摘要
本文基于非期望产出的超效率SBM模型,将中国30个省的新三板市场挂牌企业数量、A股市场中科技型企业数量占比、风险投资事件数量、风险投资受资企业数量作为投入,将新三板市场摘牌企业数量占比作为非期望产出,对多层次资本市场支持高技术产业化的效率进行测度,并从省层面、区域层面、全国层面对效率进行比较分析。研究结果显示:(1)从省层面看,综合技术效率有效的省份有8个,排名前五位的省份有上海、北京、广东、江苏、天津,从区域层面看华南地区多层次资本市场支持高技术产业化的效率大于1,说明这些省份和地区多层次资本市场更加活跃,相同的多层次资本投入可以得到相对较高的高技术产出。华中、东北、西北地区多层次支持高技术产业化的效率较低,说明多层次资本市场支持高技术产业化的投入存在浪费或效率损失等问题。(2)从省层面看,纯技术效率有效的省份有13个,其中排名前五位的省份有上海、江苏、福建、广东、北京,从区域层面看,华东和华南地区的纯技术效率值大于1,说明这些省份和地区多层次资本市场支持高技术产业化的内部结构更为合理,对高技术产业化的支持效率较高。(3)从全国层面来看,多层次资本市场支持高技术产业化的综合技术效率的均值为0.6795,没有达到完全有效。(4)多层次资本市场的内部结构对效率的影响结果显示,新三板市场的回归系数大于A股市场和风险投资市场,说明新三板市场在提升高技术产业化的效率方面高于A股市场和风险投资市场。
Based on the ultra-efficient SBM model of undesired output,this paper takes the number of listed enterprises in the New Third Board market,the proportion of technology-oriented enterprises in the A-share market,the number of venture capital events,and the number of venture capital funded enterprises from 30 provinces in China as input,and takes the proportion of the num-ber of delisted enterprises in the New Third Board market as undesired output.The level capital market supports the measurement of the efficiency of hightech industrialization,and compares and analyzes the efficiency from the provincial,regional and national levels.The results show that:(1)From the provincial level,there are 8 provinces with comprehensive technical efficiency,and the top 5 provinces are Shanghai,Beijing,Guangdong,Jiangsu,and Tianjin,and the multi-level capital market support in South China is seen from the regional level.The efficiency of high-tech industrialization is greater than 1,indicating that these provinces and regions have more active multi-level capital markets,and the same multi-level capital investment can obtain relatively high high-tech output.The low-level support of high-tech industrialization in the middle,northeast and northwest regions is low,indicating that there are problems such as waste or efficiency loss in the multi-level capital market supporting high-tech industrialization.(2)From the provincial level,there are 13 purely technically efficient provinces,among which the top five provinces are Shanghai,Jiangsu,Fujian,Guangdong,and Beijing.From a regional perspective,the pure technical efficiency values of East China and South China.Greater than 1,it shows that the internal structure of multi-level capital markets supporting high-tech industrialization in these provinces and regions is more reasonable,and the support for high-tech industrialization is more efficient.(3)From a national perspective,the average technical efficiency of multi-level capital markets supporting high-tech industrialization is 0.6795,
作者
王卉彤
刘传明
赵国钦
Wang Huitong;Liu Chuanming;Zhao Guoqin
出处
《宏观经济研究》
CSSCI
北大核心
2019年第10期49-61,共13页
Macroeconomics
基金
北京市社会科学基金重点项目“首都高质量发展视角下的科技金融体系建设研究”(课题编号:18JDYJA016)
中央财经大学研究生科研创新基金项目“多层次资本市场支持科技产业化的效率测度及提升路径研究”(项目编号:20182Y008)的资助
