주요 건설기업 총요소생산성 국제비교 연구 - SFA기법을 활용한 실증분석 -

Abstract

The purpose of this paper is to measure the TFP of construction firms in the world to compare Korean firms to others countries in terms of productivity. To achieve this, translog stochastic production functions were estimated using SFA methods for 22 construction firms from 10 countries using data from 2005 to 2011. TFP for each firm was calculated from the estimated `technical efficiency change` and `technical change`.

The empirical results are as follows: Firstly, EC is an average of 0.985. This means that the technical efficiency was reduced by 1.5%. Korean construction firms turn out to be above average among the sample. Secondly, TC is an average of 1.022. This means that technological advances occurred in approximately 2.2%. In addition, technical change was consistently reduced from 2005 to 2011. Also, Korean construction firms turn out to be below average in technical change. Thirdly, TFP is an average of 1.0068. Most of the construction firms show the decrease of their TFP except for Chinese firms. Also, the growth rates of TFP for Korean construction firms turn out to be below average among the sample.

The purpose of this paper is to measure the TFP of construction firms in the world to compare Korean firms to others countries in terms of productivity. To achieve this, translog stochastic production functions were estimated using SFA methods for 22 construction firms from 10 countries using data from 2005 to 2011. TFP for each firm was calculated from the estimated ‘technical efficiency change’ and ‘technical change’. The empirical results are as follows: Firstly, EC is an average of 0.985. This means that the technical efficiency was reduced by 1.5%. Korean construction firms turn out to be above average among the sample. Secondly, TC is an average of 1.022. This means that technological advances occurred in approximately 2.2%. In addition, technical change was consistently reduced from 2005 to 2011. Also, Korean construction firms turn out to be below average in technical change. Thirdly, TFP is an average of 1.0068. Most of the construction firms show the decrease of their TFP except for Chinese firms. Also, the growth rates of TFP for Korean construction firms turn out to be below average among the sample.