Capital structure, equity structure, and technical efficiency — empirical study based on China coal listed companies

This paper firstly uses Stochastic Frontier Analysis method to measure the technical efficiency of China coal listed companies from 1998 to 2008. Then, it constructs panel data model to empirically test the influence of capital structure and equity structure on technical efficiency. The results reveal that both capital structure and equity structure have an inverse U shape relation with technical efficiency, which is consistent with theoretical analysis.