Table 6. Summary of the Malmquist total factor productivity index of different types of firms during 2015–2019 (ranked by TFPCH).
| No. | DMU | effch | techch | pech | sech | tfpch |
|---|---|---|---|---|---|---|
| B2C | ||||||
| 1 | Weimob | 1.206 | 1.144 | 1.156 | 1.043 | 1.380 |
| 2 | Tuanche | 1 | 1.108 | 1 | 1 | 1.108 |
| 3 | Bear | 1.037 | 1.044 | 1.071 | 0.968 | 1.082 |
| 4 | Jumei | 1.150 | 0.925 | 1.137 | 1.012 | 1.064 |
| 5 | Gome | 1.124 | 0.930 | 1.046 | 1.075 | 1.045 |
| 6 | Youzan | 1.032 | 1.005 | 1.026 | 1.005 | 1.037 |
| 7 | Zhidemai | 1.024 | 0.976 | 1.061 | 0.965 | 1 |
| 8 | Onechance | 1.011 | 0.988 | 1.001 | 1.010 | 0.999 |
| 9 | Three squirrels | 0.999 | 1.001 | 1.012 | 0.987 | 0.999 |
| 10 | Alibaba | 1.180 | 0.842 | 1 | 1.180 | 0.994 |
| 11 | Sunning | 1.083 | 0.914 | 1 | 1.083 | 0.991 |
| 12 | Vipshop | 1.050 | 0.940 | 1 | 1.050 | 0.987 |
| 13 | Yunji | 1.027 | 0.944 | 1.026 | 1 | 0.969 |
| 14 | Yujiahui | 1.037 | 0.931 | 1.036 | 1.001 | 0.965 |
| 15 | Secoo | 1.049 | 0.917 | 1.047 | 1.002 | 0.962 |
| 16 | Baozun | 0.989 | 0.935 | 0.985 | 1.004 | 0.925 |
| 17 | Jingdong | 1.002 | 0.919 | 1 | 1.002 | 0.921 |
| 18 | Babytree | 1.093 | 0.838 | 0.988 | 1.107 | 0.916 |
| 19 | 111.com | 0.937 | 0.949 | 0.912 | 1.027 | 0.889 |
| 20 | Nanji | 1.029 | 0.861 | 1.026 | 1.004 | 0.886 |
| 21 | Xiaomi Group | 1.053 | 0.840 | 1 | 1.053 | 0.884 |
| 22 | Ruhnn | 0.972 | 0.901 | 0.976 | 0.996 | 0.876 |
| 23 | Lexin | 0.958 | 0.895 | 0.937 | 1.022 | 0.857 |
| 24 | Ellassay | 0.729 | 1.156 | 1.130 | 0.645 | 0.842 |
| 25 | Mogu | 1 | 0.794 | 1 | 1 | 0.794 |
| 26 | Pinduoduo | 0.779 | 0.919 | 0.772 | 1.010 | 0.716 |
| 27 | Qudian | 0.829 | 0.708 | 0.844 | 0.983 | 0.587 |
| Mean | 1.014 | 0.938 | 1.007 | 1.009 | 0.951 | |
| B2B | ||||||
| 28 | Europol | 1.293 | 0.920 | 1 | 1.293 | 1.190 |
| 29 | LightIn TheBox | 1 | 1.072 | 1 | 1 | 1.072 |
| 30 | Netsun | 1.207 | 0.869 | 1.212 | 0.996 | 1.049 |
| 31 | DX.COM | 1 | 1.015 | 1 | 1 | 1.015 |
| 32 | Guangbo | 1.008 | 0.990 | 1.005 | 1.002 | 0.997 |
| 33 | Cogobuy | 1.085 | 0.909 | 1.070 | 1.014 | 0.986 |
| 34 | United Information | 0.997 | 0.983 | 1.012 | 0.985 | 0.980 |
| 35 | HC Group | 1.076 | 0.907 | 1.067 | 1.008 | 0.976 |
| 36 | Molbase | 1 | 0.932 | 1 | 1 | 0.932 |
| 37 | Zall Smart | 1.007 | 0.899 | 1.008 | 1 | 0.906 |
| 38 | Lianluo Interactive | 0.953 | 0.922 | 0.955 | 0.997 | 0.878 |
| 39 | Focus | 1.010 | 0.881 | 1.015 | 0.996 | 0.876 |
| 40 | Guanfu | 0.975 | 0.890 | 0.980 | 0.995 | 0.868 |
| 41 | Shanghai Ganglian | 1 | 0.826 | 1 | 1 | 0.826 |
| 42 | Huading | 0.883 | 0.923 | 0.855 | 1.033 | 0.815 |
| 43 | Tianze Information | 0.867 | 0.889 | 0.876 | 0.990 | 0.771 |
| 44 | GlobalTop | 1 | 0.767 | 1 | 1 | 0.767 |
| Mean | 1.021 | 0.917 | 1.003 | 1.018 | 0.936 | |
| P2C | ||||||
| 45 | Luckin | 1.207 | 1.247 | 1.129 | 1.069 | 1.505 |
| 46 | Genshuixue | 1.253 | 1.128 | 1.270 | 0.986 | 1.414 |
| 47 | Fangdd | 1.379 | 0.901 | 1.378 | 1.001 | 1.242 |
| 48 | Meituan | 1.157 | 1.015 | 1.001 | 1.155 | 1.174 |
| 49 | Qeeka | 1.172 | 1 | 1.159 | 1.011 | 1.172 |
| 50 | Youdao | 1.064 | 1.043 | 1.061 | 1.003 | 1.110 |
| 51 | 51Talk | 1.040 | 1.055 | 1.028 | 1.011 | 1.097 |
| 52 | Maoyan | 1.161 | 0.938 | 1.161 | 1 | 1.089 |
| 53 | Tuniu | 1.152 | 0.909 | 1.101 | 1.047 | 1.047 |
| 54 | Koolearn | 1.064 | 0.950 | 1.073 | 0.992 | 1.011 |
| 55 | Ping An Health Cloud | 1.064 | 0.944 | 1.110 | 0.958 | 1.004 |
| 56 | 51job | 1.123 | 0.866 | 1.174 | 0.956 | 0.973 |
| 57 | Leju | 1 | 0.971 | 1 | 1 | 0.971 |
| 58 | Q&K | 0.985 | 0.985 | 0.972 | 1.013 | 0.969 |
| 59 | So-Young | 0.979 | 0.980 | 0.922 | 1.062 | 0.959 |
| 60 | 58.com | 1 | 0.944 | 1 | 1 | 0.944 |
| 61 | Tongcheng-Elong | 0.973 | 0.953 | 1.022 | 0.953 | 0.928 |
| 62 | Soufun | 0.904 | 0.959 | 0.852 | 1.062 | 0.867 |
| 63 | Ctrip | 1.017 | 0.846 | 0.967 | 1.052 | 0.861 |
| 64 | Alibaba Picture | 1.125 | 0.755 | 1.117 | 1.007 | 0.850 |
| 65 | Alibaba Health | 0.687 | 0.927 | 0.690 | 0.997 | 0.637 |
| Mean | 1.028 | 0.937 | 1.107 | 1.011 | 0.963 | |
| Total mean | 1.028 | 0.941 | 1.018 | 1.011 | 0.967 |
Note: EFFCH: technical efficiency change; TECHCH: technological change; PECH: pure technical efficiency change; SECH: scale efficiency change; TFPCH: Malmquist TFP index.
All Malmquist index averages are geometric means.