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中文摘要：
以2000年至2006年间近300家中日两国电气器械行业上市公司为样本，分别使用DEA和SFA技术估算了两国电气器械行业上市公司的技术效率，并发现即使在市场竞争充分的电气器械行业中，中日两国都存在严重的低效率现象。然后，基于面板数据随机效应模型，在引入了企业经营业绩、企业规模、财务杠杆、股权结构以及产品市场等控制变量的前提下，检验了企业效率与企业价值的联结性。研究结果表明，在日本电气器械行业中，企业效率对企业价值有着显著的弹性贡献（约等于0．3）；然而，在中国电气器械行业上市公司中，却未能发现这二者之间有显著的相关性。
英文摘要：
Taking up to 300 Chinese and Japanese listed corporations in electricity machinery industry from 2000 to 2006 as the sample, this study use SFA and DEA respectively to measure those companies＇ technical efficiency, and the estimates show that a serious low-level average firm efficiency exists even in highly competitive electricity machinery industry in China and Japan. It then employs the panel data random-effect model to make an explosive test on the nexus between firm efficiency and firm value on the premise of control variables such as operating performance, firm size, financial leverage, structure of shareholder and product market are introduced into this model. Our empirical results verifies that there is a tight, positive and significant linkage between firm efficiency and firm value in Japanese sample. And the elasticity of firm efficiency to firm value is about equal to 0. 3. However, this study cannot find a similar linkage in Chinese electricity machinery industry.
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