Study On Operating Efficiency And Its Influencing Factors Of Listed Oilfield Service Companies

The petroleum and petrochemical industry is related to the national economy and people's livelihood.It is the driving force and lifeline of modern industrial development.Since the 1930 s,in order to focus on development,major international oil companies have gradually divested their non-core businesses.So that it has formed the main market players of the oil companies and oilfield service companies.Oilfield service company play a vital role in Chinese oil industry construction and economic development.With the development of economy,China's dependence of foreign oil and gas is rising.Ensuring energy security and increasing the production of domestic oil and gas has become a top priority.With the improvement of China's market-oriented economy,state-owned companies,private companies and foreign companies in the oilfield service industry rely on their respective advantages to seize the oilfield service market.That is gradually formed a "three-legged" situation.Under the background of international oil price fluctuation and China's petroleum and petrochemical industry continuing opening up,it is of great significance for oilfield service companies to improve their operating efficiency,realize their cost reduction and efficiency increase,and enhance their competitive advantages,so as to gain competitive advantages in domestic and foreign markets.In this dissertation,16 listed oilfield service companies are used as research objects.Super-efficiency SBM model and Malmquist index are used to systematically analyze the operating efficiency of oilfield service companies from two perspectives of static and dynamic operating efficiency.And Tobit regression model is used to analyze the influencing factors of operating efficiency.First,financial indicators and input-output indicators were constructed,according to the relevant literature research and the principle of index system construction,in view of the actual situation of oilfield service companies.Secondly,the static operating efficiency of oilfield service companies is empirically analyzed by the super-efficiency SBM model.The comprehensive efficiency is decomposed into pure technical efficiency and scale efficiency.The dynamic operating efficiency of companies is empirically analyzed by using Malmquist index method,and the total factor productivity is decomposed into technological progress,pure technical efficiency and scale efficiency rate.Thirdly,the total factor productivity is selected as the dependent variable,and asset-liability ratio,technology input ratio,fixed assets ratio and proportion of R&D personnel are selected as the four independent variables.The Tobit regression model is used for regression analysis to analyze the influencing factors of the operational efficiency of listed oilfield service companies.The results show that: on the static efficiency point,the comprehensive technical efficiency of oilfield service companies is not high,and the investment appears excessive redundancy;on the dynamic efficiency point,the change trend of total factor productivity is consistent with the trend of technological progress,obviously with the periodicity.And the last result is the asset-liability ratio,technology input ratio,and the proportion of R&D personnel are the important factors affecting the operational efficiency of oilfield service companies Finally,in order to improve the operational efficiency,the dissertation gives some suggestions on the overall and from different types of oilfield service companies.