Study On Efficiency Of Listed Companies Of Port Industry

Nowadays, with the rapid development of economic globalization, the shipping trades between countries have become more and more frequently, the port will assume the task of world trade in the vast majority of goods transit and it plays an important role in the economic system. The current development of Chinese ports are in a rising period, although the development of ports are rapid,there have been a lot of waste of resources. Therefore, the evaluation of the efficiency of listed companies of port industry are necessary. The efficiency of ports reflects the ability of allocating port’s resource.Evaluating the efficiency of the ports can not only resolve the problem of company management and improve the efficiency of port industry,but also give the port management and related regional countries important reference information.In this paper, we first use DEA model to analysis the overall efficiency, pure technical efficiency and scale efficiency of 14 listed companies of port industry between 2010 and 2014. The normal DEA model can not evaluating the efficiency when there are multiple effective units, so we introduction of super-efficiency DEA model to evaluate these 14 ports. Then, we use Malmquist Productivity Index to analysis the change of the efficiency of 14 ports of listed companies during 2010 and2014, and then this paprt analysis the effect of changes in technical efficiency and technological progress to total factor productivity. To analyze the impact of the economic hinterland on port efficiency of listed companies, this paper divided the 14 ports into there groups by the Yangtze River Delta, Pearl River Delta and Bohai Bay.The results showed that: Overall, the efficiency of 14 ports listed companies between2010 and 2014 is high, efficiency values are above 0.75, higher technical efficiency is an important factor for the high efficiency of the port. Also the efficiency of ports in Yangtze River Delta and Pearl River Delta are higher than in the Bohai Bay area,which indicate that the level of economic hinterland have a significant impact on the development of the efficiency of listed companies. In addition, the efficiency of 14 ports of listed companies have a tendency of improving, which is mainly due totechnological progress, technological progress has an important contact to the adjustment of the structure of factor allocation.The efficiency of some ports is high, while others is low. This paper select the corresponding index, use Tobit model analysis the factors of the efficiency of 14 ports listed companies between 2010 and 2014. The empirical results show that the proportion of the largest shareholder, return on assets, number of employees bachelor degree or above of the total number of employees and the proportion of company size show a significant positive correlation with the overall efficiency of the port.Finally, the paper gives the summary, for enhancing the efficiency of listed companies of port industry, they have to optimize the ownership structure,strengthening corporate governance and pay attention to the role of talent.