民营资本进入对中国能源企业经营效率的影响分析

基于“新36条”鼓励民营资本进入能源领域政策和“一带一路”倡议背景下，选取2014-2018年中国能源上市企业的面板数据，运用DEA模型测算中国能源上市企业的经营效率，以民营资本占比测量民营资本进入程度，建立Tobit模型和面板门槛模型研究民营资本进入对能源企业经营效率的影响，同时考察这种影响是否会随能源企业规模变化而发生结构性变化。研究发现：1）样本期内中国能源上市企业的经营效率普遍不高，民营资本占比对能源企业经营效率具有显著的正影响；2）存在企业规模的门槛效应，门槛值为805.44亿元，当企业总资产小于805.44亿元时，民营资本占比对能源企业经营效率影响不显著，当企业总资产大于805.44亿元时，民营资本占比对能源企业经营效率有着显著的正向影响；3）人力资本、总资产周转率对能源企业经营效率具有显著的正向影响，企业规模对能源企业经营效率具有显著的负向影响。

IMPACTS OF PRIVATE CAPITAL ENTRY INTO CHINA'S ENERGY ENTERPRISES ON OPERATING EFFICIENCY

China has recently issued a policy “new 36 articles” encouraging private capital to enter energy industry. Under the setting of the Belt and Road, this paper selects panel data of China's listed energy enterprises during 2014 to 2018 and uses DEA model to estimate their operating efficiency. Tobi model and panel threshold model are built upon proportion of private capital to analyze the impacts of private capital entry into China's energy enterprises on operating efficiency, and to explore if this impact will change structurally as energy enterprises size changes. It is concluded that their operating efficiency is generally low and there is a prominently positive impact of proportion of private capital. A threshold effect exists in enterprise size, 80,544 million RMB, that a little impact if it is lower than the threshold, greatly positive impact over than that. Their operating efficiency is also outstandingly positively impacted by human capital and total asset turnover, negatively by enterprise size.