政府扶持与国有能源企业产融结合效率研究 ——基于自助法修正的三阶段数据包络分析模型

经济新常态下,作为"产业+金融"发展模式的主导角色,政府扶持有效性是国有能源企业提升产融结合效率的关键因素.本文基于自助法(Bootstrap)修正的三阶段数据包络分析(data envelopment analysis,DEA)模型,借助2010～2017年国有能源上市公司数据,分析了企业产融结合运行效率及政府扶持因素的影响.结果显示:我国国有能源上市公司产融结合效率呈逐年上升趋势,现阶段静态效率整体处于中上水平.政府扶持因素对产融结合效率值产生反向作用,表明尚存在政府干预过度、补贴投入冗余和监管缺失等问题,导致了产业与金融资源配置效率低下.为此,本文提出相关政策建议.

Research on Government Support and Efficiency of Production and Integration of State-Owned Energy Enterprises——Based on Three-Stage DEA Model Bootstrap Correction

Under the new normal of the economy, as the leading role of the "industry + finance" development model, the effectiveness of government support is a key factor for state-owned energy companies to improve the efficiency of industry-finance integration. Based on the three-stage Data Envelopment Analysis (DEA) model modified by the Bootstrap method, the article analyzes the operational efficiency of the integration of industry and finance and the influence of government support factors with the data of state-owned energy listed companies from 2010 to 2017. The results show that the efficiency of industry-finance integration of my country''s state-owned energy listed companies is increasing year by year, and the overall static efficiency at this stage is at an upper-middle level. Government support factors have a negative effect on the efficiency of industry-finance integration, indicating that there are still problems such as excessive government intervention, redundant subsidy inputs, and lack of supervision, which have led to inefficient allocation of industrial and financial resources. To this end, this article puts forward relevant policy recommendations.