Performance Evaluation Of China's Cultural Listed Enterprises Based On DEA Approach With Considering The Heterogeneity Of Decision Making Units

With the rise of China's cultural industry investment,the rapid development of cultural industries is developing rapidly,and driven by the investment,the efficiency of cultural enterprises is worth studying.At the present stage,the development of China's cultural enterprises is affected by factors such as the level of economic development in the region where the company is located,industrial structure,and cultural industry policies.On the other hand,depending on the industry that the cultural enterprise in,they would be in different developing stages,face different consumer groups,different policies and institutional supports.These differences lead to the varieties of External Macro Environment and Industry Environment of Business Development,which is called the heterogeneity of cultural enterprises.In order to evaluate the operating efficiency of our cultural enterprises more accurately and objectively,the aforementioned environmental factors must be eliminated.This paper integrates the Meta-Frontier idea in the three-phase DEA model to construct a three-stage Meta-Frontier DEA model that could effectively eliminate macro-environmental factors and industry factors.By utilizing the constructed model,the operating performances of 109 listed companies in China are evaluated statically and the changes in factor productivity are dynamically analyzed from the time dimension.The obtained progress is as the follows:(1)There are rooms for improvement in the overall operating efficiency of China's listed cultural companies.There are differences in the reasons for the low operating efficiency of companies in different industry environments: The unoptimistic operating efficiency of the entertainment media industry and the advertising packaging industry is caused by the low technological efficiency and scale efficiency;the improvement of the operating efficiency of culture,education and leisure industry is constrained by the low purely technical efficiency,and the overall operation of the tourism industry is in optimistic situation.(2)The operation of cultural listed companies in China is indeed affected by the regional macro-environmental environment,among which the cultural,educational,and leisure industries are more affected than other industries,and there are differences in the external macro environment that are conducive to the improvement of operating performance of various industries,such as entertainment media and advertising packaging.Benefiting from the improvement of residents' educational level and adjustment of regional industrial structure,the culture,education and leisure industry benefit more from the government's support.(3)The overall factor productivity of the listed Chinese culture companies is on the rise.The contribution rate of technological progress is greater than the contribution rate of technical efficiency.The Operational efficiency index curve and technological progress curve have similarities in fluctuation amplitude and change trend.(4)There is great industry heterogeneity in Operational efficiency,technological efficiency and technological progress growth among different industries.At the same time,the heterogeneity of technical efficiency is declining,while the heterogeneity of technological progress is increasing.