Research On Investment Efficiency Evaluation And Influencing Factors Of Equipment Manufacturing Enterprises In Henan Province

The equipment manufacturing industry is the lifeline of the development of the national economy.The development of the equipment manufacturing industry have contributed to promote industrial transformation and upgrading and boost economic growth.The equipment manufacturing industry in Henan province has developed rapidly in recent years.Therefore,the investment efficiency of equipment manufacturing enterprises in Henan province is chosen as the research object,meanwhile,it provides guidance for accurately grasping the status quo of investment efficiency of equipment manufacturing enterprises in Henan province and provides reference for improving investment efficiency.In the research,this article mainly used literature research method,standard research method,statistical analysis,data envelope analysis and Malmquist index.Firstly,the data envelope analysis(DEA)and the Malmquist index method were selected to construct the static and dynamic evaluation system,to measure the investment efficiency of equipment manufacturing enterprises in Henan province from 2014 to 2018,and to analyze and summarize the calculated results.Then,the research hypothesis of influencing factors on investment efficiency of equipment manufacturing enterprises in Henan province is put forward,Tobit regression analysis is carried out,and the regression results are obtained.Finally,the paper puts forward five management suggestions in order to improve the investment efficiency.Then the hypothesis was proposed and Tobit regression analysis was carried out to explore the key factors affecting the investment efficiency level,and the analysis and interpretation were carried out according to the Tobit regression results and the actual situation.Finally,the paper puts forward five management suggestions in order to improve the investment efficiency.Findings are as follows:(1)From the static perspective: Generally speaking,from 2014 to 2018,the static investment efficiency level of equipment manufacturing enterprises in Henan province is relatively low,and most of them are in an inefficient state.Therefore,we could see there is a big margin for improvement.(2)From a technical perspective,the impact of technological level on the ineffective state of investment was relatively small.Although the variation range of scale efficiency is small and the value of scale efficiency is relatively stable,but the scale efficiency of equipment enterprises in Henan province is at a low level on the whole.This is also confirmed by the change of returns to scale.Most enterprises are in the state of increasing returns to scale rather than the optimal state of constant returns to scale.From the dynamic point of view,TFP of equipment manufacturing enterprises is generally low,and has been less than 1 from 2014 to 2018,mainly due to the low technological progress,and the development of scale efficiency is also unstable and at a declining state.(3)Empirical analysis found that return on equity,the enterprise size and economic development level has a significant positive effect on investment efficiency,the human cost and asset-liability ratio has a negative effect on investment efficiency.According to the empirical results,we put forward five management suggestions: improve the management level and technological innovation ability,attach importance to talent training,improve the quality of employees,improve their own operating ability,adjust the debt structure,rational planning enterprise development scale.