基于网络DEA的科技创新型企业投资效率评价分析

企业投资效率是影响企业价值的关键因素。本文在划分投资转化过程子阶段的基础上构建投资效率评价模型及指标体系，运用二阶段网络DEA方法测算我国创业板科技创新型上市公司2012～2014年投资效率值及非效率投资的改进程度。实证结果表明，科技创新型上市公司利润产生子阶段投资效率较低，并且研发支出、无形资产以及长期投资三方面的投资冗余现象明显，但是多数上市公司两个阶段的投资效率随着时间的推移逐渐趋向双重高效。

The Evaluation and Analysis of Investment Efficiency of Scientific and Technological Innovation Oriented Enterprises Based on Network DEA

Investment efficiency is the key factor affecting the enterprise value . In the transformation process of dividing investment on the basis of sub-stage , we should establish investment efficiency model and indicator system as well as adopt two -stage network DEA to measure the improvement degree of the investment ratio and non -efficiency investment of Chinese listed technological innovators . The empirical results show that the investment efficiency of listed technological innovators at sub -stage is lower , and the investment redundancy in three areas of R&D expenditure , intangible assets and long -term investment is very obvious . But the investment efficiency of most list-ed companies at the two stages tends to become doubly efficient over time .