| As a real economy,manufacturing is an important supporting force for the development of the national economy,and its investment behavior is closely related to economic development.At present,China is in an important period of economic restructuring and industrial transformation and upgrading.It needs to rely on the improvement of manufacturing investment efficiency and the improvement of technological innovation level to achieve sustained economic growth.Therefore,many manufacturing companies have increased their investment in R&D activities while expanding their production investment.However,Whether innovative investment can bring the necessary returns to the enterprise and whether its investment efficiency can be improved require an objective observation.Beijing-Tianjin-Hebei is China's "capital circle",and its coordinated development has become an important national strategy.It is of practical significance to evaluate the investment efficiency of manufacturing listed companies in the Beijing-Tianjin-Hebei region from the perspective of technological innovation.First of all,this paper sorts out the research trends of investment efficiency evaluation at home and abroad,points out the limitations of existing research,and puts forward the research perspective of this paper.Secondly,this paper defines the concept of investment efficiency and technological innovation,and discusses related theories.After combing and summarizing,it laid a theoretical foundation for the following texts;then,it analyzed the current investment situation of Beijing-Tianjin-Hebei manufacturing enterprises and pointed out the existing problems;then combined the relevant theories to establish index system include both production and technology from the perspective of technology innovation.The data envelopment method is used to evaluate the investment efficiency of listed companies in Beijing-Tianjin-Hebei manufacturing industry in 2016-2018.The empirical results show that:(1)Overall,the average efficiency of investment efficiency of listed companies in Beijing Tianjin and Fujian is between 0.75 and 0.79,indicating that investment efficiency is relatively low.From the perspective of manufacturing industry segmentation industry,computer,communications and other electronic equipment manufacturing industries have the highest investment efficiency,related to the petrochemical industry Manufacturing enterprises have the lowest investment efficiency;from the perspective of property rights,the investment efficiency of state-owned enterprises is above 0.8,which is always higher than that of private enterprises;from the perspective of regional distribution,Beijing's manufacturing enterprises have the highest investment efficiency,followed by Hebei Province and Tianjin;(2)Evaluation of the dynamic changes in investment efficiency found that the change in total factor productivity was 0.944,indicating that the overall investment efficiency of the Beijing-Tianjin-Hebei manufacturing industry declined in 2016-2018.Finally,combined with the research results,suggestions for improving the investment efficiency of enterprises are proposed.This article has a reference for understanding the investment efficiency of listed companies in Beijing,Tianjin and Hebei,and improving their investment efficiency. |
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