The Influence Of Ownership Structure On Operating Efficiency Of China's Transportation And Warehousing Industry

China's economic reform is a golden opportunity in history.All industries need to seize the opportunity to promote faster and more effective development.China's transportation and warehousing industry has always been one of the important components of the national economy.It's business operations tentacles have extended into the production of other industries and the areas of people's living,playing a vital basic function.As the pilot industry in regional and national development,and even international exchanges and cooperation,the good operation of its industry has a huge impact on the people's livelihood.Evaluating the operating results of listed companies in the industry and exploring its influencing factors has become the focus of research.On the basis of the relevant literature,this paper chooses the appropriate input-output index,analyzes the operating efficiency of 62 listed companies in transportation and warehousing industry through DEA and super-efficiency DEA method,and uses Malmquist model to analyze the total factor productivity.The results show that the industry's operating efficiency is low,many listed companies have problems of internal management,operational mechanism and the scale of the development.In addition,in the study of the time frame,the industry's technological progress change index showed a slight decline trend.Based on the efficiency research,this paper focuses on the relationship between ownership structure and operating efficiency.This paper measures the ownership structure by the ratio of the total number of shares in circulation,the ratio of the top ten shareholders and the ratio of the proportion of the largest shareholder to the second largest shareholder(Z),at the same time introducing control variables at the macro level,the regional level and the corporate level.After analyzing the empirical results,it is found that the total proportion of the top ten shareholders of the listed companies has a positive correlation with the operating efficiency,while the relationship between the proportion of the total number of shares in circulation,the Z index and the operating efficiency is not significant.Analyzing the situation,the possible reason may be that with the background of government,the company's equity concentration is more conducive to the integration of internal resources,reducing the agency costs,at the same time,due to national supervision,reducing the possibility that large shareholders damage the interests of the company in order to seek personal gain.