本文選題：新能源上市公司　切入點：數據包絡分析　出處：《五邑大學》2013年碩士論文

【摘要】：能源產業(yè)作為國民經濟發(fā)展的重要基礎產業(yè)之一,是支撐經濟增長的基本要素。但由{于傳統(tǒng)經濟發(fā)展模式過度依賴石化能源的消耗,使能源短缺和環(huán)境惡化問題日益嚴重。在此背景下大力發(fā)展新能源產業(yè)已成為熱點,中國新能源產業(yè)進入快速發(fā)展階段,新能源技術不斷進步,產業(yè)規(guī)模不斷擴大,一系列政府支持政策也促進了新能源上市公司的快速發(fā)展。但同時中國新能源上市公司蓬勃發(fā)展的背后也存在諸多不足：自主知識產權的核心技術缺失、產業(yè)集約化程度低、產品趨于同質化嚴重、產品附加價值低,產品生產成本高,缺乏市場競爭力。因此無論從投資者角度還是新能源上市公司自身,都應注重新能源上市公司效率,從效率角度出發(fā)考察新能源上市公司經營現狀并分析其運營效率影響因素,對提高新能源上市公司競爭力和加速中國新能源產業(yè)的發(fā)展具有重要的現實意義。 本文選擇數據包絡分析法(DEA)以及基于DEA的Malmquist指數方法,分別構建了中國新能源上市公司靜態(tài)效率模型(包括技術效率及其分解——規(guī)模效率和純技術效率)和動態(tài)效率模型(包括全要素生產率變化指數及其分解——技術進步指數和技術效率變化指數),從靜態(tài)和動態(tài)雙維度視角出發(fā)對中國60家新能源上市公司2006-2011年間的效率變動進行了測度,分析效率水平演化趨勢,并且比較了不同類型新能源上市公司之間的效率差異性。在實證分析所得的新能源上市公司效率的基礎上,文章進一步分析了影響新能源上市公司效率的影響因素,并構建Tobit面板計量模型,解釋了效率影響機制。 研究結果表明：(1)從新能源上市公司技術效率總體狀況來看,2006-2011年間中國新能源上市公司的技術效率總體平均值為0.837,且在樣本研究期間新能源上市公司技術效率呈現先上升后下降趨勢。(2)從不同類型新能源上市公司效率的差異性分析來看,氫能、核能、LED綠色照明這3種類型上市公司的技術效率水平要高于太陽能、風能、生物質能類上市公司。造成生物質能類上市公司技術效率水平不佳的主要原因是規(guī)模效率低下。(3)從新能源上市公司在2006-2011年間動態(tài)效率變化來看,全要素生產率總體來說略有上升,平均增長1.5個百分點。技術進步是中國新能源上市公司全要素生產率小幅上升的主要原因,技術效率的下降在一定程度上限制了全要素生產率的提升幅度。(4)從新能源上市公司技術效率的影響機制來看,新能源上市公司技術效率與股權集中度顯著正相關,且第一大股東性質為非國有法人上市公司的技術效率要高于第一大股東性質為國有法人上市公司的技術效率。上市公司規(guī)模以及公司大專及以上學歷員工比例與上市公司技術效率負相關,但不顯著。最后在實證分析的基礎上提出了改善新能源上市公司效率的建議。
[Abstract]:As one of the important basic industries in the development of national economy, energy industry is the basic factor to support economic growth. Under this background, vigorously developing new energy industry has become a hot spot. China's new energy industry has entered a stage of rapid development, new energy technology is constantly advancing, and the scale of new energy industry is constantly expanding. A series of government support policies have also promoted the rapid development of new energy listed companies. But at the same time, there are many shortcomings behind the vigorous development of new energy listed companies in China: the lack of core technology of independent intellectual property rights, the low degree of industrial intensification, Products tend to be homogenized, with low added value, high production costs and lack of market competitiveness. Therefore, whether from the perspective of investors or from the perspective of new energy listed companies, they should pay attention to the efficiency of new energy listed companies. From the point of view of efficiency, it is of great practical significance to investigate the current situation of new energy listed companies and analyze the influencing factors of their operation efficiency, which will improve the competitiveness of new energy listed companies and accelerate the development of China's new energy industry. In this paper, we choose data Envelopment Analysis (DEA) and Malmquist exponent method based on DEA. The static efficiency model (including technical efficiency and its decomposition-scale efficiency and pure technical efficiency) and the dynamic efficiency model (including total factor productivity change index and its decomposition-technology) are constructed respectively. The progress index and the technical efficiency change index are used to measure the efficiency changes of 60 new energy listed companies in China from 2006 to 2011 from the static and dynamic perspectives. This paper analyzes the evolution trend of efficiency level, and compares the efficiency differences among different types of new energy listed companies. This paper further analyzes the factors that affect the efficiency of listed companies of new energy, and constructs the Tobit panel econometric model to explain the mechanism of efficiency impact. The research results show that the overall technical efficiency of new energy listed companies is 0.837 from 2006 to 2011, and the technical efficiency of new energy listed companies in the sample period is 0.837. From the analysis of the differences in efficiency of listed companies of different types of new energy, Hydrogen, nuclear energy, LED green lighting, these three types of listed companies have higher technical efficiency than solar, wind, The main reason for the low level of technical efficiency of bioenergy listed companies is the inefficiency of scale.) from the perspective of the dynamic efficiency changes of new energy listed companies between 2006 and 2011, Overall, total factor productivity (TFP) rose slightly, with an average increase of 1.5 percentage points. Technological progress was the main reason for the slight increase in TFP of China's new energy listed companies. The decline of technical efficiency limits to a certain extent the increase of total factor productivity (TFP) from the perspective of the mechanism of technical efficiency of new energy listed companies, the technical efficiency of new energy listed companies is significantly positively correlated with the degree of equity concentration. The technical efficiency of the listed company with the largest shareholder is higher than that of the listed company with the largest shareholder. The scale of the listed company and the proportion of the employees with college degree or above of the listed company are higher than those of the listed company with the largest shareholder. The technical efficiency of listed companies is negatively correlated, In the end, some suggestions are put forward to improve the efficiency of new energy listed companies on the basis of empirical analysis.
【學位授予單位】：五邑大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F272;F426.2

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