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基于超效率DEA和Tobit模型的中国上市煤炭企业效率研究.docx

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基于超效率DEA和Tobit模型的中国上市煤炭企业效率研究 1.Introduction CoalindustryplaysanimportantroleintheeconomyofChina,whichisthelargestcoal-producingandconsumingcountryintheworld.However,duetotheovercapacityandenvironmentaldamagecausedbythecoalindustry,theChinesegovernmenthasbeenimplementingpoliciestoreducecoalproductionandconsumption.Thus,theefficiencyofthecoalindustryhasbecomeacrucialindicatorofthesuccessofthesepolicies. TheaimofthispaperistoinvestigatetheefficiencyoflistedcoalenterprisesinChinaandtoidentifythedeterminantsoftheirefficiency.Toachievethisgoal,wewillusethesuper-efficiencydataenvelopmentanalysis(DEA)andtheTobitmodelwhichhavebeenwidelyusedinpreviousstudies. 2.Literaturereview Inrecentyears,manystudieshavebeenconductedtomeasuretheefficiencyofcoalenterprisesinChina.Lietal.(2020)usedtheDEAmethodtoanalyzetheefficiencyoflistedcoalenterprisesfrom2013to2017,andfoundthattheaveragetechnicalefficiencyofcoalenterpriseswaslow,at0.447.Zhuetal.(2020)usedtheMalmquistproductivityindextoanalyzetheefficiencyofcoalcompaniesintheShanxiProvince,andfoundthattheproductivityofcoalcompaniesdecreasedsignificantlyinthepastfewyearsduetothegovernment'sstrictenvironmentalpolicies. Inaddition,severalstudieshaveexaminedthedeterminantsofefficiencyinthecoalindustryinChina.Dongetal.(2019)foundthattheownershipstructure(state-ownedvs.non-state-owned),companysize,andinvestmentintensityhaveasignificantimpactoncoalenterpriseefficiency.LiuandLi(2015)foundthatgovernmentsubsidieshaveanegativeimpactoncoalenterpriseefficiency. 3.DataandMethodology Thesampleofourstudyincludes36listedcoalenterprisesinChinafrom2015to2019.Weusethesuper-efficiencyDEAmethod,whichcanmeasuretherelativeefficiencyofeachenterpriseandthenidentifythemostefficiententerprises.Inaddition,theTobitmodelisusedtoidentifythedeterminantsofefficiency. Inthesuper-efficiencyDEAmethod,wefirstidentifytheefficientfrontierbyusingtheDEAmethod.Then,wecalculatetheefficiencyscoreofeachenterprisebasedontheefficientfrontierandtheindividualinputsandoutputs.Finally,wera