基于SFA法的我国航运上市公司相对效率研究

发布时间：2018-05-17 21:59

本文选题：随机前沿分析 + 航运上市公司　；参考：《大连海事大学》2013年硕士论文

【摘要】：我国航运业的发展推动了我国与全球的经济贸易往来,对我国经济的高速增长做出了重大贡献,因此航运业的健康发展具有极其重要的意义。然而金融危机的爆发,不仅冲击了航运企业的经营发展,也暴露出积累已久的问题,故对航运企业的经营评价十分重要。纵观以往研究,集中在关注企业的利润效益层面上,多为效益绩效评价,但对航运企业的全面评估还应深入了解其运行能力以及市场表现。因此,本文旨在进一步探索航运企业的经营效率,并提出有效的措施提高我国航运企业效率的具体建议。随机前沿分析法(SFA)由于考虑了随机误差对效率的干扰,将生产单位无法控制的外在因素的影响从非效率值中剔除掉,更符合实际生产中的情况,在如今的技术效率研究中广为运用。目前,SFA已经为国内外农业、银行机构、保险业等各行业效率评估的重要手段。本文将采用随机前沿分析(SFA)方法对我国10家航运上市公司、国际7家航运上市公司进行了基于2007-2012年面板数据的相对效率测度与分析。论文选取总资产、资本支出、雇员人数以及营业收入作为运行效率的投入与产出指标；选取净利润、股东权益以及市场价值作为市场效率的投入产出指标。实证结果显示,我国航运上市公司相对效率水平十分低下,仅有中海集运与中远航运2007年运行效率为61.77%与51.51%,其余均低于50%。与国际航运上市公司相对效率值对比,我国航运上市公司均低于国际航运公司水平,可见我国航运上市公司在资产利用程度、资本市场的运作能力还有待进一步提高,而我国航运上市公司的相对效率具有很大的提升空间。最后,本文提出了提高我国航运上市公司相对效率的具体建议。
[Abstract]:The development of China's shipping industry has promoted the economic and trade exchanges between China and the world, and has made a great contribution to the rapid economic growth of our country. Therefore, the healthy development of the shipping industry is of great significance. However, the outbreak of financial crisis has not only impacted the management and development of shipping enterprises, but also exposed the problem of accumulation for a long time, so it is very important to evaluate the management of shipping enterprises. Throughout the past studies, we focus on the profit level of enterprises, most of them are performance evaluation, but the comprehensive evaluation of shipping enterprises should also have a deep understanding of their operational capabilities and market performance. Therefore, this paper aims to further explore the operational efficiency of shipping enterprises, and put forward effective measures to improve the efficiency of shipping enterprises in China. The stochastic frontier analysis method (SFAA), considering the interference of random error to efficiency, removes the influence of external factors beyond the control of the production unit from the non-efficiency value, which is more in line with the actual production situation. It is widely used in the research of technical efficiency nowadays. At present, SFA has been an important means to evaluate the efficiency of agriculture, banking, insurance and other industries at home and abroad. In this paper, a stochastic frontier analysis (SFAA) method is used to measure and analyze the relative efficiency of 10 listed shipping companies and 7 international listed shipping companies based on the panel data from 2007 to 2012. The paper selects total assets, capital expenditure, number of employees and operating income as input and output indicators of operational efficiency, net profit, shareholders' equity and market value as input and output indicators of market efficiency. The empirical results show that the relative efficiency of China's listed shipping companies is very low, only China Shipping and Cosco Shipping in 2007 operational efficiency of 61.77% and 51.51%, the rest are less than 50. Compared with the relative efficiency of the listed international shipping companies, the listed shipping companies in our country are lower than the international shipping companies. It can be seen that the degree of asset utilization and the operation ability of the capital market of the listed shipping companies in China need to be further improved. The relative efficiency of listed shipping companies in China has great room for improvement. Finally, the paper puts forward specific suggestions to improve the relative efficiency of listed shipping companies in China.
【学位授予单位】：大连海事大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F552.6

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