Research On The Influencing Factors Of Management Efficiency Of Listed Companies In China

At present,the trend of economic globalization is increasing day by day,and a large number of foreign enterprises have poured into China.The listed companies are facing fierce competition in the market.In order to better meet the requirements of the stage of social and economic development,the listed companies must strive to find ways to improve the efficiency of enterprise management.It will reduce the company's management costs,improve staff efficiency,promote the company's innovation and improve the overall strength by improving the management efficiency.This paper will study the management efficiency and its influencing factors of listed companies in China,aim to understand the specific situation of management efficiency of listed companies in our country and the specific factors influencing the management efficiency,and then puts forward measures to improve the management efficiency,increasing the company's core competitiveness.This study has a certain theoretical and practical significance for enriching the existing research on management efficiency and improving the management efficiency of listed companies in China.Based on the analysis of management efficiency theory,this paper analyzes the company size,company attribute,human capital level,capital structure and ownership concentration degree,and then makes hypotheses on the relationship between the factors and management efficiency;Secondly,this paper builds the heterogeneous stochastic frontier management efficiency model and calculates the management efficiency of listed companies in China by using the relevant data from 2011 to 2015,and the hypotheses are verified based on the estimationresults of the model.And then analyzes the results of the model estimation based on the relevant theoretical knowledge and the actual situation of the listed companies in China;Then,it further analyses the details of the 40 listed companies,once again verifying the research hypotheses above;Finally,according to the empirical results,the paper puts forward some suggestions from two angles of government and listed companies on how to improve the management efficiency of listed companies in China.According to the empirical analysis of the management efficiency of listed companies and the relevant factors,it shows that:(1)On the whole,the management efficiency level of listed companies in our country is generally low,and the gap between the level of management efficiency of listed companies is very large,but the overall level continues to improve;(2)The management efficiency of the listed companies in the east,middle and west of China is decreasing,but the overall efficiency is improved.Among them,the eastern region of the lifting range is the largest,and the western region is the second and the central region is the minimum;(3)The management efficiency of state-owned listed companies is lower than that of non-state-owned listed companies,but its lifting range of management efficiency is higher than that of non-state-owned listed companies;(4)According to the model estimation results,there is a significant positive correlation between firm size and management efficiency and uncertainty;(5)There is a significant negative correlation between the firm's attributes and management efficiency,which is significantly positively related to the management uncertainty,that is,the efficiency of non-state-owned enterprises is higher than that of state-owned enterprises;(6)The level of human capital has a significant positive impact on management efficiency and has no significant impact on management uncertainty;(7)The capital structure has a significant negative correlation with management efficiency and management uncertainty;(8)The ownership concentration is negatively related to management constraints,but it has nosignificant relationship with management uncertainty.The innovation of this paper is as follows:(1)This study takes the management efficiency of all listed companies in Shanghai and Shenzhen A shares as the main research contents and enlarges the research scope of management efficiency;(2)On the basis of absorbing domestic and foreign research results,this paper constructs a heterogeneous stochastic frontier management efficiency model of listed companies and estimates the loss caused by the management constraints in the company.