The Study On Chinese High-tech Listed Companies' Managing Efficiency And Its Influencing Factors

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.