我国期货公司经营效率的DEA评价

本文利用DEA方法的(C2R)模型对我国有代表性的30家期货公司的经营效率进行了分析与评价,通过对输入输出指标数据的分析得出我国期货公司总体规模偏小、从业人员素质偏低和抗风险能力较差的结论;通过对我国期货公司经营有效性、输入冗余率和输出亏空率以及规模收益的评价分析,得出:我国期货公司经营效率水平不高,提高空间较大,总体上正逐步由恢复增长阶段向快速发展阶段转化。     

Does Trade Credit Affect Technical Efficiency? Empirical Evidence from Italian Manufacturing SMEs

Using firm‐level data from the Italian manufacturing sector, we investigate the relationship between small and medium‐sized firms technical efficiency and trade credit. Our contribution is twofold: we provide evidence on an open empirical question, and disentangle the channels through which trade credit may influence firms' efficiency. According to our findings, based on the Simar and Wilson (2007) procedure, trade credit seems to positively affect firm efficiency by mitigating financial constraints. Indeed, trade credit enhances efficiency especially for firms that are more likely to be financially constrained (i.e., smaller and/or younger firms) and during the most recent financial crisis.     

钢铁行业相对效率的DEA实证分析

通过应用数据包络分析法（DEA）对2007年中国A股上市公司11家代表性钢铁公司的相对效率进行实证分析,结果表明：8家公司的规模效益不变,本钢板材规模效益递增,规模效益递减的只有2家公司。根据经济学上的3阶段生产理论,最佳的生产阶段应该在规模效益递减阶段。我国钢铁行业处于经济学上的最佳生产阶段的公司不多,还不到样本总数的20%,而处于不变规模效益的公司则占到样本总数的70%以上,说明我国钢铁行业还有很大的发展潜力。     

钢铁行业相对效率的DEA实证分析

通过应用数据包络分析法(DEA)对2007年中国A股上市公司11家代表性钢铁公司的相对效率进行实证分析,结果表明:8家公司的规模效益不变,本钢板材规模效益递增,规模效益递减的只有2家公司。根据经济学上的3阶段生产理论,最佳的生产阶段应该在规模效益递减阶段。我国钢铁行业处于经济学上的最佳生产阶段的公司不多,还不到样本总数的20%,而处于不变规模效益的公司则占到样本总数的70%以上,说明我国钢铁行业还有很大的发展潜力。     

Measuring the performance of financial holding companies

Financial institutions have become larger and engage in a wider array of financial activities due to continuing consolidation. Since the financial holding companies face multiple production functions simultaneously, the traditional data envelopment analysis (DEA) approach is not suitable for investigating their efficiency. This study applies the multi-activity DEA model to explore the relative efficiency of 12 financial holding companies in Taiwan. The results show that the multi-activity DEA model is obviously more capable of identifying sources of inefficiency, thereby potentially yielding greater managerial insights into organisational improvements.     

基于超效率CCR-DEA模型的我国物流上市公司效率评价

超效率CCR-DEA模型解决了传统DEA评价无法对有效率单元(效率值1)再排序的弊端,可以对技术效率达到有效前沿面的物流企业进行进一步评价。运用超效率CCR-DEA模型对我国24家物流上市公司的效率进行评价,研究表明:我国物流上市公司技术效率高的企业约占50%,与港口类物流上市公司相比,运输类物流上市公司的技术效率、纯技术效率、规模效率值更高;对于技术无效的公司,其技术效率低下的主要原因在于纯技术效率的低下;在技术有效的公司中,中海海盛的超效率值在2006年、2007年都居于首位,其余公司两年的超效率排名多呈现一定变化;物流上市公司效率受区域经济因素影响,经济发达地区物流上市公司超效率更高。     

基于DEA的高速公路上市公司股权融资效率分析

从融资效率角度出发,将数据包络分析法(DEA)引入到高速公路上市公司股权融资效率的分析评价。实证表明,我国高速公路上市公司股权融资效率尚较低。近期,应从改革股权融资规模、股权集中度等输入指标方面来提高其股权融资效率。     

基于数据包络分析法的绩效评估技术研究——来自军工上市公司的实证分析

本文认为,一种行之有效的绩效评估方法是开展高质量绩效审计的重要前提,而数据包络分析法(简称DEA方法)可以为绩效评估提供很好的定量分析工具。数据包络分析法属于非参数方法,无需事先假设函数关系,其评估不受人为因素影响,多用于对多投入和多产出的不同决策单元的效率进行评估。固定规模报酬下的多投入、多产出的效率评估模型(C2R模型)就是以数据包络分析法为思想基础的一个著名模型。文章以军工板块航天系9家上市公司为决策单元,利用C2R模型进行了运营效率评估,并通过对C2R模型计算结果进行效率分析、投影值分析及敏感度分析,构建了基于数据包络分析法的组织绩效评估技术框架。     

中国文化创意产业上市公司的经营效率研究

以2010-2013年间的文化创意产业中广播电影电视、出版业和旅游业的38家上市公司为样本,运用DEA分析法计算并比较了各上市公司的综合效率,得出了相应的结果.整体上,我国文化创意产业的经营效率低下.其中,旅游业上市公司的综合效率值在样本企业中处于领先地位,广播电影电视业次之,出版业上市公司的综合效率值在样本企业中处于落后地位.     

农业上市公司自主创新能力影响因素实证分析

为了优化农业上市公司自主创新激励机制,选取部分农业上市公司作为决策单元,运用DEA模型对这些公司的技术创新激励的有效性进行评价,通过对其的DEA有效单元与非DEA有效单元之间的分析对比,找出导致其技术创新非DEA有效的因素以及强化各因素的作用,以期达到提升农业企业自主创新能力的目的。     

Measuring the financial and social performance of French mutual funds: A data envelopment analysis approach

Socially responsible investors pursue both financial and non-financial goals. In this paper, we attempt to assess the performance of French socially responsible mutual funds (SRMFs). We consider the data envelopment analysis (DEA) approach, which allows us to assign a unique efficiency score while combining financial and social characteristics, using various combinations within different types of risk (total risk, market risk, and downside risk). We report the list of funds found to be DEA efficient using various output-oriented models. We also compare our obtained results with the traditional and modern measures used in the literature (Sharpe, Treynor, and the information ratio). We contribute to the literature by testing the validity of the DEA methodology in the financial context. The findings have important implications for fund selection processes and would be mainly of interest to investors and fund managers who integrate environmental, social, and governance criteria into their investment choices.     

A DEA approach for selecting a bundle of tickets for performing arts events

Most performing arts organizations offer their customers the choice of either buying event tickets individually or buying a bundle of tickets for two or more events. During the selection of the bundle to be offered, the theatre manager faces several possible combinations of events. In this paper we tackle the issue of identifying the most efficient subset of the events scheduled to offer as a bundle. We formulate this problem following the choice-based network Revenue Management approach. Assuming the price as fixed on two types of events, lowbrow and highbrow, proposed by the theatre, the purchase decision is modelled on the basis of two random variables: the available time and the reservation price per perfomance. The super-efficiency DEA model will be implemented in order to find the most efficient combination of events to be bundled, defined as the one that offers the most favourable trade-off between expected revenue, attendance, and capacity consumption. A regression of the DEA scores on managerial variables and bundle attributes will allow us to obtain some insights into what determines the efficiency level of a bundle.     

基于DEA模型的酒店经营效率分析

运用DEA方法对酒店在运营中效益及成本之间的相对有效性进行了分析,通过对酒店投入-产出比的C2R模型的定量计算,有效辨别出酒店不同月份运营的DEA有效及非DEA状态,并据此分别给出了酒店未来投入-产出的调整方向,为酒店管理者的决策提供理论依据。     

Advertising Spending Efficiency of Beauty-Care Product Companies: Comparison Between Local Companies and Multinational Companies in the U.S. Market

ABSTRACT

In this study, the authors apply data envelopment analysis (DEA) to evaluate the financial efficiency of U.S. beauty-care companies and foreign companies based on their media advertising expenditures in eight key media outlets (i.e., magazines, newspapers, outdoor, network TV, spot TV, syndication TV, cable TV, and radio) and their revenues in the U.S. market. The analyses revealed that 47.4% of the companies examined advertised efficiently. Companies that advertised inefficiently could save, on average, 75% of their advertising spending. The results also indicated that although U.S. companies are more efficient overall than are non-U.S. companies in terms of advertising spending, the competitiveness of non-U.S. companies should not be underestimated because some of them advertised efficiently (e.g., Kao Corporation from Japan) or almost efficiently.     

我国寿险公司规模效率与内含价值的实证分析

本文运用数据包络分析方法(DEA)研究各寿险公司的规模效率,使用截取回归模型(Tobit)分析影响效率的因素.研究发现,我国寿险业在快速发展的同时,没有明显表现出规模经济性;影响保险公司规模效率的主要因素是经营费用和保费收入,经营费用的负向影响作用大于保费收入的正向作用.寿险公司在扩大规模的同时,更应该注重提高效率和内含价值.     

Retail network performance evaluation: a DEA approach considering retailers' geomarketing

Stores develop customized assortments based on localization characteristics. In terms of performance analysis, these changes make it more difficult to analyse store performance. This adjustment procedure entails an internal benchmarking which needs small samples to control regional and assortment effects. This paper explores the influence of competitive environment and store neighbourhood characteristics on store efficiency by using three data envelopment analysis (DEA) models. This research is illustrated by using real data from a French supermarket retail chain at the product category level. It is shown that the two-steps DEA model is a relevant analysis tool to take into account location aspects. It presents a discriminant power strong enough to derive managerial implications with small samples.     

Towards a fairer manager performance measure: a DEA application in the retail industry

Abstract

Retailers need to determine the performance of their individual stores and, beyond the stores, the managers in charge of running them. The aim of this paper is to develop performance standards that can be applied to fairly distribute rewards to managers regarding their performances by taking into account store neighbourhood characteristics. In order to propose a fairer measure of store performance, the authors introduce and explore the concepts of organizational justice and store efficiency. They use real data from a French supermarket chain and a geomarketing approach. The two-step Data Envelopment Analysis (DEA) model results are compared with a retailer’s ranking. The retailer tends to favour points of sale having a more important sales area, with more employees and operating in a more densely populated area with a higher buying power. The ranking stemming from the DEA model links store performance to other geo-demographic variables.     

Sales and Service Strategy for the Single European Market

Having the right products alone will not be enough to ensure success in the Single Market. Winning new business will demand the capability to treat customers across a wide swathe of Europe as if they were just down the street. Former national firms need to reach out beyond their borders with sales and service strategies capable of combining pan-European efficiency with adjustment to local needs. This requires new types of partnerships with established channels as well as increased investment in local sales, distribution and service subsidiaries. The rewards are both additional sales today and faster corporate learning about new markets which will bolster advantage tomorrow. Looking at established networks, it is clear that some companies are already well ahead in the race to establish cross-border sales and service support. On average German firms also tend to be ahead of their British, French and Italian cousins. As Europe becomes the strategic market for more and more businesses there is no time to lose in closing this gap.     

Executive opinions on Hong Kong: Point and counterpoint: The future looks bright for China and Hong Kong

The biggest debate about the future of Hong Kong is poised on whether China wil honor the 1984 Sino-British Joint Declaration or whether it will introduce corruption and over-regulation into Hong Kong's well-functioning Western economy. Fong,an appointee of the Hong Kong government, and Wilson, a longtime resident and employee of Western companies with offices in Hong Kong, briefly tackle both sides of the issue.     

Jean-Pierre Duprieu： Willing to Be A Legate of Sino-French Business

Estaing, former French president, Valery Giscard d＇Estaing attended Sino-French Economic Seminar held in Shanghai in early April and said that the world center has shifted from the west to the east with many European and US companies entering into Asia, and China has the ability to play an important role in the world stage. Estaing, naming himself＂French Confucian＂, then said in Chinese that a cook-group includes 10 people in ancient Chinese soldier system and the cook is in charge of cooking for them. And people who belong to the same cook are actually ＂Partners＂.