区位、企业规模、股权结构和成本效率：基于我国19家高速公路上市企业的实证研究

Location,Firm Scale,Stock Right Structure and Cost Efficiency:Empirical Study on 19 Listed Highway Companies

本文利用我国19家高速公路上市企业2001—2005年财务数据采用随机成本边界模型(SFCM)对高速公路企业的成本效率进行估计,并对可能影响企业成本效率的不可控变量,如区位、企业规模和股权结构等构建无效率影响因子模型进行假设和验证。本文主要结论是:我国高速公路上市企业的成本效率普遍比较低。有效利用资源、严格控制成本应该是每一个高速公路企业不容忽视的问题;总体上看,高速公路上市企业的成本效率经历了先下降后上升的过程,企业的成本控制水平在向积极方面转化;经济区位对高速公路企业成本效率产生间接影响;我国高速公路企业发展正处于规模报酬递增阶段,企业规模越大,其成本效率相对越高;国有股占比对企业成本效率影响不显著。

This paper applies the stochastic frontiers model proposed by Battese and Coelli （1995） to simultaneously estimate the stochastic cost function and equation of inefficiency for 19 listed highway enterprises in China from 2001 to 2005. The major findings are as follows ： The cost efficiencies of highway companies are low in studying period, however, they are improving. The cost efficiency in the east is significantly higher than the central and west. An increase in scale of the finn significantly improves cost efficiency, showing the scale of economy. The average cost efficiency first went down and then went up in the sample period.