磷化工企业运营效率及其影响因素研究——基于上市公司数据的分析

Research on the Operational Efficiency and Influencing Factors of Phosphorus Chemical Enterprises——Analysis based on Listed Enterprise Data

磷化工产业是我国国民经济发展的重要产业。推动磷化工企业转型升级,引入绿色循环理念,有利于实现其可持续发展。本文基于2016-2018年我国26家磷化工上市公司数据,运用DEA-Tobit模型,实证研究企业运营效率及其影响因素。研究发现:我国磷化工上市公司运营效率较高;企业间运营效率差异明显,有7家企业运营效率值始终为有效值1;纯技术效率对运营效率的影响略高于规模效率;经营费用率、股权集中度、技术创新对企业运营效率有显著影响,企业规模对运营效率的影响不显著。最后,从政府和企业层面为我国磷化工企业的转型升级和可持续发展提出加强技术创新、完善股权结构等建议。

The phosphorus chemical industry is an important industry for the development of China’s national economy. Promoting the transformation and upgrading of phosphorus chemical enterprises and introducing the concept of green recycling are conducive to achieving sustainable development. Based on the data of 26 listed phosphorus chemical companies in C hina from 2016 to2018, this paper uses the D EA-Tobit model to empirically study the operating efficiency o f companies and their influencing factors.The results indicate that: C hina’s listed phosphorus chemical companies have relatively high operating efficiency;there are obvious differences in operating efficiency among enterprises, and the operating efficiency value of seven enterprises is always the effective value of1;pure technical efficiency has a slightly higher impact on operating efficiency than scale efficiency;operating expense rate, equity concentration, and technological innovation have a significant impact on the operational efficiency of a company, while the scale of the company does not have a significant impact on the operating efficiency. Finally, from the government and enterprise levels, suggestions for strengthening technological innovation and perfecting the shareholding structure are put forward for the transformation, upgrading,and sustainable development of China’s phosphorus chemical enterprises.