[논문]Measuring the Efficiency of Maritime Transport Companies

Kang, Hyo-Won; Kim, Young-Min

doi:10.15722/jds.15.11.201711.59

Measuring the Efficiency of Maritime Transport Companies 원문보기

유통과학연구 = Journal of distribution science, v.15 no.11, 2017년, pp.59 - 72

Kang, Hyo-Won (Department of International Logistics, Chung-Ang University) , Kim, Young-Min (Department of International Trade and Logistics, Seoul Cyber University)

Abstract ▼ AI-Helper

Purpose - This paper evaluated the efficiency performance of the three major maritime transport markets and examined the determinants of the performance. The firms' revenue fluctuates with the changes of the economic cycle; hence it is important for them to set up business strategies to improve efficiencies. A lack of efficiency measurements for shipping firms leads to a significant gap in determining their overall performance. Research design, data, and methodology - Each of DEA scores was adopted for the evaluation and panel regression was used to examine the impact of determinants on the performance. The analysis included 50 shipping firms from three maritime transport markets as follows; 15 firms of container liners, 18 firms of bulk carrier and 17 firms of tanker carriers, and its period was from 2010 to 2016. Results - In the CCR model, container liners were the highest, tanker carriers were the second, and bulk carriers were the lowest in operation efficiency and financial efficiency. By region, operation efficiency and financial efficiency was high in the order of America, Asia, and Europe. Conclusions - This study suggests business strategies for maritime transport companies based on the analytical results of determinants of operational and financial efficiency.

주제어

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문제 정의

A lack of efficiency measurements for shipping firms leads to a significant gap in determining their overall performance. So, this study aims to contribute to the efficiency measurement of maritime transport companies using financial accounting variables for DEA analysis.
But, little is researched in respect of the efficiency using financial indicators and focused on the listed enterprise at the securities market. Therefore, this study aims to evaluate the efficiency of maritime transport companies adopting a dynamic approach during seven years and examining the impact of financial management on their efficiency.
Firstly though there has been active research in the efficiency of companies in specific industries, it is rare to find studies aiming at the improvement for the entire shipping industry. This study contributes to the development of an efficiency model for shipping industry as a whole. Secondly, the assessment of the determinants of efficiency for shipping firms provides a firm basis for further research in the distribution industry by studying details of maritime transport companies’ efficiency measures.
This study evaluated the economic performance of 50 international shipping firms using DEA from 2010 to 2016 and investigated the impact of corporate financial management on their business performance. Maritime companies are significantly affected by the business cycle.
This study suggests business strategies for companies’ practice based on the analytical results of determinants of operational and financial efficiency.

제안 방법

However, this study has limitations as follows. First, this study is limited to use financial accounting data as variables. Further research can contribute to this gap by using non-financial indicators with the comprehensive measurement of performance.
To analyze the more useful efficiency of MTCs, we separated three main shipping sectors which have the container liners(15 companies), bulk carriers(18 companies), and tanker carriers(17 companies). In this analysis, raw data derived from their financial statement, including balance sheet, cash flow, statement and ratio analysis and the time-span was from 2010 to 2016 and two dimensions of efficiency are applied to this analysis across the three sectors, which are an operational efficiency(OE) and a financial efficiency(FE). Subsequently, the determinants of the two efficiencies are analyzed using a panel analysis.
In this analysis, raw data derived from their financial statement, including balance sheet, cash flow, statement and ratio analysis and the time-span was from 2010 to 2016 and two dimensions of efficiency are applied to this analysis across the three sectors, which are an operational efficiency(OE) and a financial efficiency(FE). Subsequently, the determinants of the two efficiencies are analyzed using a panel analysis.
The output-oriented model seeks to maximize the proportional increase in output while keeping the level of inputs constant, whereas input-oriented model focuses on how much inputs can be reduced while maintaining the same level of output. This study adopts the output-oriented model to assess the relative efficiency of shipping companies.

후속연구

First, this study is limited to use financial accounting data as variables. Further research can contribute to this gap by using non-financial indicators with the comprehensive measurement of performance. Second, data for analysis is limited to 50 shipping firms.
Second, data for analysis is limited to 50 shipping firms. Further research should obtain more data to represent the industry better and determine industry-specific characteristics of companies. This may provide more distinct performance measurements through an increase in sample size.

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