Research On The Performance Of Listed Companies In Knowledge-Intensive Service Industry In China

In the era of knowledge-based economy,knowledge-intensive service industry is an important force to promote the adjustment of national economic industrial structure and to improve the ability of scientific and technological innovation,and it is of great significance to the improvement of regional innovation ability.In the new period of China's economic development,both the Chinese economy and the development of enterprises should pursue higher development quality.Therefore,this paper selects the data of 114 knowledge-intensive service companies listed in Shanghai and Shenzhen motherboard A shares from 2010 to 2017.In addition to using the traditional financial indicators and market indicators to analyze the performance of listed companies in knowledge-intensive service industry,this paper also studies the performance level of listed companies in knowledge-intensive service industry from the perspective of efficiency.It is helpful to improve the management level of the listed companies in the knowledge-intensive service industry.In this paper,the definition of knowledge-intensive service industry,the connotation of efficiency and the measure method are analyzed.The knowledge-intensive service industry is defined as four categories including information transmission,software and information technology service industry,financial industry,leasing and business service industry,scientific research and technology service industry,and then the net assets yield is selected as the financial index,and the Tobin Q value is selected as the market value index.The performance level and the input-output level of the knowledge-intensive service companies are analyzed by using the total assets of the assets,the salary of the employees and the income of the main business as the input-output index.and then random before using the sfa Based on the analysis method,a two-element Cobb Douglas stochastic frontier production function model is constructed,and based on the existing literature and the characteristics of the knowledge-intensive service industry,it is assumed that the capital structure,the property right,the equity concentration,the compensation incentive,the R & D management level,Government subsidies and industrial agglomeration will have an impact on the company's performance.Based on the empirical results,the following main conclusions are drawn:(1)In 2010-2017,the return on net assets of listed companies in knowledge-intensive service industry basically coincided with the change trend of Tobin Q value,but the firm performance measured by these indexes has a certain degree of lag.In contrast,efficiency measures are forward-looking and accuratelyreflect the company's ongoing value creation activities.(2)In the knowledge-intensive service industry,the average technical efficiency of the listed companies is 0.6,and there is a larger promotion space;the technological efficiency of the state-owned enterprises is higher than that of other types of enterprises,but the gap is shrinking;and the average technical efficiency of the information transmission and the software service industry is the highest,The financial sector is the lowest;the technical efficiency of the eastern region is the largest,and the technical efficiency in the central region is the lowest.The output of the knowledge-intensive service company is mainly from the capital investment,and the labor input has not played an important role in the technology efficiency of the knowledge-intensive service industry listed company.(3)In the factors of the performance of the knowledge-intensive service industry,the capital structure,property right,compensation incentive,R & D management level,government subsidy and industrial agglomeration will have a significant positive impact on the technology efficiency of the knowledge-intensive service industry.Figure 29,Table 8,Ref.60...