IDEAS home Printed from https://ideas.repec.org/a/plo/pone00/0270588.html
   My bibliography  Save this article

Research on capital allocation efficiencies with four-dimensional factor capitals from China’s intelligent manufacturing enterprises

Author

Listed:
  • Qiong Wang
  • Chengxuan Geng
  • Hai-tao E.
  • Jiarui Song

Abstract

Compared with traditional manufacturing enterprises, intelligent manufacturing enterprises pay more attention to the investment of knowledge capital and technological capital. Taking 258 intelligent manufacturing listed companies in China from 2015 to 2020 as research samples, the paper selects the material capital, human capital, knowledge capital and technological capital of enterprises as the input variables of Cobb-Douglas production function. Considering that enterprises are often affected by spatial correlation, stochastic frontier panel model, spatial lag stochastic frontier panel model and dynamic spatial lag stochastic frontier panel model are constructed to measure capital allocation efficiencies of enterprises. The results show that all the factor capitals in the three models have a significant positive impact on enterprises’ performance, and the dual lag effect of time and space is significant. Moreover, it is more reasonable to use the dynamic spatial lag stochastic frontier panel model to estimate the parameters and measure capital allocation efficiencies. The development of intelligent manufacturing industry has significant space-time spillover effect among provinces. About 52.98% of intelligent manufacturing enterprises have high capital allocation efficiencies, but 12.04% still need to further optimize capital allocation. The gap between the actual performance of the sample enterprises and efficiency frontier is mainly due to technical ineffectiveness. From a regional perspective, the top ten enterprises with high capital allocation efficiencies are all in the eastern region, but the average of capital allocation efficiency is the highest in the western region, followed by the eastern and central regions.

Suggested Citation

  • Qiong Wang & Chengxuan Geng & Hai-tao E. & Jiarui Song, 2022. "Research on capital allocation efficiencies with four-dimensional factor capitals from China’s intelligent manufacturing enterprises," PLOS ONE, Public Library of Science, vol. 17(7), pages 1-16, July.
    • Handle: RePEc:plo:pone00:0270588
    DOI: 10.1371/journal.pone.0270588
    as

    Download full text from publisher

    File URL: https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0270588
    Download Restriction: no
    File URL: https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0270588&type=printable
    Download Restriction: no
    File URL: https://libkey.io/10.1371/journal.pone.0270588?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. David L. Carr & James R. Markusen & Keith E. Maskus, 2021. "Estimating The Knowledge-Capital Model of the Multinational Enterprise," World Scientific Book Chapters, in: BROADENING TRADE THEORY Incorporating Market Realities into Traditional Models, chapter 5, pages 95-110, World Scientific Publishing Co. Pte. Ltd..
    2. Bronwyn Hall & Francesca Lotti & Jacques Mairesse, 2009. "Innovation and productivity in SMEs: empirical evidence for Italy," Small Business Economics, Springer, vol. 33(1), pages 13-33, June.
    3. Barro, Robert J. & Lee, Jong-Wha, 1993. "International comparisons of educational attainment," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 363-394, December.
    4. Chang-Tai Hsieh & Peter J. Klenow, 2009. "Misallocation and Manufacturing TFP in China and India," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 124(4), pages 1403-1448.
    5. Carol Corrado & Jonathan Haskel & Cecilia Jona-Lasinio, 2017. "Knowledge Spillovers, ICT and Productivity Growth," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 79(4), pages 592-618, August.
    6. Miller, Stephen M. & Upadhyay, Mukti P., 2000. "The effects of openness, trade orientation, and human capital on total factor productivity," Journal of Development Economics, Elsevier, vol. 63(2), pages 399-423, December.
    7. Qiong Wang & Cheng-xuan Geng, 2017. "Research on Financing Efficiencies of Strategic Emerging Listed Companies by Six-Stage DEA Model," Mathematical Problems in Engineering, Hindawi, vol. 2017, pages 1-8, July.
    8. John W. Kendrick, 1976. "The Formation and Stocks of Total Capital," NBER Books, National Bureau of Economic Research, Inc, number kend76-1, March.
    9. Battese, G E & Coelli, T J, 1995. "A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data," Empirical Economics, Springer, vol. 20(2), pages 325-332.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hongjun Sun & Zuoxiang Zhao & Ding Han, 2024. "Growth Models and Influencing Mechanisms of Total Factor Productivity in China’s National High-Tech Zones," Sustainability, MDPI, vol. 16(8), pages 1-19, April.
    2. Muhammad Ali & Uwe Cantner & Ipsita Roy, 2017. "Knowledge Spillovers Through FDI and Trade: The Moderating Role of Quality-Adjusted Human Capital," Economic Complexity and Evolution, in: Andreas Pyka & Uwe Cantner (ed.), Foundations of Economic Change, pages 357-391, Springer.
    3. Giovanni Calice & Levent Kutlu & Ming Zeng, 2021. "Understanding US firm efficiency and its asset pricing implications," Empirical Economics, Springer, vol. 60(2), pages 803-827, February.
    4. Zhang, Xiaobei & Wang, Xiaojun, 2021. "Measures of human capital and the mechanics of economic growth," China Economic Review, Elsevier, vol. 68(C).
    5. Francisco Alcalá & Antonio Ciccone, 2004. "Trade and Productivity," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(2), pages 613-646.
    6. Mastromarco, Camilla & Ghosh, Sucharita, 2009. "Foreign Capital, Human Capital, and Efficiency: A Stochastic Frontier Analysis for Developing Countries," World Development, Elsevier, vol. 37(2), pages 489-502, February.
    7. Rui Castro & Pavel Ševčík, 2024. "Occupational choice, human capital and financial constraints," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 57(3), pages 674-703, August.
    8. repec:cmj:networ:y:2013:i:1:p:12-25 is not listed on IDEAS
    9. Sickles, Robin C. & Song, Wonho & Zelenyuk, Valentin, 2018. "Econometric Analysis of Productivity: Theory and Implementation in R," Working Papers 18-008, Rice University, Department of Economics.
    10. Valerio Mendoza, Octasiano Miguel & Borsi, Mihály Tamás & Comim, Flavio, 2022. "Human capital dynamics in China: Evidence from a club convergence approach," Journal of Asian Economics, Elsevier, vol. 79(C).
    11. Michael Danquah & Bazoumana Ouattara & Peter Quartey, 2018. "Technology Transfer and National Efficiency: Does Absorptive Capacity Matter?," African Development Review, African Development Bank, vol. 30(2), pages 162-174, June.
    12. Yingying Shi, 2024. "Corruption, technical efficiency and total factor productivity growth: empirical evidence from China," Economic Change and Restructuring, Springer, vol. 57(6), pages 1-24, December.
    13. Yusen Luo & Qinglin Wang & Xingle Long & Zheming Yan & Muhammad Salman & Chao Wu, 2023. "Green innovation and SO2 emissions: Dynamic threshold effect of human capital," Business Strategy and the Environment, Wiley Blackwell, vol. 32(1), pages 499-515, January.
    14. Pablo Coto-Millán & Xose Luís Fernández & Miguel Ángel Pesquera & Manuel Agüeros, 2016. "Impact of Logistics on Technical Efficiency of World Production (2007–2012)," Networks and Spatial Economics, Springer, vol. 16(4), pages 981-995, December.
    15. Bessonova, Evguenia, 2023. "Firms’ efficiency, exits and government procurement contracts," European Journal of Political Economy, Elsevier, vol. 76(C).
    16. Henry, Michael & Kneller, Richard & Milner, Chris, 2009. "Trade, technology transfer and national efficiency in developing countries," European Economic Review, Elsevier, vol. 53(2), pages 237-254, February.
    17. Silves J.C. Moreira & Pedro Cosme Vieira & Aurora A.C. Teixeira, 2014. "Estimating the human capital stock for Cape Verde, 1950-2012," FEP Working Papers 547, Universidade do Porto, Faculdade de Economia do Porto.
    18. Bartz, Wiebke & Mohnen, Pierre & Schweiger, Helena, 2016. "The role of innovation and management practices in determining firm productivity in developing economies," MERIT Working Papers 2016-034, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    19. Ripoll-Zarraga, Ane Elixabete & Huderek-Glapska, Sonia, 2021. "Airports’ managerial human capital, ownership, and efficiency," Journal of Air Transport Management, Elsevier, vol. 92(C).
    20. Das, Gouranga G. & Drine, Imed, 2020. "Distance from the technology frontier: How could Africa catch-up via socio-institutional factors and human capital?," Technological Forecasting and Social Change, Elsevier, vol. 150(C).
    21. Dimitris Christopoulos & Peter McAdam, 2013. "Openness, Efficiency and Technology: An Industry Assessment," Scottish Journal of Political Economy, Scottish Economic Society, vol. 60(1), pages 56-70, February.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:plo:pone00:0270588. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: plosone (email available below). General contact details of provider: https://journals.plos.org/plosone/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.