Research on the Operating Efficiency of Chinese Listed Tourism Companies Based on DEA-Malmquist Model

Abstract: In this paper, the DEA-Malmquist model is used to estimate static and dynamic efficiency of 27 publicly-listed Chinese tourism companies from 2014 to 2019. The companies’ developments are discussed from these aspects: operation characteristics of these companies, elements influencing the change of total factor productivity, differences in the operational efficiency of different types of listed companies. The results indicate: huge differences exist in the operating efficiency of the listed tourism companies in China; low scale efficiency is the principal reason causing the low technological efficiency; total factor productivity improvement is mainly attributed to technical progress; remarkable differences exist in the operational efficiency of different types of publicly-listed tourism companies, with the lowest technological efficiency value reported in tourism companies specialized in hotels, a relatively lower total factor productivity growth in the listed tourism companies in the scenic spot sector, and the highest operating efficiency in the tourism companies engaged in comprehensive businesses