| China's shipbuilding industry is one of the pillars of the national economy,and its production characteristics determine the industry needs for high industrial concentration,large-scale enterprises has economies of scale,they should play a role in enhancing international competitiveness,promoting technological innovation,improving management level and optimizing the overall structure of the industry.As the two strongest countries of shipbuilding in the world,Japan and South Korea have repeatedly reorganized the industry to overcome the crisis,maintain and expand their competitive advantage.Since the crisis in 2008,China's shipbuilding industry faces many challenges including low concentration,overcapacity,huge losses,and high-end technology being monopolized by Japan and South Korea.Therefore,the Chinese government has tried to use policies to promote and guide the reorganization of shipbuilding enterprises since 2009,hoping to solve the above problems to some extent.Based on this reality,this paper uses the data envelopment analysis method,Malmquist index method and case analysis method to explore the efficiency and influencing factors of the listed shipbuilding enterprises.I hope to make some contributions to the next restructuring process.This paper investigates static efficiency?dynamic efficiency and the external influencing factors of static efficiency in the shipbuilding industry.The static efficiency,namely the comprehensive technical efficiency,was preliminarily analyzed year by year.The analysis results showed that the restructuring activities improved the overall comprehensive technical efficiency of the shipbuilding industry.The overall comprehensive technical efficiency of the industry increased from 0.92 in 2011 to 0.969 in 2017.After that,it summarizes the efficiency values of all enterprises that underwent restructuring activities from 2011 to 2017 to further explore the impact of restructuring on efficiency.And classifies the restructured enterprises into three categories according to the increase,decrease and inability to judge whether the efficiency is improved.Based on the public information disclosed by enterprises and specific restructuring behaviors to explores the reasons for the efficiency changes.In addition,Tobit regression was used to explore the impact of some indicators on efficiency.It is found that human capital and ownership concentration have positive effects on efficiency,while asset-liability ratio and management expense ratio have negative effects.Then Malmqusit method is used to study the dynamic efficiency of ship enterprises after reorganization in listed companies.According to the classification of enterprise scale,the dynamic efficiency of different enterprises is discussed.The empirical results of this paper show that the dynamic efficiency of small enterprises is the best,and the performance of the medium enterprise does not project,and large enterprises do not exert the advantages of scale.Based on the empirical results,the following chapter conducts a detailed case study on two typical enterprises,China shipbuilding defense and China heavy industry.The research found that:(1)there is a reasonable range of scale,too fast expansion will lead to the decline of scale efficiency;(2)the restructuring effect has a certain time lag;(3)management advantages can be obtained through restructuring,but also through strengthening internal governance such as improving the board of directors,the construction of the board of supervisors and other measures;(4)the key to maintain high total factor productivity is to rely on continuous progress of technology;(5)The expansion of the business field cannot be equated with technological progress,which is reflected in the improvement of the input-output ratio after acquiring new technologies.Finally,in the conclusion part,the paper puts forward relevant suggestions from the aspects of financial support,emphasis on integration,administrative intervention and policy guidance. |
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