Productive Factors, Ownership Structure and the Efficiency of Chinese Construction Companies: Stochastic Frontier Evidence from A-share Listed Companies

摘要

It measures the technical efficiency of listed construction companies based on the panel data by using two Stochastic Frontier Analysis (SFA) models, and estimated the environmental effects on the technical efficiency. In the models, shareholding ratio of the largest stock-holder, the top ten largest stockholders and the floating stock, age are selected as the environmental factors. The data came from the annual reports of all construction companies in SHANGHAI and SHENZHEN STOCK EXCHANGE from 2001 to 2010. The empirical results suggest that the effects of the environmental factors on technical efficiency are keeping consistency in the two models, which is the effect of shareholding ratio of the largest stock-holder is negative, and the effects of shareholding ratio of the top ten largest stockholders, floating stock and age are positive. The efficiency values in model 1 are higher than the values in model 2.