ANALYSIS OF INNOVATION EFFICIENCY AND INFLUENCING FACTORS OF LISTED COMPANIES IN BEIJING-TIANJIN-HEBEI ECONOMIC ZONE BASED ON IMPROVED DEA.

This study investigates the innovation efficiency of listed companies in the Beijing-Tianjin-Hebei region from 2015 to 2021. Various models are applied to analyze the data and identify factors affecting innovation efficiency. The findings show that, after adjusting the data, most listed companies' scale efficiency decreases significantly. Pure technical efficiency also decreases, but not to a substantial degree. These changes lead to an overestimation of innovation efficiency. The analysis reveals that the business environment influences the innovation index of listed companies. Additionally, there is a positive relationship between enterprise nature, equity concentration, urban financial expenditure, and innovation efficiency. Longer-established companies face challenges in improving their innovation efficiency. Most companies demonstrate improvements in technical efficiency, indicating relatively high levels of technical efficiency. However, continuous technological progress is crucial. The paper suggests that policymakers and company management should prioritize the enterprise's nature, equity concentration, and urban financial expenditure to cultivate innovation efficiency. [ABSTRACT FROM AUTHOR]