Tobit regression for firm heterogeneity.

The key to high-quality development in the textile and apparel industry lies in enhancing technological innovation and optimizing the efficiency of technological innovation. Based on data from 60 A-share listed companies in the textile and apparel sector in China from 2013 to 2022, this study employs a three-stage DEA model and the Malmquist index model to measure changes in technological innovation efficiency from static and dynamic perspectives. Additionally, it uses a Tobit model to analyze the impact and mechanisms of management and financial factors on technological innovation efficiency. The results indicate that: (1) Compared to the manufacturing industry and its sub-sectors, the overall technological innovation efficiency of listed textile and apparel companies was relatively low and showed a declining trend between 2013 and 2022; (2) Over the decade, the average total factor productivity of these listed companies increased by 1.7%, exhibiting a "W" shaped fluctuation, with technological progress, pure technical efficiency, and scale efficiency all showing weak improvement; (3) Management and financial factors significantly influence technological innovation efficiency. Specifically, employee quality, profitability, and operational capability are positively correlated with technological innovation efficiency and have long-term effectiveness, while firm age, management costs, equity concentration, development ability, and debt repayment capacity are negatively correlated with technological innovation efficiency; (4) Different types of enterprises show differences in the significance of management factors, while whether the same person holds both managerial positions significantly affects financial factors.

纺织服装业高质量发展的核心在于强化技术创新能力并优化技术创新效率。本研究以2013-2022年中国纺织服装行业60家A股上市公司的面板数据为样本，采用三阶段数据包络分析（Data Envelopment Analysis, DEA）模型与曼奎斯特指数（Malmquist Index）模型，分别从静态与动态维度测算技术创新效率的变动特征；同时借助托比特（Tobit）模型，剖析管理层特征与财务因素对技术创新效率的影响效应与作用路径。研究结果显示：(1) 2013-2022年间，纺织服装行业A股上市公司的整体技术创新效率相较制造业及其细分行业仍处于较低水平，且整体呈逐年下滑趋势；(2) 十年间，样本企业的平均全要素生产率（Total Factor Productivity, TFP）提升1.7%，整体呈现"W"型波动特征，其中技术进步、纯技术效率与规模效率均实现小幅改善；(3) 管理层特征与财务因素对技术创新效率存在显著影响：具体而言，员工素质、盈利能力与运营能力与技术创新效率呈显著正相关，且具备长期正向作用；而企业成立年限、管理成本、股权集中度、发展能力与偿债能力则与技术创新效率呈显著负相关；(4) 不同类型企业的管理层因素影响显著性存在异质性，而同一人兼任两项管理职务会对财务层面因素产生显著影响。