The Study On Convergence And Difference Of Enterpirse Technical Efficiency

Technical efficiency is the core index of measuring whether enterprise is healthyfunctioning or not. Technical progress is the deciding force which can increase productivityand then make contribution to economic growth. Visibly, the improvement of technicalefficiency and technical progress are the guarantees of Enterprises Sustainable Development.Technical efficiency not only can reflect technology utilization when producing and operating,but also can be used to investigate and evaluate the performance of comprehensive technology.In order to look for the ways to improve the enterprise technical efficiency and narrow the gap,the paper combines the exiting literature and is based on the data about low-carbon enterprisein the analysis system of Central China securities investment. Besides, the paper usesStochastic Frontier Approach, measuring differentiation characteristics of technical efficiencybetween38low-carbon companies in the year from2005to2012, and applying theconvergence model to examine convergence properties of low-carbon companies’ technicalefficiency. The main research contents and conclusions are as follows:Firstly, the theoretical foundation analysis of the enterprise technical efficiency. Bycombining theoretical research and empirical analysis, regarding technical efficiency as themain line and synthesizing theories of technical efficiency analysis(Efficiency theory,Technical efficiency theory, Production frontier theory, Stochastic frontier approach, Systemclustering theory, Convergence theory) based on the analysis of the existing results, the paperdefines the theoretical framework of technical efficiency analysis.Secondly, model building and calculation of the enterprise technical efficiency. Based onthe Stochastic Frontier Approach and combining with enterprise governance structure, thepaper chooses Input and output indicators: prime operating revenue, labor force and fixedAssets. What’s more, board size, board independence, enterprise scale, ownershipconcentration, asset-liability ratio and executive compensation are included. Then throughcalculating the technical efficiency level of38low-carbon companies, the study finds that themean of technical efficiency is0.5027and there are still40.73%room for improvement.Thirdly, the difference analysis on the technical efficiency of enterprise. Based on theelastic analysis, board size, proportion of independent directors and enterprise scale has anegative elastic effect on the technical efficiency. The asset-liability ratio, ownershipconcentration and executive pay has a positive elastic effect on the technical efficiency, eachinfluence factor has different elastic drive effect. From the cross-section analysis of extremevalue, standard deviation and variation coefficient of technical efficiency, the difference oftechnical efficiency of low carbon enterprise has weakened, but still obvious. Based on thevariation analysis, the technical efficiency of low carbon enterprise maintains stable growthfor many years, but still exists different growth rate for individual year. Fourthly, hierarchical cluster analysis of technical efficiency. Low-carbon companies canbe decided three classes by the means of hierarchical clustering.The mean of technicalefficiency are0.3350,0.4863and0.6846. From inspecting the mean and variance of eachcompany, it can be found that there are multiple differences between Low-carbon companies,such as amplification and growth rate. And technical efficiency of each company is differentlevels of divergence.Fifthly, convergence study of the difference in technical efficiency. convergence showsthat technical efficiency of low-carbon enterprise appear the feature of Convergence anddivergence alternations. And there are characteristics of periodic fluctuation. convergenceshows that each kind of low-carbon companies exists obvious convergent tendency. And convergent tendency of technical efficiency in low-centre, low-high, centre-high companiesare also obvious. Each company shows the feature of local convergence.Finally, based on the empirical results and the present situation of low carbon enterprise,put forward recommendations to promote enterprise technical efficiency, playing the scaleeffect, strengthening the staff’s welfare effect, enhancing technology promoting effect,completing the standard of management effect, deeping into the multi-element of financingeffect, integrating the clustering of resources effect, stimulate the director’s effect of jointinnovation, optimization concentration ratio of shares effect.