Research On Measurement And Influencing Factors Of Totalfactor Productivity In Chinese Listed Oil Companies

Petroleum enterprises is an important energy enterprise which is related to the livelihood of the people, But the development of petroleum enterprises is facing severe competition in the domestic and foreign markets. From the international environment, In 2015, The annual Brent average price is 54.4 U.S. dollars / barrel,Hit a ten year low; And OPEC choose to protect share rather than price, The low oil prices may continue for 5-3 years. From the domestic environment, The contradiction between supply and demand of oil is increasing, Domestic crude oil foreign dependence continues to improve, Product oil consumption growth slowed, The oil refining industry to capacity pressures increasing, Oil market competition is increasing, and the external cost of enterprises is increasing. Therefore, the scientific evaluation of the efficiency of China’s oil companies,and explore the factors affecting the efficiency of oil companies, It’s significance of petroleum enterprise to improve the quality,efficiency and transformation.Based on DEA-Malmquist index model, using DEAP2.1 software, Then measuring and analyzing the changes of total factor productivity of China’s petroleum enterprises in 2008 and 2014. Specific analysis is as follows:(1)The overall analysis of the total factor productivity of China’s oil companies since 2008 overall showed a downward trend, the average annual decline of3.5%,Technological progress is the main factor that restricts the total factor productivity growth of petroleum enterprises.(2) Points of different attributes of oil companies, state-owned and private oil enterprises trend TFP change are basically the same, showed "M" type, But the average annual rate of total factor productivity of private oil enterprises is higher than that of state owned oil companies by 6.6%.(3)According to the corresponding technical efficiency and technical change of the petroleum enterprise, the mean value of the two dimensional matrix is constructed,The total factor productivity change of 31 oil enterprises is divided into three types:the effective growth type, the low efficiency growth type and the tragic growth type.(4)Through the sigma convergence test found oil industries and enterprises,state-owned and private oil companies total factor productivity show convergence,stable situation. Further through conditional beta convergence proof among petroleum enterprises total factor productivity is constantly approaching their steady state,indicating that the oil companies total factor productivity gap will exist for a long period.Based on the petroleum enterprises TFP, and technical efficiency, technological progress index decomposition analysis of influence factors.The Empirical results show:(1)The China Oil companies have the scale effect,,The growth of business scale is beneficial for enterprises to promote TFP,In particular, is conducive to raise the technical level of enterprises.(2)The improvement of the efficiency of asset operation is beneficial to the improvement of enterprise TFP,especially conducive to enhance the level of technical efficiency.(3)The increase of oil enterprise tax revenue is not conducive to the promotion of enterprise TFP,From the point of view of its decomposition,The increase of the tax revenue of the petroleum enterprises will mainly affect the improvement of the technical efficiency of the enterprises.However, if the state actively uses relevant policies to effectively guide the oil companies operating activities, It has a positive effect on the improvement of the technical level of the petroleum enterprise.(4)The ownership concentration of petroleum enterprise TFP has a positive impact, while equity balance degree is not a significant influence on TFP,In China’s oil industry is not fully liberalized, the market competition is not sufficient special circumstances, the more concentrated equity is conducive to improving the efficiency of enterprises.(5)The oil companies listed,Have a positive effect on the standardization management and the efficiency of the enterprise.(6)From the point of view of enterprise property, state-owned holding favorable enterprise TFP, TECH upgrade,but it not conducive to the promotion of enterprise EFF,The state-owned enterprises in the national policy, resources and other advantages to promote its investment in technology, but the enterprise internal management efficiency and high promotion space.