Operational management efficiency and club convergence of Chinese state-owned toll road companies: A three-stage SBM-DEA model

Abstract

Based on the panel data of 33 Chinese state-owned toll road companies (CSTCs) from 2013 to 2019, this study evaluates companies' operational management efficiency using a three-stage SBM-DEA model that can purge the effects of environmental factors and statistical noise. On this basis, a nonlinear time-varying factor model is then used to conduct a club convergence analysis of the operational management efficiency of CSTCs. The results show that the mean value of the operational management efficiency of CSTCs is 0.938, and the operational management efficiency is underestimated to varying degrees if environmental factors and statistical noise are not considered. The operational management efficiency of CSTCs shows spatial imbalance and temporal stability. The club convergence test indicates that there are three potential club clusters for the operational management efficiency of CSTCs, and it presents a “blockchain” clustering distribution. The findings of this study extend the research scope of managerial efficiency and have practical significance for helping CSTCs achieve high-quality and more efficient development.