The Empirical Analysis On The Relationship Between The Equity Structure And The Efficiency Of The Listed Energy Companies In China

The relationship between equity structure and the efficiency of listed companies has been a hot topic in the academia. But the present research seldom refer to the energy companies. The energy industry is an important part of nation economy, and is also the base of economy operation. On Dec.18^th,2006,SAC of State Department denoted at the first time that the energy industry would be controlled by the State Economy, the state capital must own the energy industry or absolutely control it. So it is of importance in the academia and practice for the study on the relationship between equity structure and corporation efficiency in the energy field.In our research, we don't use the conventional finance index such as ROE,ROA,EPS that measure the corporation efficiency. First, we use SFA to construct a stochastic frontier cost function model for the companies and figure out the efficiency by the Frontier software. Second, we construct a variable intercept fixed-effects model and a random-effects model based on the unbalanced panel data. At last we use Hausman Test for the choice between the two models.Our result shows: 1,The concentration ratio of shares is negative correlation with the energy companies' efficiency; 2,The ratio of state-owned shares has no significant effect on the energy companies' efficiency, because almost all of the first major shareholders of the energy companies are the state-owned shares, so it is possible that the concentration ratio of shares in the model may weaken the effect of the state-owned shares; 3,With the increase of the ratio of corporate shares the energy companies' efficiency has a trend of reversed "U"; when the ratio of corporate shares proportion is 40% the efficiency come to a head; 4,The ratio of shares in circulation has no significant effect on the efficiency; 5,Inside ownership has no significant effect on the efficiency.