Research On Operating Efficiency And Influencing Factors Of Listed Enterprises In High-end Equipment Manufacturing Industry

The high-end equipment manufacturing industry is not only a strategic industry that supports economic transformation and upgrading,but also an important safety net for stabilizing the development environment.In recent years,the market size of China’s highend equipment manufacturing industry has been growing rapidly,but it has also faced a series of challenges from both domestic and foreign,as well as internal and external sources.The current urgent issue for Chinese high-end equipment manufacturing enterprises is how to utilize limited resources to achieve optimal resource allocation and adjust their scale to create greater output,thus realizing efficiency maximization and sustained development.Listed companies in the high-end equipment manufacturing industry occupy a leading position in the sector,serving as a crucial driving force in promoting high-quality development in equipment manufacturing.Their development status carries significant practical implications for the entire industry and reflects,to some extent,the industry’s vitality and prospects.Therefore,this paper selects listed companies in the high-end equipment manufacturing industry as research samples,using input-output indicators and the super-efficiency SBM model to first calculate the static operating efficiency of 103 listed companies between 2016 and 2021,and conduct an analysis of overall,sectoral,and regional performance.Secondly,the Malmquist index model is used to calculate the dynamic efficiency changes of the research sample,and dynamic efficiency analyses are carried out for both overall and sectoral results.Finally,the factors affecting the operating efficiency of high-end equipment manufacturing enterprises are studied.The high-end equipment manufacturing industry is a strategic industry that supports economic transformation and upgrading,and is also an important safety net for stable development.In recent years,the market scale of China’s high-end equipment manufacturing industry has been growing rapidly,but it also faces a series of challenges from both domestic and foreign markets as well as internal and external factors within the industry.The optimal allocation of limited resources and the adjustment of scale to create greater output with maximum efficiency for sustainable development are urgent problems that need to be addressed by high-end equipment manufacturing enterprises in China.Listed companies in the high-end equipment manufacturing industry are in a leading position and are the key driving force to promote high-quality development of the equipment manufacturing industry.Their development status has important practical significance for the entire industry and reflects the vitality and prospects of the industry to some extent.Therefore,this paper takes listed companies in the high-end equipment manufacturing industry as the research sample and uses input-output indicators,first using the super-efficiency SBM model to calculate the static operating efficiency of 103 listed companies from 2016 to 2021,and conducting an analysis of the overall,industryspecific,and regional-specific efficiency.Secondly,the Malmquist index model is used to calculate the dynamic efficiency changes of the research sample,and dynamic efficiency analyses are conducted for both the overall and industry-specific results.Finally,the factors affecting the operating efficiency of high-end equipment manufacturing companies are studied.The static efficiency analysis shows that the operating efficiency of China’s high-end equipment manufacturing enterprises is not high and is in the moderately efficient stage of non-DEA effectiveness,with only about 30%of enterprises in the effective DEA state.However,the effective DEA ratio has increased year by year,and the proportion of low-efficiency enterprises has decreased.The mean efficiency values in different industries vary greatly,with intelligent manufacturing enterprises having the most prominent mean value,and the highest proportion of effective decision-making units.The mean efficiency values in the eastern region are relatively stable,while the development potential is greater in the central and western regions,with mean efficiency values and the proportion of effective DEA enterprises increasing year by year.Both effective and ineffective enterprises have varying degrees of input and output redundancy,especially for enterprises with lower efficiency,where the number of patents produced is seriously inadequate.The analysis of dynamic efficiency shows that the operating efficiency of China’s high-end equipment manufacturing enterprises fluctuated in a wave-like manner from 2016 to 2021,with an overall decrease of 3.4%.Except for the satellite and application equipment manufacturing industry,whose total factor productivity index was greater than 1 and showed an upward trend from 2016 to2021,the other industries showed a downward trend,with the significant change in the technology progress change index being the main reason affecting the changes in the total factor productivity index in each industry.Finally,the study found that the operating efficiency of listed companies in the high-end equipment manufacturing industry is significantly positively correlated with government support level,but there is no significant correlation between government support level and the operating efficiency of intelligent manufacturing enterprises or enterprises in the central and western regions.In addition,the concentration of equity,enterprise age,regional GDP,and regional openness are significantly positively correlated,while the regional level of technological development is significantly negatively correlated,and there is no significant relationship with the amount of foreign investment in the region.On this basis,it is recommended that high-end equipment manufacturing companies prioritize original innovation,increase R&D investment,and improve their technology transfer capabilities.Furthermore,they should strengthen their organizational management and resource allocation abilities to improve resource utilization.Scientifically and rationally promoting the top-level design of equity structure is also suggested.At the same time,local governments should moderately support technological innovation in companies,promote their scale development and scientific research innovation,enhance regional openness,increase total imports and exports,plan to promote regional coordinated development,and push for the establishment of industrial alliances,integration of supply chains,resource sharing,reduction of resource waste,and the improvement of overall operational efficiency.