基于VRS包络模型的工业企业对标实证研究

以中国汽车制造业32 家上市企业为例, 本文将产出为导向的可变规模收益作为回归假设，利用VRS 径向DEA 模型确定无效企业应当依照“投入- 产出”矩阵中对标的效率企业。研究表明：（1）在研究样本中，15 家企业能够成为参考标杆的效率企业。（2）在规模效率方面，10 家汽车企业规模收益不变（CRS），19 家企业规模收益递增（IRS），3 家企业处于规模收益递减（DRS）；（3）通过分析32 家上市企业投入和产出的松弛变量，明确17 家无效企业各指标的效率的改进空间。本研究为上市企业效率评级提供了一种方法，也为中国资本市场的并购提供一个框架。

Empirical Study on Industrial Enterprises Based on VRS Envelopment Model

Taking the 32 listed auto enterprises as an example，the study adopted the output orientated DEA model with variable return to scale assumption. The analysis revealed the inefficient listed auto enterprises that should emulate the efficient ones in terms of input-output mix. Studies had shown that:（1）in the sample，15 enterprises can be benchmarks for the efficient enterprises；（2）in terms of scale efficiency，10 auto enterprises were constant in return to scale （CRS），19 enterprises in increasing return to scale（IRS），and 3 enterprises in decreasing return to scale（DRS）；（3）by analyzing the slack variables of input and output of 32 listed companies，it cleared the improvement space for the 17 inefficient enterprises. The study provided a method for rating the efficiency of listed manufacturing enterprises，it also provided a framework for mergers and acquisitions in the capital market in China.