我国石化行业上市公司股权结构对其技术效率的影响

The Infuence of the Listed Company Stock Right Structure in China's Petrochemical Industry upon Their Technical Effciency

以2004-2011年我国石化行业上市公司数据为样本,采用随机前沿分析方法(SFA)测度技术效率,并根据Battese and Coelli(1995)模型实证考察公司技术效率与股权结构之间的关系。研究表明,近五年以来,我国石化行业上市公司技术效率呈上升态势;公司股权集中度与公司技术效率呈显著负相关关系;股权制衡度与公司技术效率呈显著正相关关系。

Using listed company data in China＇s petrochemical industry from 2004 to 2011 as the sample, the article measures the technical efficiency by random frontal analysis （SFA） and empirically observes the relationship between corporate technical efficiency and stock right structure based on the Battese and Coelli （1995） model. The research indicates that, in recent 5 years, the technical efficiency of listed companies in petrochemical industry has emerged an ascending situation; the degree of corporate stock right centralization has obvious negative correlat]on with corporate technical efficiency; the degree of stock right balance has obvious positive correlation with corporate technical efficiency,