Evaluation Of Operational Efficiency Of Port Listed Companies From The Perspective Of Commercial Credit Risk

Port has made a vital contribution to the economic development of China.Experts point out that we should attach great importance to the problem of overcapacity in China's ports.At the same time,since the 2008 financial crisis,the global economy has been in the stage of adjustment and recovery,the process of trade has been blocked,the benefits of port enterprises are greatly affected,and the competition is further intensified.In order to stabilize the source of customers,many port enterprises magnify the commercial credit risk,and increase the amount of accounts receivable and the payback period,it is necessary to analyze the impact of port enterprises magnify the commercial credit risk.This paper first expounds the background and significance of the research,and then reviews the literature on port efficiency at home and abroad.On this basis,this paper selects 14 port listed enterprises in China as research objects,and collects and collates the annual report data of 9 years from 2010 to 2018.In this paper,the data envelopment analysis method is selected for efficiency analysis,and commercial credit risk is included in the research scope of efficiency measurement of port enterprises.On the basis of previous studies,the three-stage DEA model is improved.Firstly,the enterprise operating efficiency considering the level of port credit risk is evaluated,and then the endogenous risk variables excluding environmental impact and random interference are obtained.The adjusted endogenous risk variables were incorporated into the DEA system of port efficiency evaluation to analyze and compare the port efficiency before and after risk adjustment.It can be seen from the results that the port efficiency is obviously improved after commercial credit risk is included in the evaluation system.However,there is no significant change in the change trend of the annual efficiency value of the port industry,and the scale efficiency is always the main factor affecting the effectiveness of the overall port DEA.Returns and risks are closely related,and the efficiency of port companies is often underestimated if commercial credit risk factors are not taken into account.Finally,combined with the empirical results,'the paper puts forward relevant countermeasures and Suggestions,including:promoting port companies to establish a long-term operation mechanism for reasonably controlling commercial credit risk and improving efficiency,improving the internal governance mechanism of enterprises on the basis of risk control,and steadily improving efficiency.