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Technological innovation is a long-term activity with highly unpredictable returns on investment, which makes SMEs with information problems and lack of collateral value be vulnerable to financing constraints when engaging in innovation activities. This study incorporates financing and R&D activities into the evaluation of innovation efficiency and further considers the impact of financial regulation as an external factor in technology-based SMEs in China. This study puts forward a three-stage dynamic DDF-DEA model to explore the overall innovation efficiency as well as the efficiency of each stage in technology-based SMEs by dividing the innovation process into three stages, namely the financing stage, R&D stage and operating stage. The study reveals that the overall efficiency of innovation are higher in non-coastal areas of China than in coastal areas. Non-coastal regions have higher efficiency in the financing and operating stages, while coastal regions have higher efficiency in the R&D stage. Strengthening financial regulation could improve the financing and R&D efficiency both in coastal and non-coastal areas, but it has different effect on the operating efficiency in coastal and non-coastal areas. The results of this study could provide some reference for China and other emerging economies to formulate policies in improving the efficiency of financing and R&D. First published online 30 August 2022

The combination of knowledge innovation and technology innovation provides vitality for social science and technology innovation. China leaps into the front ranks of the world in the 2021 Global Innovation Index (GII). Therefore, this research takes China's theoretical-application innovation as the research object and empirically analyzes measure the innovation efficiency of knowledge innovation dominated by universities and technological innovation dominated by enterprises in China, as well as the gravity-center migration trajectory. The results show that the ranking of overall efficiency of theoretical innovation-application innovation is eastern region > central region > western region. Knowledge innovation presents a drag on overall efficiency, while technology innovation offers a contribution to overall efficiency. In the analysis of PIE (R&D personnel of industrial enterprises above a designated size) variables, the efficiency value is relatively low. The peak value of kernel density increases in the eastern, central and western regions, namely the concentration degree of theoretical innovation-application innovation efficiency in China has risen. The gravity center of each stage migrates to the eastern region, meaning the efficiency value of China’s theoretical innovation and application innovation increases more significantly in the eastern region. From the perspective of knowledge innovation and technology innovation, this paper puts forward suggestions for China and provides some references for other developing countries. First published online10 August 2022

This study reflects on environmental conservation and sustainable development via environmental efficiency by utilizing a one-stage model to measure the performances of decision-making units. Fare et al. (1989) propose the concept of undesirable output, distinguishing between output that is good and bad. OʼDonnell et al.(2008) use metafrontier frameworks to compare the technical efficiency of firms and to distinguish different groups. Therefore, this study utilizes the concept of undesirable output and environmental efficiency and also combines metafrontier frameworks to evaluate and compare Japanʼs and Taiwanʼs high-tech industries. Findings show that Japanʼs performance is better than Taiwanʼs.

This study chooses industrial enterprises with great innovative capacity and above a designated size in Jiangsu as the research object to examine the real mechanism of their innovative activities. We apply the DEA model to calculate the technical efficiency, technical progress, and total factor productivity (TFP) of industrial enterprises from 1999 to 2009, finding that technical progress is the most significant factor in increasing TFP. In order to ensure the efficient flow of capital and labor, the empirical results of this study provide useful evidence to promote the industry frontier technical progress and to improve the average efficiency level.

This study applies the three stage Super-SBM model, which combines the approaches of Fried et al. (2002) and Tone (2002), to analyze the influence of banks' internationalization and risk on efficiency. Most former works focused on the effects of risk, but they seldom emphasize the impact of internationalization. Therefore, in addition to the modification of the empirical model, this study also considers internationalization as an external factor into the efficiency measurement. The results show Taiwan's commercial banks could increase its degree of internationalization to improve efficiency, whether by using the strategy of foreign direct investment or increasing foreign shareholding. This study also evidences that several banks have a fine management capacity, but they are easily affected by external factors to be defined as inefficient units.

Using a Dynamic Network Slack-based Measurement model (Tone & Tsutsui, 2014), this study evaluated the operational efficiency of life insurance firms in Taiwan from 2006 to 2013. In contrast to previous research, we incorporated assets and liabilities management into the model and compared them against optimal efficiency values in order to determine whether firms are earning maximizing profit while ensuring long-term solvency. The life insurance industry in Taiwan has matured. We found that market competitiveness depends on firms size and business model. Financial holdings companies and large corporations are performing strongly, while small local firms and foreign-owned firms scored poorly in technical efficiency. Economies of scale contribute to the business performance of life insurance firms. Life insurance companies that had merged with or been acquired by financial holdings firms showed notable improvement in efficiency. However, change in term efficiency is a warning signal in long-term business performance of life insurance firms. Lastly, most companies achieved optimal carry-over efficiency, indicating that they place considerable emphasis on managing assets and liabilities in order to ensure future solvency.

Fenofibrate-induced acute or chronic hepatitis is rare, and only 11 reports from French, Italian or Spanish literature have been published up to date. We report a case of fenofibrate-induced acute cholestatic hepatitis. To the best of our knowledge, this is the first one reported in Taiwan. A 61-year-old man developed acute cholestatic hepatitis after taking fenofibrate 100 mg tid for 10 days. Laboratory profile on admission showed serum total bilirubin 9.3 mg/dL, direct bilirubin 2.7 mg/dL, alanine aminotransferase 249 IU/L, aspartate aminotransferase 259 IU/L, alkaline phosphatase 259 IU/L, and gamma-glutamyl transpeptidase 1014 IU/L. Pathology proved hepatocanalicular cholestasis in liver. Fenofibrate was discontinued immediately. His clinical manifestations and liver function tests improved gradually and returned to nearly normal in 2 months. We suggest that liver function tests, including total bilirubin, alanine aminotransferase, aspartate aminotransferase, alkaline phosphatase and gamma-glutamyl transpeptidase, be checked at least 2 weeks after taking the drug and that serum aminotransferase be monitored every 3 months during the first 12 months of therapy. Treatment should be discontinued if alanine aminotransferase values increase by more than 100 IU/L.