Evaluation and Influencing Factors of Innovation Efficiency of"The Specialized and Sophisticated SMEs"Listed on the Beijing Stock Exchange——Based on the Three-Stage DEA-Tobit Model
In order to investigate the current situation and influencing factors of the innovation ef-ficiency of domestic"The Specialized and Sophisticated SMEs",based on the theory of regional inno-vation system,analyse the innovation efficiency of 147"The Specialized and Sophisticated SMEs"list-ed on the Bejing Stock Exchange with the data from their annual reports,and useing the three-stage DEA and Tobit model to analyse the innovation efficiency of these enterprises.The three-stage DEA and Tobit models are used to analyse their innovation efficiency.The results of the study show that the average innovation efficiency of the enterprises is 0.539 and the pure technical efficiency plays a key role in influencing the innovation efficiency of the enterprises under the condition of considering the environmental impact and statistical noise;And after removing the environmental variables and interfer-ence terms,the innovation efficiency and the pure technical efficiency both improve,and the pure tech-nical efficiency improves more obviously,from 0.580 to 0.812,with an increase of 40%,but the scale efficiency is declined.It is found that the stability of enterprise shareholding structure,the openness of the city and government subsidies can positively affect the innovation efficiency of"The Specialized and Sophisticated SMEs,and the factors such as investment in innovation resources and the business environment can significantly promote the innovation efficiency.It is suggested that enterprises should reasonably control the proportion of shares held by major shareholders and improve corporate gov-ernance,so as to stabilise the continuous investment in innovation resources.It is also suggested that the relevant departments should further clarify the objectives of the subsidy policy,precisely select the support targets,and promote the innovation efficiency of domestic"The Specialized and Sophisticated SMEs"by enhancing the appropriateness of the policy.
Innovation efficiencyThe specialized and sophisticated SMEsIndustrial chainDEA Tobit modelAutonomous and controllable
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