The Study On Manufacturing Industry Listed Companies’ Total Factor Productivity And Its Influencing Factors

As the core sectors of the national industrial system, the development level of the manufacturing determines a country’s international competitiveness and position in the international division of labor. In the rapid development process, China’s manufacturing shows lots of problems, like low level of technology, lack of market competitiveness and so on. In the critical period of transition, it is necessary to research the TFP of manufacturing. TFP can reflect the whole productivity of industry. By dividing the growth of TFP, we can measure the factors’efficiency and technology’s progress effectively, indicate the direction for adjusting and optimizing the structure of China’s manufacturing industry and provide a theoretical basis and practical recommendations to the transformation and enhancing competitiveness of China’s manufacturing.With the launch of the GEM market, the shortage of funding in China’s manufacturing has been relieved and providing an important platform for the upgrade of manufacturing. However, the decline in performance, low technical efficiency obstructs the rapid development of China’s GEM manufacturing companies. Therefore, we choose the GEM manufacturing company as the research object, by measuring and analyzing its TFP, research productivity status of China’s manufacturing industry.This paper describes the theoretical basis of TFP, selects the net fixed assets, operating income, operating costs, employee benefits payable and expenses for the period as indicators, uses data envelopment analysis (DEA) and the DEA-based Malmquist index method constructing GEM companies of manufacturing static efficiency models and dynamic efficiency models, estimates efficiency’s change of 74 GEM manufacturing companies from the perspective of both static and dynamic in 2010-2013, and compares the differences of different companies’ efficiency. On this basis, this paper integrate the basic characteristics of the manufacturing industry and divide it into high technology manufacturing industries, medium technology manufacturing industries and low technology manufacturing industries, build multiple regression model that combine the company size, capital structure, ownership concentration, research and development capabilities and the quality of the staff, analysis the factors affecting the efficiency of China’s manufacturing industry.The results show that, first, from the perspective of GEM manufacturing company’s technical efficiency, the average overall technical efficiency is 0.841 from 2010 to 2013 and the number is relatively low. The main reason is the low level of pure technical efficiency. Second, from the perspective of efficiency difference in GEM manufacturing sub-sector, the food, the metal and the nonmetal industry not only take advantage of scale economies, but also take a breakthrough in product and technology innovation. Mechanical and petrochemical industries’scale efficiency is higher than pure technical efficiency. As the technology-intensive industries, electronics and pharmaceutical industries’pure technical efficiency is higher than other industries, but the scale efficiency need to improve. Third, from the perspective of changes in dynamic efficiency, the annual average of TFP is 0.938. It shows a low level of development and regressive trends, the main reason is technical deterioration, the technical regress is widespread. Fourth, from the perspective of the efficiency factors of GEM manufacturing company, the company size has a positive effect to TFP of the GEM manufacturing companies, the negative impact to technical efficiency weakened advances forward effects of the technology, leading to the influence of company size to its efficiency is not high. Asset-liability ratio has a significant positive impact to the TFP, which is mainly due to the promotion of techno logical progress and the impact on technical efficiency is negative. Ownership concentration has a not significantly positive effect to TFP. The R&D investment has a negative impact to TFP and technical efficiency, it has a positive impact to technological progress, but the coefficient is very small. For the different skill levels of the manufacturing industry, its technical efficiency factors are not the same.Through research, this paper presents following policy recommendations from the macro and micro levels. Adjusting moderate expansion and maintaining scale economies. Optimizing the capital structure and improving the financing capacity. Deepening structural reforms equity and improving the corporate governance structure. Improving the R&D capabilities and enhancing the efficiency of technological innovation. Promoting the optimization and upgrading of industry structure. Improving and upgrading the technology innovation system of manufacturing. Develop the modern services of manufacturing. Opening up and increasing manufacturing. Complete GEM market.