SFA 모형을 이용한 상장 건설기업 총요소생산성 분석

Abstract

The purpose of this paper is to measure the total factor productivity(TFP) of listed construction firms. This work is expected to show the level of competitiveness of listed construction firms. To achieve this, translog stochastic production functions were estimated using stochastic frontier analysis(SFA) methods for 28 listed construction firms from 2007 to 2012. TFP for each firm was calculated from the estimated 'technical efficiency change(EC)' and 'technical change(TC)'. The empirical results are as follows: Firstly, EC is an average of 0.9973. This means that the technical efficiency was decreased by 0.27%. But EC showed that there are no large differences among listed construction firms. Secondly, TC is an average of 0.9886. This means that technical advances reduced in approximately 1.14%. TC showed that there are large differences among listed construction firms. The difference between the biggest TC and the lowest TC is 25.2%. Also, TC was consistently increased from 2007 to 2012. Thirdly, TFP is an average of 0.9859. TFP is most affected by the TC. Finally, Small and medium firms, KOSDAQ listed firms and firms that do not do business overseas have higher TFP than the other firms.