Investment Stage Research Articles

ОСОБЕННОСТИ ФОРМИРОВАНИЯ И ОЦЕНКА ЦИКЛА ВОСПРОИЗВОДСТВА ТРУДОВОГО КАПИТАЛА

The substitution of live labor by machines and the need to perform more complex technical and technological operations creates qualitatively different requirements for labor resources. The emphasis is shifting towards the growth of qualifications and professional skills of the workforce, which necessitates the assessment and provision of conditions for the full formation and reproduction of their labor capital. The reproduction of labor capital occurs at the expense of targeted investments, which have a cyclical-wave character, starting from the initiation stage and ending with the process of evaluating the result obtained. Such an approach to assessing the cycle of reproduction of labor capital requires the development of a system of indicators for its evaluation at each stage of its formation. The article substantiates the application of the concept of a cyclic-wave approach to the study and analysis of labor capital and offers a methodological approach that allows you to cover each stage of the life cycle of labor capital reproduction, to evaluate it, both at the stage of investment and at the stage of their payback. The novelty of the presented article consists in the systematization of groups of indicators of labor capital, which allow to identify and evaluate the stages of its reproductive life cycle Practical approbation of the author's approach to assessing and identifying the life cycle of labor capital is based on the example of evaluating the effectiveness of the use of labor resources in Russia. As a general result of the study, the advantages of the proposed methodological approach are identified, priority directions of socio-economic policy in the field of labor capital are identified.

ОЦЕНКА И ВЫЯВЛЕНИЕ ЦИКЛА ВОСПРОИЗВОДСТВА КАПИТАЛА ЗДОРОВЬЯ В СОВРЕМЕННЫХ УСЛОВИЯХ РАЗВИТИЯ ЭКОНОМИКИ

In the conditions of the modern innovative business environment, a person and his intellectual and physical potential affect the dynamics of many economic processes. In a general sense, most economists combine the designated component into a single category - health, on which the activity, education and professional development of its carrier depend. The formed health capital acts today as the foundation for the development of the human capital of the individual and the entire nation, respectively, its constant reproduction of vital is necessary for the economy of any country. Reproduction of health capital is, first of all, an investment process that has a cyclical-wave character, starting from the initiation stage and ending with the process of evaluating the result obtained. Such an approach to assessing the cycle of reproduction of health capital requires the development of a system of indicators for its assessment at each stage of its formation. The article substantiates the application of the concept of a cyclic-wave approach to the study and analysis of health capital and suggests a methodological approach that allows you to cover each stage of the life cycle of reproduction of health capital, to evaluate it, both at the stage of investment and at the stage of their payback. The novelty of the presented article consists in the systematization of groups of indicators of health capital, which allow to identify and evaluate the stages of reproduction of the life cycle of health capital. The practical approbation of the author's approach to the assessment and identification of the life cycle of health capital is based on the example of the assessment of the target indicators of the Russian economy. As a general result of the study, the advantages of the proposed methodological approach are identified, priority directions of socio-economic policy in the field of reproduction of health capital are identified.

Co-Investment in the Sharing of Telecommunications Infrastructures

This paper studies the effects of infrastructure sharing agreements on telecommunications markets. Using a theoretical two stage game model with an investment stage and a competition stage where firms compete “à la Cournot”, I find that, infrastructure sharing agreements increase investment at industry level. Indeed, the sharing of infrastructures reduces costs of investment for involved operators and encourages them to invest more. This holds except if involved operators are much less efficient than their competitors (i.e., they have much higher marginal costs before investment). Furthermore, infrastructure sharing agreements generally increase both investments and consumer surplus, except if involved operators are much less efficient than their competitors or if they have very different level of efficiency. The infrastructure sharing agreement is even more effective when the most efficient operators are involved.

РАЗРАБОТКА МОДЕЛИ ЦЕННОСТНО-ОРИЕНТИРОВАННОЙ ОЦЕНКИ СТОИМОСТИ СТРОИТЕЛЬНЫХ ПРОЕКТОВ С ТОЧКИ ЗРЕНИЯ ИНСТИТУЦИОНАЛЬНОГО ИНВЕСТОРА С УЧЕТОМ ИНТЕРЕСОВ КЛЮЧЕВЫХ ГРУПП СТЕЙКХОЛДЕРОВ

In the modern conditions of the development of the world economy, a significant problem is being formed regarding the effectiveness of assessing the market value of construction projects from the point of view of institutional and private investors. This problem is caused by the instability and uncertainty of the development of the world economy, on the one hand, as well as the imperfection and lack of modernity of traditional methods of assessing the market value of construction projects, on the other. Within the framework of the current development of the situation in the global economy, the implementation of construction projects is associated with significant risks, which creates significant threats in the field of investment efficiency. This issue requires improving the process of assessing the market value of construction projects from the point of view of an institutional investor. The existing models of evaluation of construction projects are focused mainly on the profitability indicator and do not take into account two key factors: the dynamics of potential growth in the market value of the project and the interests of stakeholders as key persons able to influence the cost of the construction project. The model proposed in the framework of this study includes two key advantages in its structure, it allows you to calculate the growth potential of the market value of a construction project in an unstable economic situation. In addition, this model takes into account the interests of key groups of stakeholders, which makes it possible to determine that this model of estimating the market value of a construction project takes into account both quantitative and qualitative factors affecting the cost of the project. The model is based on the paradigm of comparative evaluation of construction projects from the point of view of an institutional investor, the calculation of the final results of the effectiveness of individual construction projects, according to this model, allows you to identify the most priority and effective from the point of view of a potential investor. This model makes it possible to assess the growth potential of the market value of a construction project both at the pre-investment stage and at the stage of direct investment. This model fully corresponds to modern trends in the field of investor orientation mainly on the potential growth rates of the market value of a construction project.

ІНВЕСТИЦІЙНІ СТРАТЕГІЇ ЕКОІННОВАЦІЙНИХ КОМПАНІЙ В СВІТОВІЙ ЕКОНОМІЦІ

The article emphasizes that global eco-innovative companies not only actively develop internal competencies based on financing their own research and development, but also attract large-scale external financing for their green R&D, while implementing a number of investment strategies. The author identifies the most promising of them, which require additional study from the point of view of understanding the prospects of applying such strategies for Ukrainian eco-business. An analysis of the investment strategy of attracting capital of accredited institutional investors, which is considered the most effective investment strategy of eco-innovative companies in scientific circles, has been carried out in the article. The main advantages of this strategy are low market entry barriers, wide opportunities to save transaction costs, and a significant increase in own liquidity and the raising the scale of the capital, thanks to their institutional sources. The author claims that the modern financing of eco-innovations by accredited institutional investors has led to the development in global coordinates of a qualitatively new field of scientific and technological activity related to the institutionalization of the process of circulation of capital assets on the global market of green innovations. The venture financing as another effective investment strategy of eco-innovative companies has been characterized in the article. The author has emphasized the completion of the process of forming a mature model of the climate technology market in the structure of the global venture market. The growth of the average value of deals has been defined as a specific feature of the modern stage of venture capital investment of climate start-ups. It has been proven that the international competition between investors for climate technologies has intensified significantly. “Mergers and acquisitions” strategy is characterized by the author as one of the effective investment strategies in ensuring the concentration and centralization of capital, strengthening financial stability, as well as increasing competitive positions in various segments of the global market of green innovative developments. It has been proven that mergers and acquisitions allow eco-innovation companies to achieve not only significant savings in financial costs for green technological developments, but also to significantly reduce the time lag for the development of green technological innovations. Finally, the article analyzes the investment strategy of creating green fundraising and crowdfunding platforms. The high efficiency of this strategy in terms of finding and attracting investment resources in the green innovation sector, which is carried out through the channels of so-called "crowd funding", has been proved.

Analysis of methodological approaches to the construction of dynamic systems of investment in information development

The object of research is theoretical and methodological approaches to mathematical modelling of dynamic nonlinear systems to ensure dynamic management of the investment process of information development of enterprises. Methodological aspects of building dynamic investment systems, maximizing the effectiveness of system interaction in information development are considered. One of the most problematic places is the formulation of the optimal approach to the methods of system analysis of decision management.
 The paper provides an opportunity to solve a wide range of problems, related to the flexible management of investment projects in the implementation of information technology. The study used the economic component of the formation of information resources, which contains an integral investment component of the information system. This is due to the fact that the proposed discreteness of this approach in the complex dynamics of the value of the information system contains partial estimates. Therefore, there should be a scheme of constant review of its value, which contains a dynamic component of the investment value of the information system with properties.
 The axiomatic approach was used in one of the most common approaches in the formal study of systems. The peculiarity is that the model is based on certain basic assumptions that do not require theoretical justification – on axioms. The study identified the main characteristics of the dynamic investment component of the system.
 Investments will have the properties of assessing information flows as part of information development. In particular, the research used approaches to modelling many solutions of the investment resources management process. The stages of modelling the process of dynamics and state of the system, implementation of the information support system are determined. This provides an opportunity to identify and assess the stages of investment, analysis of key risks and existing opportunities, defining strategies and methods of response, system typing. As well as the development and implementation of action plans to minimize the variability of investment areas and information structure.

Venture investment under multi-stage incentive model based on fairness concerns

PurposeThis study explores the impact of EN's (venture entrepreneurs, simplified as EN) jealousy fairness concerns coefficient on two-stage venture capital decision-making in cases of symmetrical and asymmetrical information. It discusses the equilibrium solution of two-stage venture.Design/methodology/approachThe principal-agent model was established based on multiple periods, and differentiated contracts were established at different stages. The validity of the models and the contract was verified by numerical simulation.FindingsThe results suggest that with the increase in the EN fairness concerns coefficient, the effort level of EN decreases continuously and decreases faster in the second stage because this is the last stage. The level of VC's (venture capitalist, simplified as VC) effort declines first and then increases; that is, VC will increase the effort level when the fairness concerns coefficient increases to a certain threshold. To motivate EN to pay more effort, VC will increase the incentive to EN in the first stage. However, it will reduce the level of incentive to EN in the second stage. In the limited stage of venture investment, consider that the fairness concerns of EN do not make the profits of EN and VC achieve Pareto improvement simultaneously.Originality/valueFirst, the authors implanted fairness concerns into multi-stage venture capital and discussed the impact of fairness concerns on the efforts and returns of both parties. Second, among the influencing factors of the project output, the authors consider the bilateral efforts of EN and VC, the working capacity of EN, the initial investment scale, and the external uncertain environment.

Oversized Electrical Appliance Impacts on Condominium Energy Efficiency and Cost-Effectiveness Management: Experts’ Perspectives

A direct use approach incorporating a cost approach assumed that replacing oversized electrical appliances with those better fit to actual energy consumption can reduce energy consumption, optimizing capacities of the new appliances to the maximum while reducing electricity costs. This study aimed to verify the assumption that the size of appliances has impacts on energy consumption and cost effectiveness. A mixed-method approach included these instruments for data elicitations (i.e., a questionnaire, data records of 485 transformers, two assessments of condominium technical caretakers, and two in-depth interviews of electrical engineering experts). The findings revealed that most condominiums installed electric appliances that are too large for their actual energy usage, which lies between 5.4% and 7.1% of the capacity. This study therefore proposed a total cost reduction of 54% by downsizing these appliances (i.e., MV Switchgear 2 sets, dry type transformer 2 sets 80,000, LV Cable 10 m. (XLPE), main distribution board, Busduct (MDB-DB), generator (20% of Tr.), and generator installation). Even though this analysis is limited to Bangkok, Thailand, this case may contribute decision-making on electrical appliance selection at early stage of investment or to downsize the currently installed appliances for the more energy efficient and cost-effective management of condominiums around the world.

Investments in research infrastructure on the project level: Problems, methods and mechanisms

Evaluation of infrastructure projects usually involves the separate application of financial or economic analysis to assess return on investment. In this paper we have developed a modified approach that includes additional public effects and their distribution between project participants in the financial and economic model of the research infrastructure project. Evaluation methods are based on the transition from financial to economic efficiency by adjusting cash flows and including indirect effects (impact of technological spillovers), externalities (knowledge spillovers and ecological effects) and tax effects. Policy and practical implications are closely examined with a focus on the distributional effects for the Core Facility Project of the Catalyst Center in Novosibirsk Academic Town. The results show that a significant excess of economic returns compared to financial returns is determined mainly by the indirect benefits of private participants who use the results of the project, but are not direct participants in this project. The main impact on the financial efficiency arises at the investment stage through direct support measures, complemented by private funding. Indirect support measures only work successfully during the operational stage. Stimulation of the investments in research infrastructure through government support essentially depends on the choice of a certain combination of government support instruments and project financing.

Role of the state in implementation of strategic investment projects: The SaHo Model for nuclear power

Abstract The purpose of the paper is to present an innovative business model, the SaHo Model, designed specifically to enable the Polish government to implement nuclear power development plans, which can be possibly used in other countries and in sectors requiring high capital expenditures. The SaHo Model solves the problems identified in the nuclear energy sector, which are related to high investment risk and high costs of capital at the investment stage, and ensures revenues after connection to the grid. Since the state is the investor at the initial stages, it takes over most of the risk in the short term. Selling the shares before connection to the grid, the state significantly reduces the financial involvement in the long term. From then on, the SaHo Model works similar to the Finnish Mankala or American electric cooperative models, producing and selling energy to their shareholders at production costs. None of the models used so far in nuclear energy provides such opportunities. The SaHo Model allows to enhance the competitiveness of the national industry and to increase public acceptance for nuclear power. Thus, it is not only a business model but also a concept for the functioning of the nuclear industry.

A retrospective investigation of the perceived influence of coaches, parents and peers on talented football players’ motivation during development

This study retrospectively explored perceptions of coach, parent and peer motivational influences across athlete development. Four investment stage football players (M age = 18.5 years, SD = 0.6) with an average of 13 (SD = 1.4) years footballing experience, and four of their parents, were interviewed to investigate their perceptions of coach, parent and peer motivationally-relevant influence during the athletes’ sampling, specializing and investment stages of development. Abductive thematic analysis of the interview transcripts identified five categories of perceived social agent motivationally-relevant influence that were consistent amongst each social agent and across each development stage. Each social agent was perceived by participants to play a role in each of the following motivationally-relevant categories of social agent influence: relationship factors; interpersonal interactions; support for development; support for participation; and feedback and evaluation. The categories were somewhat supportive and reflective of those outlined in other models. The results describe a complex and dynamic social environment within which players develop and provide insight into how this socio-motivational environment changes as athletes develop. Identified categories of perceived motivationally-relevant social agent influence may provide a framework for future research and allow practitioners to better determine athletes' motivational needs. Sport practitioners may use the findings from the study to ensure that athletes are gaining the breadth of motivational influences described in the categories within this study. Coach education might be developed or adapted to educate coaches on the types and importance of socio-motivational influences in sport. Lay Summary: Coaches, parents and peers were found to influence football players’ motivation in a range of ways, including the quality of their relationship with athletes, their positive and negative behaviors, the support they provided players’ development and participation in football, and the support they provided footballers to reflect on their experiences. The type of support that coaches, parents and peers provided to players changed as players progressed through different developmental stages, with coaches and peers becoming more important as athletes reached higher performance levels. Coaches and other sport practitioners might benefit from insight into the range of motivational influences that coaches, parents and peers can have in a football context in order to better develop and maintain athlete motivation.

Mechanisms of vascular smooth muscle cell investment and phenotypic diversification in vascular diseases.

In contrast with the heart, the adult mammalian vasculature retains significant remodelling capacity, dysregulation of which is implicated in disease development. In particular, vascular smooth muscle cells (VSMCs) play major roles in the pathological vascular remodelling characteristic of atherosclerosis, restenosis, aneurysm and pulmonary arterial hypertension. Clonal lineage tracing revealed that the VSMC-contribution to disease results from the hyperproliferation of few pre-existing medial cells and suggested that VSMC-derived cells from the same clone can adopt diverse phenotypes. Studies harnessing the powerful combination of lineage tracing and single-cell transcriptomics have delineated the substantial diversity of VSMC-derived cells in vascular lesions, which are proposed to have both beneficial and detrimental effects on disease severity. Computational analyses further suggest that the pathway from contractile VSMCs in healthy arteries to phenotypically distinct lesional cells consists of multiple, potentially regulatable, steps. A better understanding of how individual steps are controlled could reveal effective therapeutic strategies to minimise VSMC functions that drive pathology whilst maintaining or enhancing their beneficial roles. Here we review current knowledge of VSMC plasticity and highlight important questions that should be addressed to understand how specific stages of VSMC investment and phenotypic diversification are controlled. Implications for developing therapeutic strategies in pathological vascular remodelling are discussed and we explore how cutting-edge approaches could be used to elucidate the molecular mechanisms underlying VSMC regulation.

Grants, Funding, Awards and Recognition in Healthcare Innovation

For an idea to be validated, prototyped and tested, adequate financial planning plays a major role in the long journey of the idea from the brains to the market. There are various ways of getting funds for the startup. The founders usually start with their own money from their savings or some borrowings from family and friends which is called bootstrapping and is very common and crucial, akin to doctors starting their own clinics and small nursing homes. As they start to grow, large funds are needed in the early stage to set the foot firm with the help of an angel investor/ seed investor which is like starting a full-fledged hospital. The Venture capitalist comes in at a stage when the idea is proven and started with operations, early-stage customers and has a major potential to expand, just like when more branches of hospitals are planned. Private equity companies and investment banks are those who are keen to invest in companies who have proved themselves beyond doubt with strong leadership in the market and are looking for a major return on investment by making the company bigger, which is like planning a pan India network of the hospital chain. These investments happen multiple times or rounds at various stages of the company usually termed series A to series D or E and ultimately leading to the Initial Public Offering when it goes public from private holding. This funding journey is a well-planned effort quite specific to the investment stage, investor type, and their preferences. The recognition of the startups and their ideas plays a major role in them reaching to market and access to funding opportunities. The funding and national recognition from various govt. and private agencies such as BIRAC, FICCI, NASSCOM, Wellcome trust, and Villgro and international agencies such as CAMTech, Bill and Melinda gates foundation, Grand Challenges Canada, Stanford, and Harvard gives the much needed attention from the potential investors and is a major advantage which should be utilized well. Social media recognition plays a major role in recent times which has the potential to make an innovation “viral” and reach millions of customers and make relevant investors and govt. agencies notice, which can be a huge breakthrough for the company if the innovation has a social impact. We would like to make this article more practical, experiential, and contextual for better connect with pediatrician colleagues.

Application of augmented reality methods in construction

The application of virtual augmented reality (AR) in the construction industry based on the use of information modeling technologies (BIM) has great prospects. An augmented reality space with a presence effect can facilitate better interaction between customers and specialists in various technical issues related to the implementation of the construction project. Combined with the concept of building information modeling, AR technologies can improve the general understanding of the construction process. Using the newest augmented reality technologies allows you to work out both the entire project and its individual details as accurately as possible. Object visualization in the real world can be improved by combining AR as well as BIM technologies, since the interactive capabilities provided by AR software and access to BIM information data allow you to more intuitively solve the tasks of maintenance and construction management. This article analyzes the current state of augmented reality technologies in construction, identifies the problems and prospects of using these innovative technologies in the construction sector, describes the methods of using the latest technologies under study in the construction sector, and also presents indicators affecting decision-making using augmented reality technologies. The article considers the possibility of reducing the implementation time of certain stages of investment and construction activities taking into account the introduction of augmented reality, provides examples of construction companies from different countries developing software and development companies using augmented reality technologies for marketing purposes, and concludes that augmented reality is promising in construction.

(No) Politics at work? The relevance of political ideology for startup VC financing

Access to venture capital is critical for startups to overcome the ‘valley of death’, i.e., the funding gap in the technology development and commercialization phase, and to meet rapid growth demands. While prior research has extensively examined factors that influence investors’ decisions to fund new ventures, there is little understanding of the relevance of investors’ political ideology for startup financing. Drawing on a panel of 415 US fintech and cleantech startups between 2008 and 2018, we assess the importance of investors’ political ideology, conceptualized on the liberal-conservative dimension, for their investment commitments. Our findings suggest that conservative investors are less likely to fund new ventures, and that this effect is contingent on later investment stages and ideological congruence of (i) startups’ and investors’ political ideology and of (ii) the external political environment of the startups and investors’ ideology. Our paper extends political ideology literature by addressing the impact of political ideology in an entrepreneurial setting. Our research further contributes to the entrepreneurship literature in two important ways. First, we identify the importance of investors’ political ideology as a relevant factor that shapes startup financing. Second, we demonstrate that ideological differences between conservative and liberal investors may also lead them to attach differential importance to the same attributes of new ventures.

The planning and design of good quality urban parks in China: the perspectives of technical professionals

ABSTRACT Previous studies have identified barriers to investment in good quality urban parks during the planning and design stage, particularly noting the ineffectiveness of planning instruments, a low political will to invest in urban green spaces and constraints in governance operation. The factors that influence the quality of urban parks in the planning and design stages of investment were investigated through interviews with technical professionals who have acted as consultants to local government across China on urban planning and landscape projects. A set of thematic characteristics were identified as shaping the planning and design of good quality urban parks in China: the reliance on quantitative metrics in the contemporary planning context; the linkage between local political will to invest in urban parks, local leaders’ prestige and local administrators’ enthusiasm in governance operation; and local administrators’ equipment with knowledge and effectiveness in communicating with technical professionals.

Antecedents of Stage-wise Investment Preferences of Venture Capital and Private Equity Firms in India: An Empirical Exploration

This article is a maiden attempt at exploring determinants of stage-specific investment choices of Indian venture capital and private equity (VCPE) firms. Analysis of 5,782 VCPE investment deals during 1998–2016 shows that firms’ preferences to invest in various stages (early vs. late) are significantly affected by the characteristics of the VCPE firms, features of the deal, and characteristics of the investee firms. More specifically, experience and ownership (foreign vs. domestic) of VCPE firm, type of deal (syndicated or otherwise), investment size of the deal, and location and industry of the investee firm influence the stage of investment. Detailed empirical analysis shows that younger VCPE firms and those with domestic investors prefer to invest in early stages, presumably because they wish to build a reputation and also leverage their proximity with investee firms to manage high market and technological risks associated with early-stage investments. Syndication is another mechanism used to manage the risks associated with early-stage deals. Investee firms in industries that have lower investment requirements or shorter gestation periods and those located in regions with a mature entrepreneurial ecosystems are more likely to attract early-stage investments. JEL Classification: G24, L26, D81

Risky Matching

Abstract We develop a model where risk-averse workers can costly invest in their skills before matching with heterogenous firms. At the investment stage, workers face multiple sources of risk. They are uncertain about how skilled they will turn out and also about their income shock realizations at the time of employment. We analyse the equilibria of two versions of the model that depend on when uncertainty resolves, which determines the available risk-sharing possibilities between workers and firms. We provide a thorough analysis of equilibrium comparative statics regarding changes in risk, worker and firm heterogeneity, and technology. We derive conditions on the match output function and risk attitudes under which these shifts lead to more investment and show how this affects matching and wages. To illustrate the applied relevance of our theory, we provide a stylized quantitative assessment of the model and analyse the sources (risk, heterogeneity, or technology) of rising U.S. wage inequality. We find that changes in risk were the most important driver behind the surge in inequality, followed by technological change. We show that these conclusions are significantly altered if one neglects the key feature of our model, which is that educational investment is endogenous.

Accommodating Decision-Makers Needs & Preferences in An Oil and Gas State-Owned Enterprise by SSM Based Action Research

The Covid-19 Pandemic has shifted the behaviour of decision-makers in all business processes. This situation has accelerated the process of digitizing all information, information technology, and business processes. As a subsidiary of an Oil and Gas State-Owned Enterprise in Indonesia, The SHU also has a similar SOE's bureaucracy for the approval process in business development. What factors were considered, and how did the interaction and interrelation within those factors influence the decision-making is the main question in this research. This research aims at developing the decision-making system by accommodating the decision-maker's needs and preferences. Action research based on soft systems methodology (SSM) is used to model the new decision-making system and compare results. The long decision-making stages of business development investment have delayed several important business development projects, leading to missed early production opportunities and increased capital investment. Financial decision documents have to be wet-signed by all stakeholders involved in the decision -making process. It is practically difficult to follow existing business processes for business development approval during the Pandemic. The Covid-19 Pandemic is an entry point for redefining existing decision-making systems. The results showed that the principle of prudence and compliance are the main factors influencing decision-making. The development of digital review and approval based on a decision-making system conceptual model accommodated the interests of all stakeholders, and business processes continued during the Pandemic

The impact of gross domestic product on the financing and investment efficiency of China\u2019s commercial banks

China’s commercial banks have developed at a very rapid speed in recent decades. However, with global economic development slowing down, the impact of gross domestic product growth as an exogenous factor cannot be ignored. Most existing studies only consider the internal factors of banks, and neglect their external economic factors. This study thus adopts an undesirable dynamic slacks-based measure under an exogenous model in combination with the Kernel density curve to explore the efficiency of state-owned commercial banks (SOCBs), joint-stock commercial banks (JSCBs), and urban commercial banks (UCBs) in China from 2012 to 2018. The results show that SOCBs have the highest overall efficiency, followed by JSCBs, then UCBs. The efficiencies of SOCBs, JSCBs, and UCBs in the financing stage are greater than those in the investment stage, indicating that the latter stage brings down overall efficiency. Thus, all commercial banks need to focus on the efficiency of non-performing loans and return on capital. Finally, SOCBs need to strengthen internal controls, reduce non-performing loans and improve return on capital. JSCBs should actively expand its business while controlling costs, and UCBs should optimize its management.