Study On Total Factor Productivity Growth Of Petroleum Enterprises Under Low Oil Price

Since the beginning of the 20 th century,international oil prices have experienced many fluctuations.The last significant drop in oil prices was in the second half of 2014.Under the situation of low oil price,it is an urgent problem for petroleum enterprises to realize the sustainable development with quality and benefit.Total Factor Productivity(TFP)may be the only reliable growth power for oil enterprises under the new normal conditions.How to use TFP growth to improve the production efficiency of China's petroleum enterprises is a more effective way to solve the economic crisis of petroleum enterprises.Therefore,it is of great practical significance to measure TFP scientifically and objectively and to explore the factors affecting TFP growth of petroleum enterprises in order to improve the quality and efficiency of the development of petroleum enterprises,so as to better deal with the problems of low oil prices,capacity removal and joining international cooperation.Using Malmquist index method based on DEA,TFP of 30 listed petroleum enterprises in China from 2008 to 2017 is calculated.It can be seen that:(1)Overall,TFP of China's petroleum enterprises has shown a downward trend since 2008,and the decline of technological progress is the main reason that hinders the growth of TFP.(2)From the perspective of changes in each year,the changes of TFP in petroleum enterprises change with the rise and fall of oil prices,and ultimately rely on technological progress to achieve large-scale growth of TFP,especially in low oil price years,more attention should be paid to technological innovation.(3)TFP of state-owned and private petroleum enterprises is continuous fluctuation.When oil price is low,TFP of private petroleum enterprises is higher than that of state-owned petroleum enterprises;in stable oil price period,TFP of state-owned petroleum enterprises is higher than that of private petroleum enterprises.(4)According to the difference of technical efficiency change index and technological progress change index of each petroleum enterprise,its TFP growth can be divided into three types: efficient growth type,moderate growth type and tragic growth type.TFP growth is conducive to improving the production efficiency of enterprises.To find an effective way of TFP growth of oil enterprises under low oil prices,we must first find outthe influencing factors of TFP of oil enterprises.Therefore,Panel Data econometric model is constructed to measure the impact of five factors on TFP and its decomposition index in low oil price period: enterprise size,R&D input,return on assets,number of years of listing and enterprise attributes.The empirical results show that:(1)In the period of low oil price,the scale of oil enterprises is negatively correlated with TFP.(2)In the period of low oil price,the increase of R&D investment is conducive to promoting the technological research and development of enterprises,thus promoting the upgrading of TECH of petroleum enterprises.(3)Under the low oil price,the return on assets of enterprises can promote the growth of total factor productivity.(4)When oil prices are low,companies that have been listed for a long time in the short term will not gain advantages because they have been in existence for a long time.(5)Under the low oil price,the state-owned holding enterprises are beneficial to the improvement of TECH,but the non-state-owned holding enterprises are beneficial to the promotion of TFP and EFF.