The Investment Performance Evaluation Research Of Small And Medium-sized Enterprise Based On The Total Factor Productivity

By calculating the Total Factor Productivity of micro small and medium-sized enterprises,we analyze main contribution factors of the growth of TFP of small and medium-sized enterprises, represented by the gem listed companies,based on the analysis of the panel we found the TFP plays a positive role in promoting investment performance. The paper intended to point out that the index of TFP plays an important role in the process of medium and long-term development in small and medium-sized enterprises.This paper compares and analyses the three main methods of the calculation of the TFP,and lists their advantage and disadvantage as well as applicable scope. Eventually we choose DEA-Malmquist index method to calculate the TFP and the calculation method is derived accordingly. We choose operating income and net profit in the income statement as the output variable,choose the company’s total assets in the balance,operating cost in the income statement and payment to workers as well as pay cash for the workers in the cash flow statement as input variables. We screened 131 GEM listed companies as research samples. After the results of the company’s TFP and its decomposition was analyzed,we found that technological progress and scale increasing returns has a bigger role in promoting enterprise development.We also found that when the company’s stock of TFP is low,their stock annual yield is generally lower.After calculate the TFP, we divided corporate investment performance into two large categories: enterprise’s financial performance and market performance.We choose return on assets and stock investment return respectively as indicator of financial performance and market performance. Based on the research hypothesis and research model,We select financial performance and market performance as the dependent variable respectively and choose the current and lag period of total factor productivity as the core variable for empirical analysis.The empirical results show that the current and lag of total factor productivity can significantly promote the financial performance of the current period. It suggests that promoting effect of the TFP on financial performance is lasting and could promote financial performance of enterprise in the next year. The promoting effect of the TFP on the market performance of enterprise is also significant,this shows that resources allocation efficiency of GEM is positive in the short term.But there is no significant correlation between the lag of TFP and marker performance,it means the capital market represented by the GEM has strong timeliness, the TFP in the past has small influence on firm market performance. The paper points out the significance of the TFP to investment performance evaluation of enterprise in the end, and put forward policy Suggestions to improve the total factor productivity of small and medium-sized enterprises...