The Innovative Efficiency Research Based On DEA-tobit Of Listed Company In Northeast Provinces

In the environment of market economy,the innovation ability of listed company could reflect the local potential economy develpoment.To find out the current situation and trend of innovation efficiency in Northeast region deeply,the paper selects 80 listed companies whose registered address belongs to Heilongjiang Province,Jilin Province and Liaoning Province.Then this article analyse their input and output innovation efficiency,and make some suggestions based on the analysis results to evaluate innovation vitality of the listed companies in the above three provinces.The first is a static analysis.The DEA model is used to discover the overall efficiency,which could reveal the innovation efficiency distribution from the view of listing section,the nature of the enterprise and industry vertically and horizontally;The next is a dynamic analysis.The Malmquist index could certificate the tendency of innovation effciency in neighboring times.So it is applied to investigate the whole trend of listed company in the three provinces from 2012 to 2016.At last,with the DEA results as a dependent variable,Tobit regression is used to find out the elements which influence the innovation efficiency of listed company.The followings are conclusions.The overall innovation efficiency is not high of the listed company in the three provinces.The distance to the optimum frontier is relatively large,in other words,there are not many enterprises that achieve the optimized DEA,but still with a plenty of room for ascension;The purely technical effciency has a little effect on the whole efficiency,the distinctions between different plates,industries and enterprises are not significant;The scale efficient of listed company is unstable,which is the major factor affecting the synthetic efficiency;The number of firm with declining and unblanced scale returns is a little more.The comprehensive innovation efficiency of Main-Board is higher than the GEM and SME,the different nature of business has not obvious change;The Malmquist index shows that the overall level of development of the listed companies in the three northeastern provinces is at a medium level of development;Tobit analysis shows that the fixed asset turnover,asset-liability ratio and total return on assets have a significant positive correlation on the overall efficiency;Finally,according to these conclusions,some proposals about the development of enterprise innovation efficiency are recommended from the R&D funds,staffing and so on.