Research On The Performance Evaluation Of Chinese Listed Publishing Companies From 2017 To 2021 Based On DEA-Malmquist Index Model

A new starting point in the new era,promoting the high-quality development of the publishing industry is the only way to become a powerful publishing country,and also the main starting point and strategic fulcrum of building a strong socialist culture.With the deepening of the reform of China’s publishing system,a number of publishing enterprises have been listed in succession,showing great ambitions in the capital market.As the "forerunner" and "vane" of the publishing industry,listed publishing companies play a very important role in stimulating market vitality and leading the development of the industry.As a baton to guide the development of enterprises,enterprise performance evaluation helps enterprises to formulate development direction and further promote the optimization and promotion of internal management,so as to improve the operating efficiency of enterprises.By comprehensively evaluating the performance of publishing listed companies,this study tries to put forward rationalization suggestions for improving the enterprise performance of Chinese publishing listed companies,and provides effective empirical basis for the stable development of the publishing industry.First,this paper introduces the basic characteristics of listed publishing companies and the theoretical basis of performance evaluation.Through comparative analysis of performance evaluation methods,the BCC model in DEA method is finally determined as the performance evaluation method in this paper,and the dynamic change of performance is measured by Malmquist index model.Secondly,according to the scientific DMU selection principle,18 published listed companies are selected as research samples based on the latest edition of the industry classification guideline of China Securities Regulatory Commission(2012)and the industry classification results of listed companies in the third quarter of 2021.The research period is limited to 2017-2021.Thirdly,on the basis of combing and analyzing the existing research results and drawing on the previous research experience,the number of employees,operating cost and total asset scale are determined as input indicators,and the operating income,weighted average return on equity and basic earnings per share are determined as output indicators.Fourthly,by running DEAP2.1 software,the static efficiency results of 18 listed publishing companies are obtained: pure technical efficiency,scale efficiency,comprehensive technical efficiency,return to scale state,Malmquist index model and its decomposition index results: Total factor productivity,technical efficiency(pure technical efficiency,scale efficiency)and technological progress efficiency,from the static comparative analysis between 18 publishing listed companies in each year and the vertical comparative analysis between each publishing listed company in five years,a comprehensive evaluation of the performance of publishing listed companies.In this paper,DEA-Malmquist index model is used to compare and analyze the performance level of 18 publish-listed companies from 2017 to 2021,and the following conclusions are drawn:(1)The average five-year comprehensive technical efficiency of the 18 publishing listed companies was 0.920,the average five-year pure technical efficiency was 0.963,and the average five-year scale efficiency was 0.954.From the average level,the overall performance of the publishing listed companies was relatively high,but it had not yet reached the optimal state.The resource allocation ability,internal control ability,technical factor level and resource use efficiency of publishing and listed companies still need to be further optimized and improved;(2)The fluctuation range of pure technical efficiency of listed publishing companies is small.With the increasingly fierce market competition,publishing companies pay more attention to technological innovation;(3)The efficiency of scale of listed publishing companies is unstable,and the inefficiency of scale efficiency is the main reason leading to the low efficiency of listed publishing companies.Most of the listed publishing companies are in a decreasing state of return to scale;(4)Overall,the total factor productivity of 18 publishing-listed companies increased slightly in the past five years.Technological progress efficiency is the key factor that drives the stability of total factor productivity.Publishing-listed companies emphasize technological progress and drive development with innovation.Publishing and listed companies can try to optimize their performance from the following aspects: innovate management system and mechanism,strengthen internal control;Strengthen the human resource management,build the publishing talent team;Enable business upgrading with digital technology and implement innovation-driven enterprise development;Promote the quality and efficiency of the main business,promote the in-depth development of integrated transformation,adjust the business structure,and improve the efficiency of resource utilization;Optimize value management and stimulate the efficiency of capital operation.