Research On The Impact Of Information Technology Investment Of Listed Companies In China's Equipment Manufacturing Industry On Technical Efficiency

With the advent of the information age and the development of globalization.It has become an industry consensus to deepen the integration of information technology and traditional production technology to promote the improvement of production efficiency.As the main force of "Made in China 2025",the development of equipment manufacturing enterprises must improve the production efficiency of enterprises and realize intensive development through the application of information technology.Under this request,equipment manufacturing enterprises have increased their investment in information technology,and information construction has been put on the agenda.At the same time,whether these information technology investments have promoted efficiency has become a further concern for enterprises and the macro economy.Therefore,this paper takes the listed companies in China's equipment manufacturing industry as the research object,and examines the relationship between information technology investment and technical efficiency of equipment manufacturing enterprises.Based on the research results,it puts forward the targeted information technology investment strategy of China's equipment manufacturing listed companies.Suggest.Based on the analysis of the theory of technical efficiency,this paper takes thepanel data of 202 listed companies in China's equipment manufacturing industry from2009 to 2017 as the research object,and establishes a stochastic frontier production model based on Translog's production function.).Using software to measure the technical efficiency value of China's equipment manufacturing listed companies in2009-2017.At the same time,using one-step analysis method,the squared term of information technology investment and information technology investment is taken as the core explanatory variable,and the research and development(R&D)input intensity,enterprise technician input,enterprise scale and enterprise ownership are taken as the control variables,and the information technology is empirically analyzed.The relationship between investment and technical efficiency of listed companies in China's equipment manufacturing industry,and also analyzed the impact of information technology investment in various sub-sectors.The empirical results show that from the perspective of the whole industry,the expansion of information technology investment promotes the improvement of technical efficiency,and the relationship between information technology investment and technical efficiency conforms to the “inverted U-type” relationship.That is to say,before the investment in information technology reaches a certain level,the expansion of investment will increase the technical efficiency,but after the investment increases to a certain level,the promotion of information technology investment on technical efficiency will slow down.That is to say,before the inflection point,the contribution of information technology investment to technological efficiency is increasing,but after the inflection point,the promotion effect is declining.From the perspective of the impact of information technology investment on the technical efficiency of various sub-sectors,information technology investment and technical efficiency are positively linear in general equipment manufacturing,special equipment manufacturing and instrumentation manufacturing.In transportation equipment manufacturing,computer,communications and other electronic equipment manufacturing,electrical machinery and equipment manufacturing,information technology investment and technical efficiency are inverted U-shaped.In the metal products industry,there is no significant relationship between information technologyinvestment and technical efficiency.From the perspective of the influence coefficient of control variables,the R&D investment intensity is negatively correlated with the technical efficiency of the enterprise,which is contrary to our expectation.In general,R&D investment should improve the technical efficiency of enterprises,but the R&D investment here has a weak impediment to technical efficiency.It shows that in China's equipment manufacturing industry,investment has not brought practical benefits to enterprises.This may be subject to long-term control of listed companies in China's equipment manufacturing industry in key technical fields.Many R&D projects directly imitate the research results of countries such as Europe and the United States,lacking autonomy.The ability to innovate has thus been associated with low levels of innovation.The input of enterprise technicians,the scale of enterprises and the technical efficiency of enterprises are positively related;the technical efficiency of state-owned enterprises is higher than the technical efficiency of non-state-owned enterprises.Finally,based on the empirical results,we propose targeted recommendations for information technology investment and technical efficiency improvement of listed companies in China's equipment manufacturing industry.