Dynamic Evaluation of Innovation Efficiency of Medical Device Companies Listed on SSE STAR Market-Based on DEA Model

Abstract

Abstract: Medical device companies of SSE STAR Market are of great significance in breaking through key core technologies, improving independent innovation ability and enhancing international competitiveness. However, no scholar has studied the innovation efficiency of these companies. In this paper, a three-stage DEA model is firstly used to conduct a cross-sectional analysis of the innovation efficiency of 35 medical device companies of SSE STAR Market in 2021. Then the DEA-Malmquist index model is used to dynamically analyze the change of their innovation efficiency from 2019 to 2021 by eliminating the environmental factors and random error interference in stage two. The results of the three-stage DEA model show that the innovation and development of medical device companies of SSE STAR Market in 2021 is mainly driven by management and technical factors. Without considering the influence of environmental factors and random errors, the overall innovation efficiency of medical device companies is underestimated. The results of DEA-Malmquist index model show that the overall innovation efficiency of medical device companies of SSE STAR Market kept improving during 2019 to 2021. Among concerned efficiencies, the utilization efficiency of innovation resources improved, the pure technological efficiency improved significantly but the technology was not fully utilized, and the innovation input exceeded the optimal investment scale. Generally, the innovation efficiency of medical device companies of SSE STAR Market improved from 2019 to 2021, but the overall innovation efficiency was still low. The increase of provincial per capita GDP, government subsidies and asset-liability ratio is not favorable to the reduction of the redundancy of capital and manpower input of enterprises in the process of technological innovation. Enterprises should be encouraged to transfer low-value production to provinces with lower production costs. At the same time, medical device companies in cities with relatively low per capita GDP should be encouraged to seek financing from SSE STAR Market.

Key words: SSE STAR Market, medical device companies, innovation efficiency, three-stage DEA, DEA-Malmquist index

Wu Peixin, Ouyang Zhaolian, Wei Yunjie. Dynamic Evaluation of Innovation Efficiency of Medical Device Companies Listed on SSE STAR Market-Based on DEA Model[J]. Management Review, 2024, 36(10): 122-133.

References

[1] 关健,邓芳,陈明淑,等. 创始人人力资本与高技术新创企业创新:一个有调节的中介模型[J]. 管理评论, 2022,34(6):90-102 Guan J., Deng F., Chen M. S., et al. Founder’s Human Capital and the Innovation of High-tech Start-ups: A Moderated Mediation Model[J]. Management Review, 2022,34(6):90-102
[2] 李佳,王丽丽,王欢明. 产业持续创新发展水平评价研究——以新一代信息技术产业为例[J]. 科学决策, 2021,(3):62-82 Li J., Wang L. L., Wang H. M. Research on the Evaluation of the Sustainable Innovation Level of Industry: A Case Study of the New-generation Information Technology Industry[J]. Scientific Decision Making, 2021,(3):62-82
[3] 易明,彭甲超,吴超. 基于SFA方法的中国高新技术产业创新效率研究[J]. 科研管理, 2019,40(11):22-31 Yi M., Peng J. C., Wu C. Innovation Efficiency of High-tech Industries Based on Stochastic Frontier Method in China[J]. Science Research Management, 2019,40(11):22-31
[4] 肖美丹,张梦佳. 基于三阶段DEA的河南省工业企业技术创新效率评价[J]. 河南科学, 2021,39(4):643-651 Xiao M. D., Zhang M. J. Evaluation of Technological Innovation Efficiency of Industrial Enterprises in Henan Province Based on Three-stage DEA[J]. Henan Science, 2021,39(4):643-651
[5] Lee J. Y. Comparing SFA and DEA Methods on Measuring Production Efficiency for Forest and Paper Companies[J]. Forest Products Journal, 2005,55(7/8):51-56
[6] 刘永松,王婉楠,于东平. 高技术企业技术创新效率评价及影响因素研究[J]. 云南财经大学学报, 2020,36(11):100-112 Liu Y. S., Wang W. N., Yu D. P. Research on the Evaluation and the Influencing Factors of Technological Innovation Efficiency of China’s High-tech Enterprises[J]. Journal of Yunnan University of Finance and Economics, 2020,36(11):100-112
[7] Fried H. O., Lovell C. K., Schmidt S. S., et al. Accounting for Environmental Effects and Statistical Noise in Data Envelopment Analysis[J]. Journal of Productivity Analysis, 2002,17(1):157-174
[8] 刘满凤,李圣宏. 基于三阶段DEA模型的我国高新技术开发区创新效率研究[J]. 管理评论, 2016,28(1):42-52 Liu M. F., Li S. H. Innovation Efficiency Evaluation of Hi-tech Development Zones Based on the Three-stage DEA Model[J]. Management Review, 2016,28(1):42-52
[9] 鲁志国,孟霏. 基于三阶段DEA模型的战略性新兴产业技术创新效率测算[J]. 统计与决策, 2022,38(8):158-162 Lu Z. G., Meng F. Measurement of Technological Innovation Efficiency of Strategic Emerging Industries Based on Three-stage DEA Model[J]. Statistics & Decision, 2022,38(8):158-162
[10] 冯琳洁. 基于三阶段DEA的创业板企业创新效率评价研究[J]. 中国注册会计师, 2022,(3):49-54 Feng L. J. Research on Innovation Efficiency Evaluation of GEM Enterprises Based on Three-stage DEA[J]. The Chinese Certified Public Accountant, 2022,(3):49-54
[11] 朱文兴,廖金萍. 我国稀有金属产业技术创新效率评价研究——基于30家稀有金属上市公司的实证检验[J]. 江西理工大学学报, 2021,42(6):48-57 Zhu W. X., Liao J. P. Study on the Evaluation of Technological Innovation Efficiency of Rare Metal Industry in China: Based on the Empirical Test of 30 Rare Metal Listed Companies[J]. Journal of Jiangxi University of Science and Technology, 2021,42(6):48-57
[12] 陈伟,魏轩,李金秋,等. 上市公司社会网络位置与研发效率研究——基于三阶段DEA模型的方法[J]. 管理评论, 2020,32(3):97-109 Chen W., Wei X., Li J. Q., et al. Study on the Relationship between Enterprises Social Network Position and R&D Efficiency: Based on the Method of Three-stage DEA Model[J]. Management Review, 2020,32(3):97-109
[13] 孟韬,徐广林. 基于三阶段DEA的独角兽上市企业创新效率评价[J]. 运筹与管理, 2021,30(10):206-212 Meng T., Xu G. L. Evaluation of Innovation Efficiency of Unicorn Listed Enterprises Based on Three Stage DEA[J]. Operations Research and Management Science, 2021,30(10):206-212
[14] Chen W., Wang X. F., Peng N., et al. Evaluation of the Green Innovation Efficiency of Chinese Industrial Enterprises: Research Based on the Three-stage Chain Network SBM Model[J]. Mathematical Problems in Engineering, 2020：3143651
[15] 魏子秋,付鹏. 基于三阶段DEA模型的科技型中小企业创新效率评价研究——以石家庄市为例[J]. 商业经济, 2021,(4):16-18 Wei Z. Q., Fu P. Research on Innovation Efficiency Evaluation of Technology-based SMEs Based on Three-stage DEA Model: A Case Study of Shijiazhuang[J]. Business & Economy, 2021,(4):16-18
[16] 晁一方,黄永春,彭荣. “互联网+”战略下信息技术服务业创新效率评价研究——以北京、上海、广东三地为例[J]. 科技管理研究, 2021,41(3):117-124 Chao Y. F., Huang Y. C., Peng R. Evaluation of Innovation Efficiency of Information Technology Service Industry under “Internet Plus” Strategy: Take Beijing, Shanghai and Guangdong as Examples[J]. Science and Technology Management Research, 2021,41(3):117-124
[17] 舒贵彪. 技术创新质量评价——基于集成电路产业的实证研究[J]. 经营与管理, 2021,(2):187-192 Shu G. B. Evaluation of Technological Innovation: An Empirical Study Based on Integrated Circuit Industry[J]. Management and Administration, 2021,(2):187-192
[18] 魏子秋,底玉欣. 石家庄市高新技术企业创新效率评价及提质路径研究[J]. 河北科技大学学报(社会科学版), 2020,20(4):8-14 Wei Z. Q., Di Y. X. Research on Innovation Efficiency Evaluation and Quality Improvement Path of High-tech Enterprises in Shijiazhuang[J]. Journal of Hebei University of Science and Technology(Social Sciences), 2020,20(4):8-14
[19] 揭晓蒙,汪永生,王文涛. 基于三阶段DEA模型的中国涉海企业科技创新效率评价[J]. 中国海洋大学学报(社会科学版), 2020,(2):80-90 Jie X. M., Wang Y. S., Wang W. T. Evaluation on Technological Innovation Efficiency of Chinese Marine Enterprises Based on the Three-stage DEA Moel[J]. Journal of Ocean University of China(Social Sciences), 2020,(2):80-90
[20] 钟小容,吴立忠. 基于DEA-Malmquist指数方法的高新技术企业科技创新效率的动态评价——以铜仁市为例[J]. 科技和产业, 2020,20(8):163-168 Zhong X. R., Wu L. Z. The Efficiency of Technological Innovation in the High-tech Enterprises Based on DEA-Malmquist Index Method—An Empirical Analysis of Tongren City[J]. Science Technology and Industry, 2020,20(8):163-168
[21] 陈伟,沙蓉,张永超,等. 我国知识密集型产业专利创新绩效评价研究——基于DEA-Malmquist指数方法[J]. 管理评论, 2013,25(8):39-45 Chen W., Sha R., Zhang Y. C., et al. Evaluation Research on the Patent Innovation Efficiency of China’s Knowledge Intensive Industry Based on DEA-Malmquist Index Approach[J]. Management Review, 2013,25(8):39-45
[22] 周钟,王婷,陆海波. 不同所有制企业创新主体地位评价——规模与效率双重视角的研究[J]. 科技进步与对策, 2022,39(6):103-111 Zhou Z., Wang T., Lu H. B. Evaluation of the Dominant Position of Enterprise Innovation with Different Ownerships： Based on the Dual Perspective of Scale and Efficiency[J]. Science & Technology Progress and Policy, 2022,39(6):103-111
[23] 丁荣清,肖侠,刘珂. 基于DEA的海洋企业创新绩效评价[J]. 中国市场, 2021,(26):56-57 Ding R. Q., Xiao X., Liu K. Evaluation of Innovation Performance of Marine Enterprises Based on DEA[J]. China Market, 2021,(26):56-57
[24] 张炜,赵玉帛. 人工智能企业创新效率评价及影响因素研究——基于Super DEA-Tobit模型[J]. 技术经济与管理研究, 2021,(8):41-45 Zhang W., Zhao Y. B. Research on Evaluation and Influencing Factors of Innovation Efficiency of Artificial Intelligence Enterprises: Based on Super DEA-Tobit Model[J]. Journal of Technical Economics & Management, 2021,(8):41-45
[25] 李朋林,王婷婷. 政府补贴对新能源汽车产业发展的促进作用——基于技术创新效率视角的评价[J]. 地方财政研究, 2021,(8):86-96 Li P. L., Wang T. T. Promotion of Subsidies to New Energy Automobile Industry: Evaluation from the Perspective of Technological Innovation Efficiency[J]. Sub National Fiscal Research, 2021,(8):86-96
[26] 仇诗琦. 长江经济带工业企业科技创新效率研究[J]. 改革与开放, 2021,(8):22-29 Qiu S. Q. Research on Scientific and Technological Innovation Efficiency of Industrial Enterprises in Yangtze River Economic Belt[J]. Reform & Openning, 2021,(8):22-29
[27] 洪图,李飚. 我国农业类上市公司研发效率测度与划分——基于SBM-Malmquist模型和企业生命周期的实证分析[J]. 经济问题探索, 2020,(9):65-77 Hong T., Li B. Measurement and Division of Research and Development Efficiency of Listed Agricultural Enterprises in China-Empirical Analysis Based on SBM-Malmquist Model and Enterprise Life Cycle[J]. Inquiry into Economic Issues, 2020,(9):65-77
[28] 张玉兰,景思婷,牛爽,等. 京津冀制造业上市公司投资效率评价研究——基于技术创新视角[J]. 会计之友, 2020,(18):14-19 Zhang Y. L., Jing S. T., Niu S., et al. Research on Investment Efficiency Evaluation of Beijing-Tianjin-Hebei Manufacturing Industry Listing: Based on the Perspective of Technological Innovation[J]. Friends of Accounting, 2020,(18):14-19
[29] Chen S. B., Feng Y. Q., Lin C. R., et al. Research on the Technology Innovation Efficiency of China’s Listed New Energy Vehicle Enterprises[J]. Mathematical Problems in Engineering, 2021:6613602
[30] 彭晓静. 河北省制造业创新效率评价——基于DEA-BCC模型和Malmquist指数[J]. 时代经贸, 2021,18(6):95-100 Peng X. J. Evaluation of Manufacturing Innovation Efficiency in Hebei Province: Based on DEA-BCC Model and Malmquist Index[J]. Times of Economy & Trade, 2021,18(6):95-100
[31] 关丽,苏建军. 中原城市群高新技术产业创新效率评价研究[J]. 技术与创新管理, 2021,42(1):29-36 Guan L., Su J. J. Research on the Evaluation of Innovation Efficiency of High-tech Industry in Central China’s Urban Agglomeration[J]. Technology and Innovation Management, 2021,42(1):29-36
[32] 薛健,郭万山. 新常态“创新驱动发展战略”实施前后规模以上工业企业研发创新效率比较研究——基于DEA-Malmquist指数方法的实证分析[J]. 工业技术经济, 2020,39(5):65-73 Xue J., Guo W. S. Study on the Efficiency of R&D Innovation of Industrial Enterprises after the Implementation of “Innovation Driven Development Strategy” —Empirical Analysis of Malmquist-DEA Index Based on the Panel Data[J]. Journal of Industrial Technological Economics, 2020,39(5):65-73
[33] Lee J., Kim C., Choi G. Exploring Data Envelopment Analysis for Measuring Collaborated Innovation Efficiency of Small and Medium-sized Enterprises in Korea[J]. European Journal of Operational Research, 2019,278(2):533-545
[34] Battese G. E., Coelli T. J. A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data[J]. Empirical Economics, 1995,20(2):325-332
[35] Jondrow J., Lovell C. K., Materov I. S., et al. On the Estimation of Technical Inefficiency in the Stochastic Frontier Production Function Model[J]. Journal of Econometrics, 1982,19(2-3):233-238
[36] 罗登跃. 三阶段DEA模型管理无效率估计注记[J]. 统计研究, 2012,29(4):104-107 Luo D. Y. A Note on Estimating Managerial Inefficiency of Three-stage DEA Model[J]. Statistical Research, 2012,29(4):104-107
[37] Fare R., Grosskopf S., Norris M., et al. Productivity Growth, Technical Progress, and Efficiency Change in Industrialized Countries[J]. The American Economic Review, 1994,84(1):66-83
[38] 魏谷,汤鹏翔,杨晓非,等. 基于三阶段DEA的我国高新技术产业开发区内创新型产业集群创新效率研究[J]. 科技管理研究, 2021,41(7):155-163 Wei G., Tang P. X., Yang X. F., et al. Research on Innovation Efficiency of Innovative Industrial Cluster in China’s High-tech Development Zone Based on Three-stage DEA[J]. Science and Technology Management Research, 2021,41(7):155-163
[39] 张继宏,王婷,栗勇. 转型发展视角下高新技术企业创新绩效评价研究——以山西省为例[J]. 科技和产业, 2021,21(12):261-266 Zhang J. H., Wang T., Li Y. Research on the Evaluation of Innovation Performance of High-tech Enterprises from the Perspective of Transitional Development: Taking Shanxi Province as an Example[J]. Science Technology and Industry, 2021,21(12):261-266
[40] 王希胜,李斌,沈世琳. 基于DEA和Malmquist指数的技术密集型制造业创新效率分析——以河南省为例[J]. 郑州航空工业管理学院学报, 2020,38(5):45-54 Wang X. S., Li B., Shen S. L. Innovation Efficiency of Technology-intensive Manufacturing Industry Based on DEA and Malmquist Index: A Case Study of Henan Province[J]. Journal of Zhengzhou University of Aeronautics, 2020,38(5):45-54
[41] 赵国宇,周申蓓. 基于三阶段数据包络分析的我国高新技术产业开发区绩效评价[J]. 科技管理研究, 2021,41(24):43-49 Zhao G. Y., Zhou S. B. Performance Evaluation of High-tech Industrial Development Zones of China Based on Three-stage DEA[J]. Science and Technology Management Research, 2021,41(24):43-49
[42] 陈娜,林军. 剥离环境因素的高技术产业技术创新效率评价——以我国西部地区为例[J]. 科技管理研究, 2020,40(6):93-99 Chen N., Lin J. The Evaluation of Innovation Efficiency of High-tech Industries Based on Environmental Factors: The Case of Western Region of China[J]. Science and Technology Management Research, 2020,40(6):93-99
[43] 江岩,曹阳. 我国医药制造业产学研合作创新效率评价——基于三阶段DEA模型[J]. 科技管理研究, 2021,41(2):54-60 Jiang Y., Cao Y. Innovation Efficiency Evaluation of Industry-University-Research Cooperation in Chinese Pharmaceutical Manufacturing: Based on Three-stage DEA Model[J]. Science and Technology Management Research, 2021,41(2):54-60
[44] 宋波,胡文娜,朱小川,等. 长三角区域制度环境对制造业创新效率的影响[J]. 城市发展研究, 2021,28(12):77-83 Song B., Hu W. N., Zhu X. C., et al. Impact of Institutional Environment on Innovation Efficiency of Manufacturing Industry in Yangtze River Delta Region[J]. Urban Development Studies, 2021,28(12):77-83
[45] 李婉红,刘芳. 剥离环境因素的中国高技术产业创新效率综合测度研究[J]. 科技进步与对策, 2019,36(4):75-81 Li W. H., Liu F. The Comprehensive Measurement of Innovation Efficiency of China’s High-tech Industry Based on Environmental Factors[J]. Science & Technology Progress and Policy, 2019,36(4):75-81