Research On The Impact Of Intangible Assets On Production Efficiency Of Listed Construction Companies

Intangible assets have the characteristics of high value,high efficiency and strong addedvalue,which can promote the transformation and upgrading of modern enterprises,as well as support them to win the market competition.China's construction industry has achieved rapid development after the reform and opening up.However,the growth of gross output value does not mean that the development level is good.It is also necessary to use the concept of production efficiency to evaluate the actual effects of economic activities from the perspective of input and output.At present,China's construction industry is still developing in a labor-intensive and extensive mode.The relatively low production efficiency of construction companies may be related to the insufficient investment in intangible assets.Based on such background,this paper studies the impact of intangible assets on production efficiency and tries to find ways to improve the production efficiency of construction enterprises.The conclusion is expected to provide a certain theoretical reference for strengthening the management of intangible assets and optimizing the economic development mode of construction companies.From 2010 to 2015,China's construction industry has entered a stage of transformation and upgrading,striving to improve industry quality and production efficiency.The growth rate of the national construction industry's total output value continued to slow down from 25% to 2.3%.This paper chooses 30 listed construction companies during this period as research samples,and first analyzes the business performance and intangible assets of these companies.Then,combined with Solow residual method and DEA-Malmquist index method,the production efficiency of 30 listed companies are measured and furtherly are compared focusing on their index variation characteristics.Next,from the perspective of functional relationship and related relationship,a panel data model and a gray correlation analysis model are respectively established to analyze the impact of intangible assets on production efficiency.Finally,suggestions are given based on the calculation results.According to the analysis,the number of intangible assets of construction companies has increased year by year since 2010.In terms of composition,land use righst account for 21.0% of the total intangible assets,specific licenses account for 77.6%,and the technical intangible assets only account for 0.7 %.It shows that the intangible assets of construction companies are mainly composed of rights and administrative licenses.The proportion of assets such as patent technology and professional qualifications is small,and the overall technical content of intangible assets is relatively low.In panel data model,the correlation coefficients of intangible assets,fixed assets and management expenses are-2.43,-1.99 and-7.11,which are all negatively correlated with production efficiency.In gray correlation analysis model,the correlation between each influencing factor and production efficiency is above 0.6,among which management expenses have the highest correlation,followed by technical intangible assets,education and training costs.This reflects that management costs and technical intangible assets have the greatest impact on production efficiency.The companies should optimize its organizational management to maintain a low level of management fees and strengthen the protection of technical training and intellectual property.In addition,during the observation period,the production efficiency of the 30 listed companies generally shows a downward trend,with a decline of 4%~4.8%,which is mainly caused by the negative growth of the technological progress index.It indicates that the general technical level of construction companies is relatively declining and it might be related to the industrial structure transformation and the accelerated integration of market resources.Therefore,it is suggested that construction companies,especially listed companies,attach more importance to the investment in intangible assets,especially the cultivation and management of technical intangible assets,and at the same time improve the management level and education and training level so as to promote the production efficiency of construction enterprises.