中国体育产业上市公司的绩效评价及影响因素——基于面板数据的DEA-Tobit实证研究

摘要

运用DEA-Tobit两阶段模型对中国27家体育产业上市公司2007~2014年间的经营绩效及其影响因素进行了测算和分析,并结合Malmquist生产力指数模型对其经营绩效变化进行了动态评价.实证结果显示:第一,就静态绩效而言,纯技术效率水平与规模效率水平较低,共同导致样本期内我国体育产业上市公司整体技术效率水平偏低,意味着在维持产出不变的基础上,其仍具备较高的投入节约潜能;第二,从动态绩效来看,样本期内我国体育产业上市公司的全要素生产率呈持续下滑趋势,技术水平下降是造成全要素生产率退步的主要原因,而纯技术效率、技术效率和规模效率对全要素生产率的影响很有限;第三,就绩效影响因素来讲,总资产周转率、技术研发人员所占比例对我国体育产业上市公司经营绩效存在显著的正向影响效应,股权集中程度也正向影响着经营绩效,发展规模对经营绩效具有显著的负向影响作用,上市时间也负向影响着经营绩效.最后,根据实证研究结果,提出了几点对策和建议.%The two stage models of DEA-Tobit was adopted to calculate and analyze the business performance and influencing factors of the 27 sports industry listed companies from 2007 to 2014.Malmquist productivity index model was used to make dynamic evaluation of the operation performance changes.It was shown that concerning static performance, the pure technical efficiency and scale efficiency level was low so that the overall technical efficiency was low.It meant that there was high investment saving potential with the same output.Meanwhile, concerning dynamic performance, there was a continued decrease of total factor productivity caused by a decline of technical level.Pure technical efficiency, technical efficiency and scale efficiency played a limited role.Concerning performances, total asset turnover and technology development staff played a positive role on the performances.Equity concentration played a positive role while development scale and date of listing played a negative one.In view of the above, suggestions were made.