中国涉海上市企业经营效率及影响因素——基于三层级共同前沿EBM与Tobit模型

Operational efficiency of China’s sea-related listedcompanies and influencing factors:Based on the three-hierarchy Meta-frontier EBM and Tobit models

【目的】面向“海洋强国”战略指引,科学测度中国涉海上市企业经营效率,支持涉海上市企业做优做强,对于巩固海洋经济发展微观根基、促进蓝色经济发展空间拓展具有重要意义。【方法】本文使用基于Pearson相关系数的EBM模型,结合三层级共同前沿技术对2014—2022年间中国涉海上市企业经营效率进行科学测度,并进一步对无效率损失进行分解,探究其内外部影响因素。【结果】研究表明:①从整体视角来看,中国涉海上市企业经营效率整体呈上升趋势并表现出明显的阶段性特征。②从产业-所有制异质性视角来看,新兴涉海企业经营效率前期处于领先地位,但传统涉海企业经营效率后续增长趋势显著;民营涉海企业经营效率整体居于前沿,基本形成民营企业领跑、国有企业紧随的发展格局。③从无效率分解来看,管理无效率损失是影响涉海上市企业经营效率提升的关键原因,其次是产业异质性效率损失和所有制异质性效率损失。④从影响因素分析来看,涉海上市企业管理无效率损失与企业规模显著负相关,与企业偿债能力显著正相关,同时地区经济发展水平显著负向影响着其技术无效率损失。【结论】“十四五”时期应进一步优化海洋产业布局、完善市场化发展环境、提升企业自身管理水平,探索推动涉海上市企业经营效率提升的有效路径。

[Objective]Considering the strategic guideline of“Ocean Power”,a scientific measurement of the operational efficiency of China’s sea-related listed companies and support for sea-related listed companies to be better and stronger are of great significance to consolidate the micro foundation of the development of the marine economy and promote the expansion of the space for the development of the blue economy.[Methods]This study used the explainable boosting machine(EBM)model based on Pearson correlation coefficient,combined with the threehierarchy meta-frontier framework,to scientifically measure the operational efficiency of China’s sea-related listed companies during the period of 2014-2022,and further decomposed the inefficiency loss to explore its internal and external influencing factors.[Results]The study showed that:(1)Overall,the operational efficiency of Chinese sea-related listed companies was on an upward trend and showed obvious stage characteristics.(2)From the perspective of industryownership heterogeneity,the operational efficiency of emerging sea-related companies was leading in the early stages,but the operational efficiency of traditional sea-related companies showed a significant trend of subsequent growth;the operational efficiency of private sea-related companies was at the forefront,and basically formed a pattern of development in which private enterprises were leading and state-owned enterprises were following.(3)From the perspective of inefficiency decomposition,management inefficiency loss was the key reason affecting the improvement of operational efficiency of sea-related listed companies,followed by industrial heterogeneity efficiency loss and ownership heterogeneity efficiency loss.(4)Based on the analysis of influencing factors,the management inefficiency loss of sea-related listed companies was significantly negatively correlated with enterprise size and positively correlated with business solvency,while the level of regional economic development significantly and negatively affected their technical inefficiency loss.[Conclusion]During the 14th Five Year Plan period,we should further optimize the layout of the marine industry,improve the market-oriented development environment,and enhance the management level of the enterprises,to explore the effective path to promoting the operational efficiency of sea-related listed companies.