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随着港口投资结构多元化、航运企业向综合物流商转变，“港航合一”成为航运业未来的发展趋势。在此背景下，研究航运企业投资对码头的影响能够为码头健康发展提供一定的理论依据。本文先采用三阶段DEA模型对我国沿海集装箱码头2008–2012年间的运营效率进行测度，其次依据投资结构将我国沿海62个集装箱码头进行分组，最后重点分析投资结构与码头运营效率之间的关系。研究结果显示，有航运企业投资的码头运营效率普遍高于无航运企业投资的码头，两组码头的纯技术效率相差较小，而规模效率相差较大。航运企业参与码头建设经营可以实现自有船舶挂靠自有码头，提升码头设施的利用率，从而提升码头的规模效率，有利于码头的健康发展。

Assessing the Influence of Shipping Company Investment for Efficiency of Terminal

With the way of port investment becomes diversified, people witness that shipping enterprises transform into integrated logistic enterprises. That makes the merge of port and shipping enterprises becomes a new trend in the shipping industry. Under this circumstance, the three-stage DEA model is adopted to estimate the efficiency of coastal container terminal from 2008 to 2012 in China. The terminal will be divided into two groups based on investment structure. The relationship between investment structure and operation efficiency of container terminals is which the analysis focuses on in the latter section. The research outcomes show that the efficiency of container terminals incorporated with shipping enterprises is commonly higher than that of container terminals without any shipping enterprises’investment. The difference of pure technical efficiency is tiny, but the difference of scale efficiency is enormous. Shipping enterprise’s investment make vessels dock at its own terminal, which enhances the utilization of facilities. That turns out that the investment of shipping enterprises can promote the development of terminal enterprises.