Analysis On Investment Efficiency And Influencing Factors Of Port Enterprises

Ports have been an important driving factor for a country's economic development since ancient times.As people gradually realize that ports drive regional economic growth through the comprehensive connection of upstream and downstream industries,various port groups have invested a lot of money in the development and construction of ports.However,due to the limited natural resources such as docks and berths,the close geographical location between adjacent ports,the overlapping of hinterland resources and other factors,the port scale cannot be expanded indefinitely.Due to the lack of scientific decision-making,the problems of blind expansion and low-level repeated construction have become more and more prominent when China's port investment and construction are expanding at an alarming rate.Therefore,evaluating the investment efficiency of port enterprises will help to improve the efficiency of port enterprise resource allocation,optimize the port investment structure and promote the sustainability.At present,scholars at home and abroad have studied the efficiency of port investment from various perspectives and achieved fruitful results.In particular,many scholars use data envelopment analysis(DEA)to study port efficiency,which fully demonstrates that DEA model is suitable for the evaluation and research of port efficiency.Therefore,based on previous research results,On the premise of considering the internal and external conditions of the port,through improving the selection of input and output indicators,the evaluation system is established to study,so as to provide a more comprehensive,reasonable and efficient ports investment efficiency for enterprise managers,and provide direction for port development and decision-making,this paper introduces the meaning of port investment and efficiency,summarizes the evaluation methods and characteristics of port efficiency,selects asset purchase,long-term equity investment and operating expenses as input indicators,and selects net profit,earnings per share and return on equity as output indicators according to the characteristics of port production operations and the determined index selection principles.On the basis of DEA model and super-efficiency model,the evaluation system of port investment efficiency is constructed,and the comprehensive efficiency,pure technical efficiency and scale efficiency of 14 major coastal port enterprises in China from 2010 to 2017 are calculated.The research shows that due to the alternation of scale efficiency and pure technical efficiency,the comprehensive efficiency value of China's major coastal ports shows a downward trend.The investment efficiency of each port group is quite different.The investment efficiency of the port groups in the Yangtze River Delta and the Pearl River Delta is obviously better than that of the port groups around the Bohai Sea.The economic level of the hinterland directly affects the pure technical efficiency of the ports and becomes the endogenous power of the port development.However,the input redundancy of invalid ports is more than the output insufficiency.There is redundancy in the three input items of asset purchase,long-term equity investment and operating expenses.The ineffectiveness of ports is mainly caused by excessive input.Enterprises investment efficiency is affected by both external market macro-environment and internal conditions.Compared with external factors,internal factors are complex but subjective and controllable.Based on DEA model,Tobit model is introduced to further analyze the factors affecting the investment efficiency of China's coastal ports.The results show that the port investment efficiency is significantly positively correlated with the company size and asset-liability ratio,and significantly negatively correlated with free cash flow.Finally,this paper proposes to improve the investment efficiency of port enterprises by reasonably controlling the scale of enterprises,optimizing the capital structure,reducing the debts of enterprises and improving the efficiency of port operation and management.