Research On The Technical Efficiency Of China's Manufacturing Listed Companies

In order to realize the strategic goal of manufacturing strong country,the State Council issued a program of action,called <Chinese manufacturing 2025>,in May 2015.The program not only reveals the status and role of the manufacturing industry in the process of the global economy and information,but also promotes the development and transformation of the manufacturing industry of China.Quality and efficiency is the main way to promote the transformation of the manufacturing industry of China,and is an effective measure to realizing the goal of manufacturing strong country.In this paper,two stage DEA correction model is taken to study the technical efficiency of the manufacturing listed companies of China.This paper first provides an overview of the related background and the significance of the survey,and analyzes the deficiencies of the technical efficiency defined on(0,1] based on traditional liner model and Tobit model statistical modeling.Stimulated by the technical efficiency and statistical modeling of the data defined on(0,1] in the existing literature at home and aboard,we propose the research thesis of this article.Second,this chapter introduces the basic knowledge about the two stage DEA model,the technical efficiency's calculation and evaluation,the two stage DEA correction model and estimation are considered.Third,this chapter calculates the technical efficiency of the manufacturing listed companies based on DEA.According to the DEA analysis,in terms of the comprehensive technical efficiency,11 of the sampled companies produced on the efficiency frontier,while view at the pure technical efficiency and the scale efficiency,the number of the sampled companies respectively is 36 and 89.Fourth,this chapter illustrates the influence factors of the technical efficiency,which calculated in chapter 3,based on the two stage DEA correction model.Meanwhile,Examining the same factors are how to influence the listed companies produced on the efficiency frontier.According to the result,in the companies which are produced on the efficiency frontier thecompany size has a significant effect on the technical efficiency,while the period charge,the board size and the executive pay do not;the ownership concentration;the controlling shareholder and the company age have positive correlation with the technical efficiency;the relationship between the balanced concentrated ownership structure and the technical efficiency may follow the inverse-U shape.In the companies which are not produced on the efficiency frontier,the company size has a significant effect on the technical efficiency,while the board size does not;the period charge,the executive pay,the controlling shareholder and the company age are positive to the technical efficiency;the relationship between the balanced concentrated ownership structure and the technical efficiency behaves inverted-U shape,so does the ownership concentration.Finally,according to the result of empirical study,some reasonable suggestions are put forward.