［13］孫兆斌 股權集中、股權制衡與上市南康家具公司的技術效率［J］，管理世界, 2006, 7: 115-124
［14］蘇冬蔚，林晨 產權結構、南康家具公司治理與南康家具企業效率：來自我國制造業上市南康家具公司的新證據［J］，經濟學報，2011，5（1）: 154-177
［15］Nguyen, G, P Swanson, Firm characteristics, relative efficiency, and equity returns ［J］, Journal of Financial and Quantitative Analysis, 2009, 44（1）: 213-236
［16］Frijns, B, D Margaritis, M Psillaki, Firm efficiency and stock returns ［J］, Journal of Productivity Analysis, 2012, 37（3）: 295-306
［17］Tsionas, E, Stochastic frontier models with random coefficients ［J］, Journal of Applied Econometrics, 2002, 17: 127-147
［18］Huang, H, Estimation of technical inefficiencies with heterogeneous technologies ［J］, Journal of Productivity Analysis, 2004, 21: 277-296
［19］Battese, G E, Coelli, T J, Frontier production functions, technical efficiency and panel data with application to paddy farmers in India ［J］, Journal of Productivity Analysis, 1992, 3（1-2）: 153-169
The Firm Efficiency which based on Metafrontier Model
and Corporate Performance
CHEN Bo1，LIANG Tong-ying1，CHEN Xiu-de 2
（1School of Business Administration, South China University of Technology, Guangzhou 510640;
2School of Management，Guangdong University of Technology, Guangzhou 510520, Guangdong, China）
Abstract:This article firstly analyzes the impact of the firm efficiency on corporate performance from the concept of the production function, Secondly, it selects 673 private listed companies from 2005 to 2010 unbalanced panel data as sample, by applying the Metafrontier model, estimates firm efficiency and technology gap, and then compares it with the firm efficiency estimated by the traditional methods At last, it tests empirically the effect of the firm efficiency on corporate performance The results of this study show that: （1） The production technology of different enterprises exist technology gap; it is too ideal to assume that all the enterprises face the same production boundary in the traditional efficiency estimation methods; （2） Given the production inputs, the production technology gap and the efficiency under the chose technology have a positive effect on corporate performance; （3） The firm efficiency of the optimal boundary has a positive impact on corporate performance; （4） After enterprises had chosen their production technology, and due to the limited energy of the manager, the technology gap and the efficiency under the chose technology is negatively correlated
Keywords:firm efficiency; efficiency of the optimal boundary; metafrontier; technology gap; corporate performance
（責任編輯：余樹華）
［14］蘇冬蔚，林晨 產權結構、南康家具公司治理與南康家具企業效率：來自我國制造業上市南康家具公司的新證據［J］，經濟學報，2011，5（1）: 154-177
［15］Nguyen, G, P Swanson, Firm characteristics, relative efficiency, and equity returns ［J］, Journal of Financial and Quantitative Analysis, 2009, 44（1）: 213-236
［16］Frijns, B, D Margaritis, M Psillaki, Firm efficiency and stock returns ［J］, Journal of Productivity Analysis, 2012, 37（3）: 295-306
［17］Tsionas, E, Stochastic frontier models with random coefficients ［J］, Journal of Applied Econometrics, 2002, 17: 127-147
［18］Huang, H, Estimation of technical inefficiencies with heterogeneous technologies ［J］, Journal of Productivity Analysis, 2004, 21: 277-296
［19］Battese, G E, Coelli, T J, Frontier production functions, technical efficiency and panel data with application to paddy farmers in India ［J］, Journal of Productivity Analysis, 1992, 3（1-2）: 153-169
The Firm Efficiency which based on Metafrontier Model
and Corporate Performance
CHEN Bo1，LIANG Tong-ying1，CHEN Xiu-de 2
（1School of Business Administration, South China University of Technology, Guangzhou 510640;
2School of Management，Guangdong University of Technology, Guangzhou 510520, Guangdong, China）
Abstract:This article firstly analyzes the impact of the firm efficiency on corporate performance from the concept of the production function, Secondly, it selects 673 private listed companies from 2005 to 2010 unbalanced panel data as sample, by applying the Metafrontier model, estimates firm efficiency and technology gap, and then compares it with the firm efficiency estimated by the traditional methods At last, it tests empirically the effect of the firm efficiency on corporate performance The results of this study show that: （1） The production technology of different enterprises exist technology gap; it is too ideal to assume that all the enterprises face the same production boundary in the traditional efficiency estimation methods; （2） Given the production inputs, the production technology gap and the efficiency under the chose technology have a positive effect on corporate performance; （3） The firm efficiency of the optimal boundary has a positive impact on corporate performance; （4） After enterprises had chosen their production technology, and due to the limited energy of the manager, the technology gap and the efficiency under the chose technology is negatively correlated
Keywords:firm efficiency; efficiency of the optimal boundary; metafrontier; technology gap; corporate performance
（責任編輯：余樹華）