Research on co-creation efficiency of
university enterprise value based on
multiple stakeholders
by
Zhang Huan
Thesis Submitted to the faculty of the Xi’an Technological
University in Partial Fulfillment of
the Requirements for the Degree of
MASTER
in
The enterprise management
Supervisor: Prof. Zhang Mingqin
Xi’an Technological University
May 2022
Xi’an, Shaanxi, P.R.China
摘
要
高校企业的发展离不开多元利益主体的投入与奉献。然而，从高校企业的发展实践
来看，目前高校企业的创新效率并不理想，无法带动产业的持续发展。从多元利益主体的
角度出发，对高校企业的价值共创效率进行研究，有利于从源头上平衡多元利益主体之间
的关系，理清高校企业价值共创的机理，提升高校企业价值共创效率。基于此，从多元利
益主体角度探究高校企业价值共创效率具有重要意义。研究的主要内容如下：
第一，研究结合国内外文献，以多元利益主体为重点，研究包括经营者、股东、合
作商、社会、顾客、债权人以及员工等多元利益主体，建立了两阶段链式 DEA模型；将
多元利益主体价值共创作为高校企业进行资源整合投入到最终获得的效益的中间阶段，从
而将高校企业价值共创分为两个子系统进行探究。
第二，研究结合高校企业特性，利用专家打分法以及层次分析法构建了两阶段链式
DEA的投入指标、中间指标以及产出指标体系。一阶段投入指标包括人员规模、资产规
模和主营业务成本；中间阶段指标包括总资产周转率、资产负债率、支付员工的工资、每
股收益、应付账款周转率、总资产税费率以及环保费用；产出指标包括销售净利率和总资
产净利率。
第三，论文选择 23家高校上市公司作为研究对象，以 2016-2019年的年报数据为依
据进行分析，发现高校企业的价值共创效率值差异较大，分布不均匀。高校企业在多元利
益主体价值共创的情况下，整体的平均值为 0.4043，价值共创效率相对较低，体现出资源
配置以及价值共创等方面的问题。其中，一阶段效率在 0.9以上，整体表现良好；二阶段
效率在 0.4336以上，效率损失超过了 50%。进一步分析发现，内部经营管理效率低下、
整体价值共创理念薄弱以及知识与技术创新与企业的实际生产力不符是影响多元利益主
体价值共创的主要因素。
最后，提出了提升高校企业价值共创效率的思路，主要是提升高校企业管理者价值共
创意识、提升企业管理效率以及资源配置水平、顺应市场需求进行技术开发等。
关键词：多元利益主体；价值共创；创新效率；DEA
本研究得到国家社会科学基金（编号：19BGL027）资助。
Abstract
The development of university enterprises is inseparable from the input and dedication of
multiple stakeholders. However, from the perspective of the development practice of university
enterprises, the current transformation results of innovation efficiency of university enterprises
are not ideal and cannot drive the sustainable development of the industry. From the perspective
of multiple stakeholders, studying the value co-creation efficiency of college enterprises is
conducive to balancing the relationship between multiplestakeholders from the source,
clarifying the mechanism of college enterprise value co-creation, and improving the value
co-creation efficiency of college enterprises. Based on this, it is of great significance to explore
the value co-creation efficiency of colleges and universities from the perspective of multiple
stakeholders. The main contents of the research are as follows:
First of all, combined with the literature at home and abroad, the paper focuses on multiple
stakeholders, including operators, shareholders, partners, society, customers, creditors and
employees, and establishes a two-stage chain DEA model to co-create the value of multiple
stakeholders into the intermediate stage of resource integration and input to the final benefits of
university enterprises, thus the value co-creation of university enterprises is divided into two
subsystems.
Secondly, combined with the characteristics of university enterprises, the input index,
intermediate index and output index system of two-stage chain DEA are constructed by using
expert scoring method and analytic hierarchy process (AHP). The input indicators of the first
stage include the scale of personnel, the scale of assets and the cost of the main business; the
indicators of the intermediate stage include total asset turnover, asset-liability ratio, wages paid
to employees, earnings per share, turnover of accounts payable, total asset tax rate and
environmental protection expenses; output indicators include net interest rate on sales and net
interest rate on total assets.
Thirdly, 23 university listed companies are selected as the research object, and based on
the annual report data from 2016 to 2019, it is found that the value co-creation efficiency of
university enterprises isquite different and the distributionis uneven. In the caseof
multi-stakeholder value co-creation, the overall average value of university enterprises is
0.4043, and the transformation efficiency is relatively low, reflecting the problems of resource
allocation and use. Among them, the efficiency of the first stage is more than 0.90, the overall
performance is good; the efficiency of the second stage is more than 0.4336, and the efficiency
loss is more than 50%. Then, further analysis appears that the main factors affecting the value
co-creation ofmultiple stakeholdersare the lowefficiency ofinternal operationand