누적 맴퀴스트 생산성 지수를 이용한 감정평가법인의 생산성 변화요인 분석

An Analysis of Productivity Change Determinants in Appraisal Firms Using Cumulative Malmquist Productivity Index

This research used the cumulative Malmquist index that estimates change in productivity in each year from 2010 to measure the efficiency of appraisal firms in Korea over a period of seven years. In order to analyze the effect on productivity change, panel regression analysis was carried out. The results of the study which likewise utilized DEA and Malmquist index analysis can be summarized as follows. The average technical efficiency (TE) according to the CCR model is 0.972, while the average pure technology efficiency (PTE) according to the BCC model is 0.991 and the average scale efficiency (SE) is 0.981. The change in cumulative Malmquist productivity (MALM) more than doubled from 1.03 in 2010 to 2.46 in 2016 and the annual average growth rate (CAGR) in these periods was 15.6%. Among these productivity changes, efficiency changes (EC) maintained a certain level at 1.04 in 2010 and 1.03 in 2016. On the other hand, technological efficiency (TECH) registered at 0.99 in 2010 and 2.38 in 2016 and the annual average growth rate reached 15.8% during these periods. This study showed that productivity (MALM) change is influenced by technological efficiency (TECH) rather than efficiency changes (EC). In other words, changes in productivity revealed that efficiency rose mainly because of advancement of technology due to what is happening in the industrial market environment.