关键词: 创新价值链, 技术创新效率, 建筑业, 超效率网络SBM模型, 贝叶斯模型平均

Abstract: As the development of China’s construction industry transforms from investment-driven to innovation-driven, construction companies have paid more and more attention to technological innovation and have invested a lot of capital and manpower in it. However, the input efficiency of innovation resources needs to be clarified. Technological innovation is a multi-stage process including the input and output of resources and the transformation of achievements. The innovation value chain (IVC) embodies the transfer and value addition of various resources across multiple stages. Studying the technological innovation efficiency (TIE) from the perspective of the IVC helps to understand the utilization efficiency of innovation resources at each stage.
In this study, 48 listed construction companies (LCCs) are selected as research samples for empirical analysis. Firstly, from the perspective of the IVC, the technological innovation process of LCCs is divided into two stages: technology research and development (R&D) and achievement transformation. The efficiency evaluation index system of the two stages is constructed respectively. The number of R&D personnel, R&D cost, and net fixed assets are selected as the inputs of the technology R&D stage. The number of patent applications is chosen as the output of the technology R&D stage as well as the input of the achievement transformation stage. The number of non-R&D personnel and operating costs are chosen as the additional inputs of the achievement transformation stage, and the net profit and operating income are taken as the outputs of the achievement transformation stage. Secondly, the efficiency measurement model is constructed by combining the super-efficiency network slacks-based measurement (SBM) model and the data envelopment analysis (DEA) window analysis method and is used to measure the TIE of China’s LCCs from 2016 to 2020. Finally, 17 factors influencing TIE are selected from four aspects including internal corporate governance, corporate operation, resource allocation, and external environment. The impact of these factors on LCC’s TIE is analyzed by using the Bayesian model averaging (BMA) method.
The main research results are as follows. (1)In terms of the overall efficiency, the average value of TIE of the sample companies in the study period is between 0.50 and 0.54, and the overall efficiency still needs to be improved. (2)In terms of the sub-stage efficiency, the average value of the transformation efficiency of sample companies is higher than that of the R&D efficiency, which indicates that R&D efficiency constrains the improvement of the TIE. Besides, there are 8 companies with high R&D and transformation efficiency, 12 companies with low R&D efficiency and high transformation efficiency, 19 companies with low R&D and transformation efficiency, and 9 companies with high R&D efficiency and low transformation efficiency. LCCs should improve the efficiency of both phases from an IVC perspective to improve the overall TIE. (3)Seven key factors affecting the TIE of LCCs are obtained based on the BMA method. Among them, years of establishment, growth ability and profitability have significantly positive effects on the TIE of LCCs during the study period, while company size, R&D cost intensity, government support, and R&D staff intensity do not.
The efficiency measurement index system and evaluation model of LCCs in this study are constructed from the perspective of the IVC, which can reasonably evaluate the TIE of LCCs, find the weak parts of technological innovation, and provide a basis for managers to understand the current situation of technological innovation and optimize technological innovation strategies of companies. The research method can also be used to measure the TIE of companies in other industries.

Key words: innovation value chain, technological innovation efficiency, construction industry, super-efficiency network SBM model, Bayesian model averaging (BMA)