A Study On The Measurement Of Technical Efficiency And Its Influencing Factors Of Listed Military Enterprises In China

In recent years,with the development of military enterprises merger and reorganization,the integration of military and civilian integration strategy,the scale returns of China's military enterprises further show,the scope of private enterprises to participate in national defense construction gradually expanded.But affected by the inertia of the planned economic system and the particularity of military industry,the majority of listed military enterprises generally have the problems of low scale efficiency,unreasonable distribution of equity,insufficient investment in RD and Imperfect personnel training mechanism and so on,which eventually limited the technical efficiency of Listed Companies in china.Therefore,study on the technical efficiency and its influencing factors of Listed Companies in China,which has important practical significance for military enterprises to optimize the allocation of resources,to improve the operation and management,to achieve the goal of management.It also has important practical significance for the country to develop military industry development strategy,to implement the military and civilian integration strategy,to enhance the overall strength of national defense,and to protect the international competitive position.This paper first reviews the research literature at home and abroad,expounds the existing efficiency theory,compares several measure methods and their advantages and disadvantages,so as to determine the DEA method to measure the technical efficiency of China's listed military enterprises.By constructing an index system of 3 inputs and 2 outputs,the following conclusions are drawn: The comprehensive technical efficiency of China's listed enterprises in the most ideal,but did not achieve the overall technical efficiency,the difference between enterprises are large,and the level of pure technical efficiency is obviously higher than the scale efficiency.The main reason for the low comprehensive technical efficiency is the low efficiency of enterprise scale.In addition,China's military enterprises generally don't have the problem of large scale,but have the problem of too small scale,there are still some technical inefficiency,and we should pay attention to prevent its deterioration.Base on the technical efficiency value measured by DEA method,and combined with the characteristics of the military industry,this paper from the 5 aspects of the equity distribution,RD investment,human capital,enterprise capacity and enterprise scale,select 7 specific indicators,using the panel Tobit model to analyze the influencing factors of technical efficiency,draw the following conclusions:State ownership has a significant inhibitory effect on technical efficiency;the proportion of highly educated personnel,the total asset turnover,the return rate of total assets,the scale of enterprises,the degree of equity checks and RD expenditures both have a role in promoting technical efficiency,but the latter two effects are not significant.By comparing with OLS and ordinary Tobit regression results,it can be seen that the effect of each factor is stable;Moreover,the panel Tobit model can effectively avoid the parameter estimation error caused by OLS regression.Finally,According to the empirical conclusions of DEA and Tobit model,this paper puts forward some corresponding suggestions,hoping to help to improve the technical efficiency of Listed Companies in China,as soon as possible to achieve technical efficiency,to access more economic benefits,to be able to develop for a long time.