大连海事大学硕士学位论文
摘
要
作为新时代改革开放新高地，自由贸易试验区为港口上市公司提供了包容的环境和
开放的平台，也带来了机遇与挑战。一方面，自贸区的优惠政策可以促进投资自由化和
贸易便利化，以制度创新和虹吸效应推动港口上市公司高质量发展；另一方面，自贸区
开放的环境也存在着诸多风险，会给港口上市公司的稳定运营带来冲击，对其发展造成
不利影响。因此，探析自贸区政策对港口上市公司运营效率的影响，对完善自贸区政策、
提升港口上市公司运营效率具有重要意义。
基于以上背景，本文对设立自贸区能否有效提升港口上市公司运营效率进行研究。
首先，本文梳理了相关概念及理论，并选取了合适的效率评价方法和政策效应评估方法；
其次，本文对港口上市公司近年来的运营情况进行定性分析，并运用 Bootstrap-DEA模
型测算港口上市公司的运营效率值，进行定量分析与评价；再次，本文运用多期双重差
分法检验自贸区能否对港口上市公司运营效率产生显著影响，并采用多种方法进行稳健
性检验和异质性检验，以确保研究结果的有效性；最后，提出完善自贸区政策及优化港
口上市公司运营的相关建议以供参考。
研究结论如下：（1）从定性角度分析，我国港口上市公司的运营情况呈现出不同
层级。总体来看，上港集团、招商港口和宁波港的财务状况和资产规模都处于领先地位，
而珠海港、连云港、南京港和盐田港都有待提升。（ 2）从定量角度分析，我国港口上
市公司的运营效率大多处于较高水平，且行业总体发展较为稳定，虽然部分公司存在效
率值不高、效率水平不稳定等问题，但可以通过适当的优化或改革获得提升。（ 3）设
立自贸区具有显著的正向效应，可以有效提升港口上市公司的运营效率，为港口上市公
司优化生产运营提供有力支撑。（4）对于不同地区或不同规模的港口上市公司来说，
政策效应有所不同。从南北地区差异的角度来看，设立自贸区可以显著提升位于南方地
区的港口上市公司的运营效率，然而对北方港口上市公司的政策效应并不明显。从企业
规模差异的角度来看，相较于大规模港口上市公司，设立自贸区对规模较小的港口上市
公司在提升运营效率方面的影响更为显著。
关键词：港口上市公司；运营效率；自由贸易试验区；政策效应
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自贸区政策效应与企业运营效率——基于港口上市公司的实证研究
The Policy Effect of Pilot Free Trade Zone and the Operational Efficiency
of the Enterprise — An Empirical Research Based on the Port-listed
Companies
Abstract
As a new highland of reform and opening up in the new era, the Pilot Free Trade Zones
(PFTZs) provides an inclusive environment and an open platform for port-listed companies,
as well as opportunities and challenges. On the one hand, the preferential policies of the
PFTZs can promoteinvestment liberalization andtrade facilitation, and promotethe
high-quality development of port-listed companies throughinstitutional innovation and
siphon effect. On the other hand, there are also many risks in the open environment of the
PFTZs, which will impact the stable operation of the port-listed companies and adversely
affect their development. Therefore, it is of great significance to analyze the influence of the
PFTZs on the operational efficiency of port-listed companies to improve the policy of PFTZs
and enhance the operational efficiency of port-listed companies.
Based on the above background, this thesis studies whether the establishment of the
PFTZs can improve the operational efficiency of port-listed companies, in order to help the
port industry to obtain a broader space for development based on the policy of the PFTZs in
the post-epidemic era. Firstly, this thesis summarizes relevant concepts and theories, and
selects appropriate methods of efficiency evaluation and policy effect evaluation. Secondly,
this thesis conducts qualitative analysis on the operation of port-listed companies in recent
years, and uses bootstrap-DEA model to calculate the operational efficiency of port-listed
companies for quantitative analysis and evaluation. Thirdly, this thesis uses time-varying
Difference-in-Difference (DID) model to test whether the PFTZs can have a significant
impact on the operational efficiency of port-listed companies, and adopts a variety of methods
for the robustness test and the heterogeneity test to ensure the validity of the research results.
Finally, some suggestions on improving the policy of the PFTZs and optimizing the operation
of port listed companies are put forward for reference.
The research conclusions are as follows : (1) From the qualitative perspective, the
operation of port-listed companies in China presents different levels. Overall, Shanghai Port,
China Merchants Port and Ningbo Port are in the leading position in terms of financial status
and asset scale, while Zhuhai Port, Jiangsu Lianyungang Port, Nanjing Port and Yantian Port
need to improve. (2) From a quantitative perspective, the operational efficiency of port-listed
companies in China is mostly at a high level, and the overall development of the industry is
relatively stable. Although some companies have problems such as the low value of efficiency
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大连海事大学硕士学位论文
and unstable level of efficiency, they can be improved through appropriate optimization or
reform. (3) The PFTZs has a significant positive effect, which can effectively improve the
operational efficiency of port-listed companies. For port-listed companies, the policy of the
PFTZs can bring institutional innovation and initiative innovation, effectively stimulate the
development of market environment of port industry, and provide strong support for the
optimization of production and operationof port-listed companies. (4) For port-listed
companies in different regions or different sizes, the policy effects are different. From the
perspective of regional differences, the PFTZs can significantly improve the operational
efficiency of port-listed companies in the south, but the policy effect on port-listed companies
in the north is not obvious. From the perspective of enterprise size difference, compared with
large-scale port-listedcompanies, thePFTZs hasa moresignificant impact onthe
improvement of operation efficiency of small-scale port-listed companies.
Key Words: Port-listed Companies; Operational Efficiency; Pilot Free trade Zone;
Policy Effect
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