The Research On Efficiency And Influencing Factors Of Major Domestic And Foreign Oil Companies

Crude oil accounted for33%of the world’s total primary energy consumption in2012, and19%of China’s energy consumption. China is the world’s leading consumer as well as a net importer of crude oil, for56.4%of inner crude oil consumption depended on import in2012, and the oil resources has played an important role in economic development of China. Based on the research of efficiency of industry at home and abroad, the paper researches the static efficiency and dynamic efficiency of major domestic and foreign oil companies, and has done empirical study to analyze the factors that affect the efficiency. Then the paper draws some conclusions and makes policy recommendations.Based on related data for2008-2012of major domestic and foreign oil companies, the paper estimates the static efficiency of oil companies through DEA method. The results shows that the technical efficiency of them are generally high, but the differences between them are also large, the technical efficiency of oil companies in European and American countries is higher than that in developing countries, and technical efficiency is mainly influenced by pure technical efficiency. There are serious of redundancy or lack output in some non-frontier companies, a waste of human capital is in the highest degree among input elements. Based on DEA, Malmquist TFP index shows that in the period of2008-2012TFP of major domestic and foreign oil companies increased firstly, then decreased, and the fall of it is largely due to the decline of technical efficiency, that is enterprise management did not be improved.The paper carries on empirical test to efficiency-factors of major domestic and foreign oil companies through DEA-Tobit model. The study finds that transnational degree produce is significantly positive impact to technical efficiency, and technology investment is also positive to it but not significantly; there is negative correlation between company scale and technical efficiency, and excessive number of employees is not conductive to improvement of technical efficiency, such as the worker redundant of two domestic oil companies is so serious that technical efficiency is low obviously; in ownership structure, the average efficiency of state-controlled oil company is higher than that of non-state-controlled oil company, state-controlled companies are able to play its comparative advantage in a certain extent; stockholder structure(the ratio of largest stockholder) exists a little significant negative correlation to technical efficiency, for equity concentration may improve the efficiency of decision making but difficult to ensure the consequences is optimal efficiency at the same time.