Research On Innovation Efficiency And Its Influencing Factors Of Listed Companies In Hubei Development Zone

The development zone has been the leader and engine of the national and regional innovation system since its inception,and it has also been an important support for the local economy.In the past 30 years,the development of China's development zones has made great achievements.The development zone has become increasingly important and plays an increasingly important role in urban development.Hubei Province as an important fulcrum of the strategy of the rise of the central region of the country,the economic aggregate of various development zones has accounted for more than half of the province,and it has become the region with the fastest economic growth,the best development quality and the highest degree of extroversion.It is an important support point and locomotive of the province's economy.At the same time,enterprises in the development zone are facing problems such as insufficient investment in innovation,irrational resource allocation.Listed companies,as the most powerful,largest and the innovative group in China's development zone companies,are also the most affected and most representative groups in the development zone.Therefore,it has important theoretical and practical significance that systematically evaluating the innovation efficiency and its influencing factors of listed companies in the Hubei Development Zone,and providing corresponding countermeasures and suggestions.The study selects the panel data of 24 listed companies in Hubei Development Zone for 2012-2017.Firstly,through sorting out a large number of research results,and based on the relevant theoretical basis,a three-stage DEA model is constructed to measure and analysis the innovation efficiency of Listed Companies in Hubei Development Zone.In the first stage,traditional DEA model is used to measure the innovation efficiency of enterprises;in the second stage,SFA method and related formulas are used to adjust the input value,so that all enterprises are adjusted to the same level of luck and external environment;in the third stage,DEA model analyzes the adjusted input-output data,and obtains the true value of the innovation efficiency of listed companies in Hubei Development Zone,which excludes environmental variables and random errors.Secondly,the five factors,the size of the enterprise,the operational capacity of the enterprise,the age of establishment,the quality of the laborer and the state holdings,are selected to study the influence factors of the adjusted enterprise innovation efficiency by using Tobit model.Then it comes to the countermeasures and suggestions to improve the innovation efficiency of Listed Companies in Hubei Development Zone.Finally,according to the research results of the study,the corresponding conclusions are drawn,and future research prospects are put forward.The study mainly draws the following conclusions: Firstly,the overall innovation efficiency of the listed companies in Hubei Development Zone is low.Secondly,the level of innovation efficiency of the listed companies in Hubei Development Zone is quite different.Thirdly,environmental variables have a significant impact on the innovation efficiency.Fourthly,the scale of the enterprise,the operational capacity of the enterprise and the state shareholding have a significant positive impact on the innovation efficiency,while the establishment period has a significant negative impact,and the quality of workers has no significant impact.