Input-Output Efficiency Evaluation of Financial Block Chain Concept Stocks: Based on Dea-Bcc and Malmquist Index Model
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Chengzi Zhu, Ming Yang,Yihui Wang
This paper selects relevant data of financial listed companies in blockchain concept stocks from 2016 to 2019, uses DEA-BCC model and Malmquist index model to construct static analysis and dynamic analysis. The static analysis shows that, on the whole, from 2016 to 2019, the overall inputting and output efficiency of listed companies performs well, with technical efficiency above 0.7 on average, pure technical efficiency above 0.79 on average, and scale efficiency above 0.89 on average. However, there is still a certain distance from DEA effectiveness. From the perspective of time change, the technical efficiency of the 15 listed companies showed a trend of fluctuation with time change, but the overall fluctuation was not obvious. The difference between the maximum and minimum value of technical efficiency of Rendong Holding, the listed company with the largest fluctuation, was 0.456, while the difference between the maximum and minimum value of ICBC with the least fluctuation was 0.009. Dynamic analysis shows that from 2016 to 2019, the average value of Malmquist index is 0.935, representing a decline in total factor production efficiency, mainly because the average value of technology progress index is less than 1. The development of blockchain technology is slow, and the average value of technical efficiency change index is 1.010, mainly because of the rise of pure technical efficiency. Therefore, financial enterprises should increase the research and development of blockchain technology, promote the progress of blockchain technology, make the perfect integration of blockchain technology and financial business, reasonably adjust the size of the company and related investment, so as to improve their input-output efficiency.
Blockchain, Listed companies, Financial, Dea - bcc, Dea and malmquist