Research On The Efficiency Of Technological Innovation Of Listed Companies In My Country's Equipment Manufacturing Industry

At present,China's economic development has entered a "new normal" period,as the leading industry of economy,China's manufacturing industry has stepped into a new stage.The manufacturing industry of our country is in an important period of transformation and upgrading,is facing the important strategic opportunities,but also challenges many.Although China has made the world manufacturing industry however,China's great power status,characteristics of manufacturing industry big but not strong,obviously,the low level of technological innovation is the main problem.However,technological innovation is a complicated process,it is to promote the optimization and upgrading of the role of the industry depends not only on the total amount of inputs,but also depends on its efficiency.Therefore,to me China's manufacturing technology innovation.It is an urgent task to evaluate the rate scientifically and objectively and to explore the law of its development.The equipment manufacturing industry is the core component of the manufacturing industry and the foundation of the national economy development,especially the industrial development.As a technology-intensive industry,its technological innovation activities have attracted much attention.In this paper,a total of 400 panel data of 40 listed equipment manufacturing companies from 2007 to 2016 are taken as the research objects,and qualitative and quantitative studies are combined.The method of combining empirical analysis with theoretical analysis has carried out four aspects of research around the efficiency of technological innovation:the measurement of static and dynamic efficiency,the test of convergence of efficiency.Analysis of environmental factors affecting efficiency.The work and conclusions of this article are as follows:Based on the BCC model of the DEA method,the technical efficiency of the technology innovation of the listed companies in the equipment manufacturing industry and the technological innovation of the subdivision industries in China are calculated,and the pure technical efficiency and the scale efficiency of the decomposition are calculated.From the static level,the paper reveals the overall situation of technology innovation efficiency of listed companies in China's equipment manufacturing industry.From the enterprise level,the overall technical efficiency is not high,but there are signs of improvement.During the period of investigation,most enterprises are in low efficiency,and the scale efficiency ofenterprises is higher than that of pure technology efficiency.The reason for the low efficiency of technology is the inefficiency of pure technology.The technical efficiency and the scale efficiency always keep the same fluctuating upward trend,but not obvious,while the pure technical efficiency keeps a straight line throughout the investigation period,and there is no significant fluctuation.The pure technical efficiency stagnates,and the scale efficiency increases slowly.The combined effect of the two results in the improvement of technical efficiency is not obvious.Based on the Malmquist index model,the total factor productivity growth index,technological progress index and technological efficiency change index of listed companies and subdivision industries in China's equipment manufacturing industry are calculated.The change index of pure technical efficiency and the index of scale efficiency reveal the change of technological innovation efficiency of listed companies in China's equipment manufacturing industry from the dynamic level.The research results show that: from the enterprise level,Total factor productivity is decreasing and technology is retrogression,while technical efficiency,pure technical efficiency and scale efficiency are improving.The main reason for total factor productivity decline is technological retrogression.Productivity is improving,technical efficiency,pure technical efficiency and scale efficiency are improving,but technology is in decline,and total factor productivity improvement is due to the improvement of technical efficiency.Based on sigma convergence,absolute beta convergence and conditional beta convergence model,the convergence trend of technical efficiency,pure technical efficiency and scale efficiency of technological innovation in China's equipment manufacturing industry is examined.Through the analysis of the efficiency of enterprise cluster,the three efficiency is divided into low efficiency and high efficiency in enterprises,enterprise efficiency of three types of enterprises,based on the convergence,absolute convergence and conditional convergence model for the whole enterprise and three types of enterprise technical efficiency,pure technical efficiency and scale efficiency of convergence test.The study found that China's equipment manufacturing industry listed companies as a whole enterprise,enterprise efficiency and efficiency of enterprise technology innovation technical efficiency,pure technical efficiency and scale efficiency and convergence,absolute convergence and conditional convergence,and low efficiency of the enterprise technical efficiency and pure technical efficiency also has the convergence,absolute convergence andconditional convergence,but the scale efficiency is only conditional convergence.Based on the Tobit model to analyze the impact of China's equipment manufacturing industry listed companies' technological innovation technical efficiency,pure technical efficiency and scale efficiency of the enterprise scale,the amount of R & D investment intensity,R & D investment intensity,the quality of human capital,government science and government subsidies,tax incentives,market competition,the cost of financing a total of eight internal and external the environmental impact factors.The study found that in the listed companies of China's equipment manufacturing industry,the scale of enterprises and the technological efficiency of technological innovation,Pure technical efficiency and scale efficiency are positively correlated,R&D investment intensity is positively related to technical efficiency and scale efficiency of technological innovation,R & D personnel investment intensity is positive.Positive correlation with technology innovation technical efficiency and scale efficiency,technical efficiency and quality of human capital and technological innovation of technology efficiency and pure technical efficiency is related to government subsidies and technology innovation and pure technical efficiency is related to government tax incentives and technical efficiency of technological innovation and pure technical efficiency is related to technical efficiency of financing cost with technological innovation and pure technical efficiency is negatively correlated.