产融结合型上市公司运营效率评价的实证研究  

An Empirical Study on Evaluating the Operation Efficiency of Listed Financial-industrial Companies

作　　者：姚德权[1] 王帅[1] 罗长青[1] 黄学军[1] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410083

出　　处：《中国软科学》2011年第3期140-148,共9页China Soft Science

基　　金：教育部新世纪优秀人才支持计划(NCET-08-0186);高校博士点专项科研基金项目(200805320025)

摘　　要：目前,上市公司参股金融企业的规模逐渐增大,在此背景下,运用随机前沿分析方法,引入风险因素构建了产融结合型上市公司效率评价体系,对2001-2009年的产融结合型上市公司进行了效率评价,实证结果表明,产融结合型上市公司的运营效率较低,风险因素降低了公司运营的效率,同时,参股不同类型金融企业的效率值也表现出了不同特征,因此实体产业上市公司在产融结合的过程中,应慎重进入并切实防范金融风险。Currently,the involvement degree of listed company in financial companies is gradually increased.Under this background,this paper uses stochastic frontier analysis,constructs an efficiency evaluation system of financial-industrial listed companies,and evaluates the efficiency of financial-industrial listed company during 2001-2009.The empirical results shows that efficiency of financial-industrial listed company is low,risk factors reduce the efficiency of company operations,and the companies which involve in different sorts of financial companies have different characteristics.Therefore,the listed companies which invest financial institutions should be careful to enter and effectively guard against financial risks.

关 键 词：产融结合型上市公司 运营效率 风险因素 随机前沿分析 

分 类 号：F270[经济管理—企业管理]