Research on the Management Capability Measurement of GEM Listed Companies based on DEA Tobit Model

Abstract

With the rise of the Growth Enterprise Market (GEM), more and more investors have begun to pay attention to it and begin to consider investing in related listed companies. Therefore, the healthy and stable development of the GEM is of great significance to investors. The management of the company is the actual operator of the company. Using this as a starting point, analyzing the management capabilities of listed companies on the GEM has very important theoretical value and practical significance for the sustainable development of the GEM. Taking the listed companies on the growth enterprise market of China from 2014 to 2018 as the research sample, this paper uses the two-stage data envelopment analysis-Tobit model to measure the management ability, and analyzes the differences of the management ability among the listed companies with different characteristics. The research results show that there are differences in management capabilities between listed companies with different characteristics. Specifically, the management ability of manufacturing companies is higher than that of non-manufacturing enterprises; the management ability of relatively large companies is higher than that of relatively small companies; the management ability of companies located in the eastern region is higher than that of companies in the middle Companies in the western region.