An Empirical Analysis On Technological Efficiency And Influencing Factors Of China's Paper Industry

The paper industry in modern times is a lot more than production and consumption of papers, the influence has already exceeded the industry itself. Nowadays , in this global times, the paper economy related to paper production industry and its industry chain has attracted more and more attentions.The paper aimed at listed companies in paper industry, with related statistics of 2002-2006, apply the DEA modal to analyze the trends of technical efficiency of the whole industry, then go on with a study about changes of technological efficiency of companies with different kinds of paper productions, and try to find the reasons for the changes of the technological efficiency. At last, DEA-Tobit two step methods was applied in analyzing the influencing factors of technological efficiency of listed companies in paper industry, main factors are equity concentration, checks and balances of equity, characteristics of major shareholders, balance of assets and liabilities. It is concluded as follows:1. The technological efficiency of China's paper industry is not high, most listed companies are not technological efficient. The total technological efficiency presented a trend of rising after decline; the lowest points were achieved in 2004 and 2005. Trends of technological efficiency of listed paper companies doing different paper categories are different, the average technological efficiency of specialty papers is higher than listed companies mainly produced newsprint, cultural paper and packaging paper.2. Equity concentration (the largest shareholding ratio) has a obvious inverted-U effect on technological efficiency, as the shareholding ratio of the largest shareholder arises, technological efficiency rises, when the ratio had got to a certain point, the technological efficiency declined as the ratio went on rising. Balances of equity (the ratio of the largest shareholders divided by sum of second and third shareholder) has obvious negative impact on technological efficiency, capital structure has obvious negative impact on technological efficiency, as the asset-liability ratio rose, the technological efficiency declined. The higher of academic level of qualifications, the higher the technological efficiency went. When the largest shareholders were state shares or state-owned legal person shares, the technological efficiency would be higher.This paper tried to carry out a empirical analysis together with theoretical analysis, qualitative analysis together with quantitative analysis, on different perspectives and levels, about the efficiencies of listed companies in paper industry. Hope could do some help for further studies.