Profit-oriented productivity change

This study develops an applicable profit-oriented productivity indicator when producers pursue profit maximization and can recognize input and output prices. We define the indicator, inspired by the Luenberger indicator and the Nerlovian efficiency measurement, in terms of both quantity distance functions and profit. Hence, the study׳s first stage decomposes the profit-oriented productivity change into two terms: profit efficiency change and profit technology change. Second, we decompose profit efficiency change into the changes in technical efficiency and allocative efficiency. Finally, profit technology change is separated into two components for capturing the shifts of technology and relative output/input prices. These decompositions provide a more complete picture of the sources of productivity change. We illustrate them with a sample of Taiwanese banks and compute the results using the models of directional distance functions.     

中国原料奶供给反应的实证研究——基于省际面板数据检验

利用1992-2008年河北省、内蒙古自治区、黑龙江省等8个省份面板数据,使用扩展的Nerlovian模型,检验了原料奶供给的反应程度。结果表明：前期产量对原料奶供给的正向作用最大,单产、存栏和WTO规则的影响次之,技术进步的作用较小;饲料价格的反向作用明显,是阻碍产出增长的主要因素;原料奶收购价格缺乏弹性,其短期和长期供给弹性分别为0.109和0.773,均衡状态调整周期约为7.1年。     

Non-radial profit performance: An application to Taiwanese banks

This research modifies the directional Russell measure (DRM) of Fukuyama and Weber (2009) [1] to decompose the Nerlovian profit efficiency in Chambers et al. (1998) [2] so as to obtain a generalized measure that completely excludes technical inefficiency from allocative inefficiency. Based on such a decomposition, we further develop a new slack-based and profit-oriented productivity indicator, combining the Nerlovian profit measure with the conventional Luenberger productivity indicator (LPI), in order to provide a full picture of the sources of productivity change. Productivity change, based on the profit boundary, is decomposed into four components: the change in technical efficiency; the change in allocative efficiency; the shift of technology; and the price effect from outputs and inputs. This decomposition provides a more complete picture of the sources of productivity change. The above indicator is used herein to measure the productivity change of Taiwanese banks in terms of profit.     

Risk-based decompositions of the meta profit efficiency of Taiwanese and Chinese banks

This study measures the profit efficiencies of Taiwanese and Chinese banks with the assumption that both types could operate under the metafrontier. To consider the risk consideration of banks, we include equity capital as a quasi-fixed input and develop the risk-based measures of the meta Nerlovian profit efficiency. We further decompose meta profit efficiency and gap into technology and allocative efficiencies and gaps. We use 34 Taiwanese banks and 70 Chinese banks in 2011 to empirically measure profit efficiency and its decompositions. Empirical results show that the Chinese state-owned banks perform the best in meta profit efficiency, followed by Chinese joint-equity banks and Taiwanese state-owned banks. These three types of banks are performing better than the other types of banks in Taiwan and China. We also find that Taiwanese private banks perform better in profit and technical efficiencies versus Chinese city banks.