Efficiency and its influencing factors in port enterprises: empirical evidence from Chinese port-listed companies

This study investigates the efficiency and the factors that influence the efficiency of Chinese port-listed companies. We employ a two-stage procedure to analyse the efficiency of port enterprises and their influencing factors. First, we use Data Envelopment Analysis to calculate the efficiency scores of listed companies. The major findings are as follows: (1) overall, the means of scores were relatively high and exceeded by 0.8 in our research period; (2) the efficiency scores were different among individual firms; (3) a strong regularity of returns to scale was present. Second, we discuss the influencing factors of efficiency and established a regression model. We then employ a panel data approach to investigate how these factors influence the efficiency of the aforementioned companies. Results showed that long term or short term, the ratio of state-owned shares, debt asset ratio and operating costs ratio are negatively related to efficiency. Conversely, firm size, ratio of outside directors and human capital are positively related to efficiency. Results of the panel error correction model indicate that a long-term equilibrium relationship exists between efficiency and its influencing factors. Finally, we analyse the reasons behind the findings and proposed some policy implications.