中国火电上市公司规模与技术效率的关系分析

Analysis on Relationship Between Scale and Technical Efficiency of Chinese Thermal Power Listed Company

以17家中国火电上市公司2007—2015年的数据作为样本,结合随机前沿分析的自回归模型与距离函数方法,使用电力收入作为规模的代理变量,作为解释变量对非效率项进行回归分析。首先测算了各企业各年的技术效率,然后进一步分析讨论规模与效率之间的静态与动态关系。结果表明,我国火电上市公司仍有近50%的效率提升潜力,研究期间平均效率不断下降。非效率的持续性现象明显,说明企业在资源配置的灵活性方面需要继续加强。规模较小的公司效率值普遍较低,规模较大的公司效率值的分布区间较大。从效率值与企业规模的动态变化关系来看,电力收入与效率值正相关,说明在一定程度上电力业务规模的扩大能够促进火电上市公司技术效率的提升。

Take the data between 2007—2015of 17 Chinese thermal power listed companies as sample,combine with autoregression model and distance function method of stochastic frontier analysis,use the power income as the proxy variable of scale,conduct the regression analysis on non-efficiency item as explanatory variable.First,the technical efficiencies of each company can be obtained through measure and calculation,the static and dynamic relationships between scale and efficiency can be discussed further more.The empirical results show that domestic The empirical results have nearly 50% of efficiency improvement potential,the average efficiency is continuous falling during research period.At the same time,the persistent phenomenon of non-efficiency is obvious,it means that the company needs to improve in the flexibility of resource allocation.The efficiency of company with smaller scale is relative lower generally,the efficiency value distribution interval of company with bigger scale is relative large.As for the dynamicvariation relationship between efficiency value and company scale,there is a positive correlation between power income and efficiency value,it means that to a certain degree,the expansion of power business scale can promote the improvement of technical efficiency of thermal power listed companies.