碩士 / 國立臺灣海洋大學 / 應用經濟研究所 / 101 / United Nations Conference on Trade and Development indicated that the percentage of global international trade is approximately 80% on the sea, It also shows that the maritime industry play an important role in the international trade. The percentage of trade of import and export for maritime transportation in Taiwan is approximately 99%, it means that the shipping industry is therefore important in Taiwan. Containerization International has provided information about the rank of top twenty-five container shipping company in the word recently, which indicate that there are three Taiwanese companies in this rank. What the three Taiwanese companies for this top rank is Everg- reen Marine Corporation (with 6 in this ranking), Yang-Ming Marine (with 16 in this ra- nking) and Wan-Hai Marine (with 21 in this ranking) in 2012 respectively. Therefore, the competition for these three companies is apparently high in maritime market in the world. In this market, efficiency is the one of the most crucial issue for shipping comp- anies.
There are two parts for efficiency of marine companies, one isoperating performa- nce efficiency and other is market efficiency. Operating performance efficiency is defin- ed by product’s inputs and outputs in shipping company application such as minimum cost, maximum profit, businesses’ scale, maximum market share and achieve to maxim- um profit and so on. The performance of market efficiency is mirrored on the equity market, which shows the relationship between shipping companies and stock price. Market efficiency is the propensity of shipping companies to raise finance through the equity market (Panayides et al.2011),and it’s the main source of gaining margins of pr- ofit and keeping competitive advantage for business(Ding et al.2011). This paper focus ontwo methods, which is non-parametric measure ofData Envelopment Analysis (DEA) and parameter measure of Stochastic Frontier Analysis (SFA), to estimate operating performance efficiency and market efficiency of all shipping companies in Taiwan. However, in order to describe the observable variable which is defined to be equal
to the latent variable whenever the latent variable is above zero and one, we use Tobit model to fit this problem.
Following, this study use output-oriented of DEA and SFA to estimate efficiency
of 22 leader shipping companies in the world and of 11 shipping companies in Taiwan. The observation of totally number of shipping companies is 33, which across for four-year period data and including 128 documents. Then, using Tobit model discuss the factors of efficiency. The data is collected from companies’ accounting statement, companies’ profit and companies’ cash flow between 2008 and 2011 by Datastream 4.0. The output variable at operating performance efficiency is sales, and the output variable atmarket efficiency is market value. The input variables at operating performance effi- ciency are total assets, capital expenditure, total capital employed, property, plant and equipment respectively, and the input variables at market efficiency are operating profit and book value (per share).
The empirical results show:
(1)Efficiency value of operating performance
1. In common frontiers of DEA, there are 21 pure technical efficiency values in 11 ship- ping companies from 2008 to 2011 to achieve complete pure technical efficiency at operating performance efficiency. In 11 shipping companies, there are 3 shipping co- mpanies in Taiwan. The companies areEvergreen, Taiwan Navigation and Eastern Media respectively. Thetotal average value of pure technical efficiency is 0.486, 0.513, 0.492, 0.482 and 0.456 from 2008 to 2011 respectively.The Total average value of pure technical efficiency in Taiwan is 0.488, 0.528, 0.492, 0.476 and 0.454 from 2008 to 2011 respectively. It shows that the total average value of pure technical efficiency for the 11 shipping companies in Taiwan are just a little bit higher than ot- her in the 33 shipping companies. For each year, the part of average value in 2008 and 2009 for pure technical efficiency of shipping companies in Taiwan are higher than pure technical efficiency in the total 33 shipping companies. Pure technical effic- iency of shipping companies in Taiwan are lower than pure technical efficiency in the 33 shipping companies in 2010 and 2011.
2. In the year of frontiers DEA, there are 36 technical efficiency values in 12 shipping companies to achieve complete pure technical efficiency at operating performance efficiency from 2008 to 2011. In 12 shipping companies, there are 4 shipping companies in Taiwan. These 4 shipping companies areEvergreen, First Steamship, Taiwan Navigation and Eastern Media respectively. The total average value of pure technical efficiency is 0.574, 0.625, 0.529, 0.559 and 0.584 from 2008 to 2011 resp- ectively. The total average value of pure technical efficiency in Taiwan is 0.577, 0.656, 0.562, 0.544 and 0.544 from 2008 to 2011 respectively. It shows that the total average value of pure technical efficiency for these 11 shipping companies in Taiwan are higher than total 33 shipping companies. For each year, the part of average value in 2008 and 2009 for pure technical efficiency of shipping companies in Taiwan are higher than pure technical efficiency in the 33 shipping companies. Pure technical efficiency of shipping companies in Taiwan are lower than pure technical efficiency in the 33 shipping companies between 2010 and 2011.
3. In common frontiers of SFA,the total average value of technical efficiency is 0.642, 0.652, 0.630, 0.654 and 0.632 from 2008 to 2011 respectively. The total average va- lue of technical efficiency in Taiwan is 0.570, 0.557, 0.535, 0.589 and 0.599 from 2008 to 2011 respectively. It shows that the total average value of technical efficiency for these 11 Taiwanese shipping companies are lower than the total 33 shipping com- panies. Also, in each year, the part of average value for Taiwanese shipping compan- ies from 2008 to 2011 are lower then the total 33 shipping companies.
4. In year frontiers of SFA, the total average value of technical efficiency is 0.615,0.736, 0.630, 0.619 and 0.474 from 2008 to 2011 respectively. The total average value of technical efficiency in Taiwan is 0.412, 0.652, 0.212, 0.449 and 0.333 from 2008 to 2011 respectively. It shows that the total average value of technical efficiency for the 11 shipping companies in Taiwan are lower than the total 33 shipping companies. For each year, the part of average value for Taiwanese shipping companies’ technical effi- ciency from 2008 to 2011 are lower than the total 33 shipping companies. In particul- arly, it is clear to see that the industry of marine in Taiwan has improved obviously on the distribution of output and input since 2009.
(2)Efficiency value of market efficiency
1. In common frontiers of DEA, there are 4 pure technical efficiency values in 4 ship- ping companies to achieve complete pure technical efficiency at market efficiency from 2008 to 2011. The total average value of pure technical efficiency is 0.073, 0.036, 0.072, 0.121 and 0.063 from 2008 to 2011 respectively. The total average val- ue of pure technical efficiency in Taiwan is 0.017, 0.014, 0.017, 0.023 and 0.015 fr- om 2008 to 2011 respectively. It shows that the total average value of pure technical efficiency for these 11 shipping companies in Taiwan are apparently lower than the 33 shipping companies. For each year, the part of average value on pure technical efficiency for Taiwanese shipping companies are also obvious lower than pure techn- ical efficiency of the total 33 shipping companies from 2008 to 2011. In particularly, it is clear to see that the shipping companies in Taiwan haveimproved the space on the distribution of input and output since 2009.
2. In the year of frontiers DEA, there are 21 technical efficiency values in 10 shipping companies from 2008 to 2011 to achieve complete pure technical efficiency at market efficiency. In these 10 shipping companies, Taiwanese Eastern Media is the one of th- ese 10 companies. In Total average value of pure technical efficiency is 0.348, 0.378, 0.293, 0.352 and 0.369 from 2008 to 2011 respectively. Total average value of pure technical efficiency in Taiwan is 0.295, 0.327, 0.239, 0.419 and 0.194 from 2008 to 2011 respectively. In the total average value of pure technical efficiency, the 11 ship- ping companies in Taiwan are lower than total 33 shipping companies. For each year, the part of average value in 2010, pure technical efficiency of shipping companies in Taiwan are higher than pure technical efficiency of the total 33 shipping companies. Pure technical efficiency of shipping companies in Taiwan are lower than pure tech- nical efficiency of the total 33 shipping companies in 2008 and 2009. Pure technical efficiency of shipping companies in Taiwan are significantly lower than pure techni- cal efficiency of the total 33 shipping companies in 2010.
3.In common frontiers of SFA, the total average value of technical efficiency is 0.683, 0.695, 0.664, 0.709 and 0.664 from 2008 to 2011 respectively. The total average val- ue of technical efficiency in Taiwan is 0.654, 0.665, 0.637, 0.671 and 0.644 from 2008 to 2011 respectively. In the total average value of technical efficiency, the 11 shipping companies in Taiwan are lower than the total 33 shipping companies. The part of average value from 2008 to 2011, technical efficiency of shipping companies in Taiwan are lower than the technical efficiency of the total 33 shipping companies.
4.In year frontiers of SFA, the total average value of technical efficiency is 0.735, 0.765, 0.676, 0.701 and 0.799 from 2008 to 2011 respectively. The total average value of te- chnical efficiency in Taiwan is 0.597, 0.770, 0.294, 0.688 and 0.636 from 2008 to 2011 respectively. In the total average value of technical efficiency, the 11 shipping companies in Taiwan are apparently lower then total 33 shipping companies. The part of average value from 2008 to 2011, technical efficiency of shipping companies in Taiwan are also obviously lower than the total 33 shipping companies. Particularly, it’s clear to see that the shipping companies in Taiwan have improved the space on the distribution of input and output factor since 2010.
(3)The efficiency value of Spearman’s rank correlation coefficient estimated by DEA and SFA
1. Operating performance efficiency：On common frontiers of DEA and SFA, the Spea- rman's rank correlation coefficients of efficiency value from 2008 to 2011 was esti- mated with 0.3984, 0.3103, 0.4067 and 0.3278 respectively by DEA and SFA.On the year offrontiers DEA and SFA, Spearman's rank correlation coefficients from 2008 to 2011 is 0.2565, 0.5446, 0.2662 and 0.6296 respectively.On the assumption of com- mon frontiers, it shows that the two technical efficiency of 33 shipping companies from 2008 to 2011 was estimated by DEA and SFA, which provided the same rank about 30%.Onthe assumption of year frontiers, the two technical efficiency of 33 sh- ipping companies from 2008 to 2010 was estimated by DEA and SFA, which showed the same rank with 25% and 55% in 2009 and 60% in 2011.
2.Market efficiency：On common frontiers of DEA and SFA, the Spearman's rank cor- relation coefficients of efficiency value from 2008 to 2011was estimated with 0.7031, 0.2256, 0.8511 and 0.3673 respectively by DEA and SFA.In the year of frontier DEA and SFA, Spearman's rank correlation coefficients for each year are 0.1359, 0.2771, -0.2532 and 0.6475 respectively. The assumption of common frontiers show that the technical efficiency values of 33 shipping companies was estimated by DEA and SFA, which have the same Spearman's rank with 70%in 2007,85%in 2011,20% in 2009 and 35 in 2010.On the assumption of the year fronti- ers, the technical efficiency va- lues of 33 shipping companies estimated by DEA and SFA, which have the same Sp- earman's rank about70%in 2011,13% in 2008, 25% in 2009 and the different Spear- man's rank in 2010.
(4)Tobit Regression Model results
1. Factor of operating performance efficiency in common frontiers of DEA, Selling, Ge- neral &; Administrative Expense and company age are positive effect on efficiency value. Amount of ship is positive effect on efficiency value. The performance ofeffi- ciency for oil tanker and dry bluk are better than container. Efficiency values from 2009 to 2011 are lower than the level in 2008, it means that the financial tsunami oc- cur in the end of 2008 has no effect in 2009, 2010 and 2011. Factors of market effic- iency, ratio of earnings before Interest, taxes, depreciation and amortization/revenue are positive effect to efficiency value. Companies’ age is positive effect to efficiency value. Efficiency performance of oil tanker and dry bluk are the worst. Efficiency va- lues from 2009 to 2011 are higher than the level of 2008, it means that the financial tsunami occur in end of 2008 has no effect in 2009, 2010 and 2011.
2. Factor of operating performance efficiency in common frontiers of SFA, Selling, Ge- neral &; Administrative Expense and amount of ship are positive effect to effic- iency value. Company age is insignificant effect to efficiency value. Efficiency performa- nce of oil tanker and dry bluk are worse than container. Efficiency values from 2009 to 2011 are lower than level of 2008, that means the financial tsunami occur in end of 2008 has affect to 2009, 2010 and 2011. Factor of market efficiency, ratio of earnings before interest, Taxes, Depreciation and Amortization/Revenue and company age are positive effect to efficiency value. Efficiency performance of oil tanker and dry bluk are better than container. Efficiency values in 2009 and 2011 are lower than level of 2008, efficiency value in 2010 is unobvious higher than level of 2008, that means the financial tsunami occur in end of 2008 has an effect in 2009 and 2011.
To sum up, (1) to (4) is organized as follows：
1. The 11 shipping companies in Taiwan, total average value of operating performance efficiency and market efficiency are lower than 0.7. Operating performance efficien- cy values decreasedyear by year. Market efficiency value rank are decreasingly from the rank of 5, 6 to rank 10. It shows that theshipping companies in Taiwan have imp- roved the space on operating performance efficiency and market efficiency.
2. The financial tsunami occur in the end of 2008, which changed the way the compa- nies used to use. Tobit Regression Model results show that the market efficiency was influenced by the finical crisis, while the operation performance efficiency was not influenced by the finical crisis.
3. This research use two measurement of DEA and SFA to estimate efficiency. The emp- irical results of SFA, sigma-squared (σ2) and gamma(γ) are significant, it means the inefficiency(Ui) is exist and technical efficiency values are clear. Therefore, using SFA to measure efficiency is better than DEA in this study in the whole.
| Identifer | oai:union.ndltd.org:TW/101NTOU5452004 |
| Date | January 2013 |
| Creators | 古靖甜 |
| Contributors | Man-Ser Jan, 詹滿色 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 242 |
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