Abstract
This study investigates the efficiency and the factors that influence the efficiency of Chinese port-listed companies. We employ a two-stage procedure to analyse the efficiency of port enterprises and their influencing factors. First, we use Data Envelopment Analysis to calculate the efficiency scores of listed companies. The major findings are as follows: (1) overall, the means of scores were relatively high and exceeded by 0.8 in our research period; (2) the efficiency scores were different among individual firms; (3) a strong regularity of returns to scale was present. Second, we discuss the influencing factors of efficiency and established a regression model. We then employ a panel data approach to investigate how these factors influence the efficiency of the aforementioned companies. Results showed that long term or short term, the ratio of state-owned shares, debt asset ratio and operating costs ratio are negatively related to efficiency. Conversely, firm size, ratio of outside directors and human capital are positively related to efficiency. Results of the panel error correction model indicate that a long-term equilibrium relationship exists between efficiency and its influencing factors. Finally, we analyse the reasons behind the findings and proposed some policy implications.
Acknowledgements
We thank two anonymous reviewers and associate editor Dr Lam very much for providing helpful comments on our article.
Notes
1. Shares of listed companies have different types according to the place of listing and investors, such as A, B, H shares, etc. As the companies in our research are in mainland China and all of them issue A shares (i.e., RMB ordinary shares, which are issued by companies in mainland China and face mainland investors). Currently, there are 17 port-listed companies, namely, the Shanghai International Port (Group) CO., LTD., Tianjin Port Holdings CO., LTD., Yingkou Port Group CO., LTD., Jinzhou Port CO., LTD., Shenzhen Chiwan Wharf Holdings Limited, Shenzhen Yantian Port Group CO.,LTD., Chongqing Gangjiu CO., LTD., Zhuhai Port CO., LTD., Xiamen Port Holding Group CO., LTD., Beihai Port CO., LTD., Wuhu Port Storage & Transportation CO., LTD., Nanjing Port (Group) CO., LTD., Rizhao Port (Group) CO., LTD., Lianyungang Port CO., LTD., Ningbo Port CO., LTD., Tangshan Port Group CO., LTD. and Dalian Port (PDA) CO., LTD.
2. As the listed time of the three companies is late, the data obtained were limited and so we did not include these companies in our sample.