势,比较了不同行业的高科技上市公司以及高科技上市公司和非高科技上市公司的效率差异。接着,文章构建了由“宏观环境、公司治理和公司运营管理”构成的企业效率影响因素分析框架,遴选出20个效率影响因素。并对20个影响因素进行了描述性统计分析和相关性分析,从中检测出7个显著因素,在此基础上构建了计量模型对综合影响程度进行了定量描述。通过理论分析和实证分析,得到如下结论：(1)高科技企业的年度平均总效率高于非高科技企业的年度平均总效率；高科技企业的年度平均纯技术效率高于非高科技企业的年度平均纯技术效率。(2)电子行业、机械设备和仪表行业、计算机应用服务业、通信服务业、通信及相关设备制造业、医药生物制品行业的高科技上市公司的整体效率水平高于相同行业的非高科技企业。(3)高科技上市公司2002-2006年全要素生产率年度平均增长率为14.7%,比高科技产业的全要素生产率年度平均增长率高,远超过全国大中型企业的年度平均生产率增长水平。计算机及相关设备制造业、计算机应用服务业、农业类公司的全要素生产率年度平均增长速度快于同一行业非高科技上市公司；其余行业的高科技上市公司要素生产率平均增长速度慢于同一行业的非高科技企业。整体上高科技上市公司的技术进步率快于非高科技企业,但同一行业内技术进步差距不大。(4)民营控股的公司的经营效率大于法人控股的公司的效率,而法人控股的公司的经营效率大于国家控股的公司效率。区域市场化程度高的地区的上市公司的经营效率比区域市场化程度低的地区的上市公司的效率高。研发能力与公司的经营效率显著正相关。最后在实证基础上提出了改善高科技上市公司效率状况的建议。更多还原

【Abstract】 Most of Chinese high-tech listed companies are still weaker than those same type of companies in developed country, especially on these aspects such as technology innovation, market exploiting, gaining profit. Some high-tech companies even are on the brink of bankruptcy. If the halo surrounding high-tech company is wiped off, how about the high-tech company’s efficiency? Does it still have efficiency advantage than non high-tech company? What factors affect its efficiency? Finding theses answers will be helpful to evaluate Chinese high-tech industry level scientifically and helpful to improve high-tech company’s management.This dissertation reviews native and oversea research about high-tech company and analyses the characters of high-tech company. Then the dissertation calculates 782 listed companies’ efficiency between 2000-2006 on Chinese Shenzhen and Shanghai stock exchange by data envelopment analysis(DEA). From the result of 782 companies,106 high-tech companies’ efficiency are filtrated. These efficiency index includes total efficiency, technology efficiency, scale efficiency, total factors productivity (TFP)and technology progress. After that, the dissertation analyses the development trend of efficiency of high-tech companies, and contrasts the efficiency of different industry, and contrasts the efficiency between high-tech companies and non high-tech companies.Whereafter the dissertation sets up a analysis frame built by macroscopical surrounding, corporate governance and firm operation. With the analysis frame,20 efficiency factors are selected. The dissertation makes describing Statistic and correlated statistic. Based on the individual variable statistic analysis,7 significant variable are selected to build the econometrics model.On the model, the synthetical influencing quantity is worked out. So that, some conclusion are drew out:(1)The integrative annual average efficiency of high-tech companies is higher than the non high-tech companies.The annual average pure technology efficiency of high-tech companies is higher than the non high-tech companies.(2)The integrative efficiency in those industry of electron, machine and instrument, biology and medicine are higher than other non high-tech companies in the same industry.(3)The annual average of TFP (14.7%)of high-tech companies from 2002 to 2006 are higher than the total high-tech industry. And they are higher than the annual average of TFP of Chinese big and middle firms. The TFP in these industry of computer and correlative instrument, computer serve, agriculture are higher than those non high-tech companies in the same industry. In other industry, high-tech companies’TFP annual average are slower than those non high-tech companies. The integrative high-tech companies’ technology progress are higher than non high-tech companies. But the difference of technology progress between two type companies is very little.(4)Private controlling companies’efficiency is higher than corporation controlling. And corpation controlling companies’efficiency is higher than nation controlling. The companies’efficiency which are located in advanced region are higher than those compaies’efficiency which are located in underdevelopment. The research ability is positive correlation with efficiency.At last, the dissertation takes some advice to improve the efficiency of high-tech company based on the empirical research.更多还原