人才红利下的金融科技上市企业效率测度研究——基于双市场网络模型的实证分析  

The Efficiency Measurement and Analysis of Listed Fintech Enterprises under the Talent Bonus:An Empirical Analysis Based on a Double-market Network Model

作　　者：陆帅 陈宁 李守伟[1] Lu Shuai;Chen Ning;Li Shouwei(School of Economics and Management,Southeast University,Nanjing 211189)

机构地区：[1]东南大学经济管理学院,南京211189

出　　处：《管理评论》2023年第4期225-237,共13页Management Review

基　　金：国家自然科学基金项目(71671037,71971055);江苏省第十六批“六大人才高峰”高层次人才培养项目(JY-004);江苏省社会科学基金项目(19GLC005)。

摘　　要：趁着科技创新的东风,近年来,金融科技行业在产品市场中的规模不断增长。然而,其在金融市场的表现却并非一帆风顺。同时,在人才资源的大量倾斜下,该行业内的上市企业表现是否差强人意?为评估金融科技上市企业在两个市场中的不平衡表现,本文首先构建了包含产品市场与金融市场的双市场网络模型;其次,提出了传统型与复合型人才红利下的双市场网络效率测度方法,并对2014—2018年间金融科技上市企业效率进行了测度分析。研究发现,金融科技上市企业传统型双市场网络效率较高,且呈上升态势,而复合型双市场网络效率表现平平;国有企业的传统型双市场网络效率领先于非国有企业;东部地区的传统型效率明显高于中部和西部地区,而在复合型效率中,东部地区出现下滑,中西部的一些省份不降反升。同时,金融科技上市企业也表现出对人才红利的强依赖性。最后,根据结论提出了相关的政策建议。The fintech industry has ushered in vigorous development of scientific and technological innovation in China.Literally,it succeeds in product market.However,in the volatile financial market,the performance of the fintech industry experiences severe fluctuation.At the same time,the rapid development of the fintech industry is mainly attributed to the talent bonus.Hence,is the performance of the fintech industry satisfying against a backdrop of highly concentrated talent bonuses? In order to evaluate the imbalanced performance of listed fintech companies in product markets and financial markets,this paper firstly establishes a double-market network model that includes the two markets.Secondly,it focuses on the impact of talent bonuses on corporate efficiency based on the characteristic of high-tech companies.This paper proposes an efficiency measurement method that takes into account the heterogeneous talent environment and employs this method to measure and analyze the efficiency of China's fintech companies listed from 2014 to 2018.We find that the traditional double-market network efficiency of listed fintech companies is high and shows an upward trend,while the efficiency of the compound double-market network is relatively lower;The traditional double-market network efficiency of state-owned enterprises is higher than that of non-state-owned enterprises;The eastern companies' traditional double-market network efficiency is obviously higher than that in central and western ones.In compound double-market network efficiency,eastern companies show a decline,while some companies in the Midwest show an increase instead.Simultaneously,listed financial technology enterprises present a strong dependence on talent bonuses.The robustness tests support the above conclusions.Finally,some corresponding policy suggestions are provided according to the conclusions.

关 键 词：人才红利 金融科技 双市场网络模型 复合型效率 

分 类 号：F832.51[经济管理—金融学] F272.5[经济管理—人力资源管理] C964.2