【摘要】：中國經(jīng)濟(jì)改革是歷史上千載難逢的機(jī)遇,各行各業(yè)都需要抓住機(jī)會,促成更快更有效的發(fā)展。交通運輸、倉儲業(yè)是國家產(chǎn)業(yè)改革中的重點支持行業(yè),其業(yè)務(wù)經(jīng)營觸角延伸入其他各行業(yè)的生產(chǎn)和廣大民眾的生活領(lǐng)域,發(fā)揮著至關(guān)重要的基礎(chǔ)性功能。作為區(qū)域和國家發(fā)展,甚至國際交流與合作的先導(dǎo)性產(chǎn)業(yè),其行業(yè)良好運行對社會民生有巨大影響。評價行業(yè)內(nèi)上市企業(yè)的經(jīng)營成果,并探究其影響因素已經(jīng)成為相關(guān)研究的重點。本文借鑒前人的研究,首先選擇符合行業(yè)特性的效率測算指標(biāo),通過DEA和超效率DEA方法分析目標(biāo)行業(yè)六十二家上市公司2011-2015年的靜態(tài)經(jīng)營效率,并運用Malmquist指數(shù)模型,分析公司的TFP變化情況。結(jié)果發(fā)現(xiàn),行業(yè)整體經(jīng)營效率偏低,眾多上市企業(yè)均存在內(nèi)部管理、運營機(jī)制和規(guī)模發(fā)展不合理的情況。此外,在研究的時間范圍內(nèi),行業(yè)整體技術(shù)進(jìn)步變化指數(shù)呈現(xiàn)略微下降態(tài)勢。在效率研究的基礎(chǔ)上,本文重點關(guān)注所有權(quán)結(jié)構(gòu)與經(jīng)營效率兩者之間的關(guān)系。本文通過流通股占總股數(shù)比例、前十大股東持股比例之和、第一大股東與第二大股東持股比例的比值三個代理變量衡量股權(quán)結(jié)構(gòu),同時引入宏觀層面、區(qū)域?qū)用婧凸緝?nèi)部層面的控制變量。經(jīng)過模型擬合分析,結(jié)果表明在我國交通運輸、倉儲行業(yè),前十大股東持股比例之和的增加有利于經(jīng)營效率的提高,而流通股占總股數(shù)比例、Z指數(shù)與經(jīng)營效率的關(guān)系不顯著。分析原因,可能在國家背景濃厚的交通運輸、倉儲行業(yè),公司的股權(quán)集中更與利于整合內(nèi)部資源,降低代理成本的同時,由于國家的監(jiān)督,降低了大股東以權(quán)謀私的可能性。
[Abstract]:China's economic reform is a once-in-a-lifetime opportunity, and industries need to seize the opportunity to promote faster and more effective development. Transportation and warehousing industry is the key supporting industry in the national industrial reform. Its business operation and tentacles extend into the production of other industries and the living field of the general public, which plays a crucial and fundamental role. As a leading industry of regional and national development, even international exchange and cooperation, the good operation of the industry has a great impact on the people's livelihood. It has become the focus of relevant research to evaluate the operating results of listed enterprises in the industry and to explore its influencing factors. Based on the previous studies, this paper first selects the efficiency measurement index according to the industry characteristics, analyzes the static operation efficiency of 62 listed companies in target industries from 2011 to 2015 by using DEA and super-efficiency DEA methods, and applies the Malmquist index model to analyze the static operation efficiency of the 62 listed companies in the target industry from 2011 to 2015. Analyze the TFP changes of the company. The results show that the overall operating efficiency of the industry is on the low side, and many listed enterprises have unreasonable internal management, operation mechanism and scale development. In addition, in the time range of the study, the industry as a whole technology progress change index showed a slight decline. On the basis of efficiency research, this paper focuses on the relationship between ownership structure and management efficiency. This paper measures the equity structure through the ratio of circulating shares to the total number of shares, the sum of the top ten shareholders' shareholdings, the ratio of the first largest shareholder to the second largest shareholder's holding ratio, and the introduction of macro level. Control variables at the regional and internal levels. Through the model fitting analysis, the results show that the increase of the proportion of the top ten shareholders in transportation and storage industry is beneficial to the improvement of operational efficiency, while the proportion of circulating shares to the total number of shares, Z index and operating efficiency are not significant. Analysis of the reasons, it is possible that in the transportation, warehousing industry, the company's equity concentration is more conducive to the integration of internal resources, reduce agency costs, as a result of state supervision, reduce the possibility of large shareholders to use their power for personal gain.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F512;F259.2;F271

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