Research On Innovation Efficiency Of Listed Companies In Six Provinces In Central China Based On DEA-Tobit Model

Influenced by national policies and macro-economic environment,domestic listed companies actively promote strategic upgrading to improve their core competitiveness.In order to further understand the six provinces in central innovation efficiency of listed company situation and the trend in recent years,this article selects the registered address for anhui,henan,hubei,hunan,jiangxi,Shanxi Province,six provinces,a total of 188 listed companies,carry on the innovation efficiency of input and output analysis,the evaluation of scientific and effective innovation performance,have proposed opinions are put forward based on the results of the analysis.After reviewing the related literature at home and abroad,this paper firstly based on the theory of innovation and efficiency,using DEA model,static analysis was carried out on the 188 listed companies innovation efficiency,through the whole and the individual,different province registered and listed plate,different enterprise nature,by sector six Angle analysis on the innovation efficiency;Secondly,the Malmquist index method is used to conduct dynamic analysis of the innovation efficiency of listed companies in six provinces in central China from 2013 to 2017,compare the change trend of the innovation efficiency in the adjacent periods,and discuss the overall development trend of the innovation efficiency.Finally,DEA comprehensive efficiency was used as the dependent variable for Tobit regression,and the factors influencing the innovation efficiency of listed companies were analyzed.The results show that the overall level of innovation efficiency of listed companies in the six provinces of central China is not high,and the distance from effective production frontier is relatively large.The scale efficiency has little effect on the comprehensive efficiency.Listed companies in different provinces,sectors,nature and industries will lead the way,but other followers are not different.The Malmquist index shows that the overall development level of listed companies in the six provinces of central China is in the middle and lower development level.According to Tobit analysis,there is a significant positive correlation between the net operating interest rate,asset-liability ratio,shareholding ratio of top 10 shareholders,total assets return rate and comprehensive innovation efficiency.Finally,on the basis of theoretical and empirical analysis,this paper puts forward several countermeasures and Suggestions to improve the innovation efficiency of listed companies in six provinces in central China.Second,actively respond to national policies and give play to the advantages of manufacturing industry;Third,decentralize market concentration and perfect market competition mechanism;Fourth,speed up the construction of modern enterprise system,improve management and technology level;Fifth,further optimize resource allocation and improve resource input efficiency;Sixth,we should expand the scale of enterprises and realize economies of scale at an early date.Seventh,pay attention to financial indicators and closely combine innovation activities with economic activities.