An Empirical Analysis on Total Factor Productivity of Listed Companies on GEM——An Empirical Test by DEA-Malmquist Index Measurement

By utilizing the DEA-Malmquist index measurement,this paper conducts an empirical test on the panel data through 2007-2011 for fifty companies listed on GEM to test the Malmquist total factor productivity and the stimulus including technological progress effect,pure technical efficiency improvement effect,and scale efficiency improvement effect.It attempts to test whether the GEM companies realized endogenous growth.The results show that the total factor productivity of the fifty GEM companies realizes negative growth(only-6.2%) from 2007 to 2011.Among them,technological progress contributes-6.9%,pure technical efficiency improvements contribute 2.2%,and scale efficiency improvements contribute-1.5%.In addition,the growth rate of total factor productivity of the sample companies shows a decreasing trend.