以自由现金流为视角的上市公司效率研究——以钢铁行业为例

Research of listed company efficiency from free cash float—take steel industry as example

通过数据包络分析(DEA)方法,以自由现金流量为指标,对钢铁上市公司产生现金流的效率进行分析,结果显示大部分钢铁企业已经达到或接近规模经济,企业之间获取现金流效率的差异主要来自纯技术效率差异,而产品类型的差异影响非常显著。

After having experienced a decade of high-speed development,China＇s iron and steel industry is facing serious overcapacity problems currently.In the long term,the iron and steel industry will go through the process of reducing production capacity.During this process,the studies on the efficiency of iron and steel industry should be paid more attention to its ability of generating cash flow.Using the Data Developing Analysis and Free Cash Flow as an indicator,this thesis aims at analyzing the efficiency of generating cash flow of iron and steel enterprises.What the authors learned from this thesis is that the iron and steel companies have already reached or approached the scale efficiency,and should focus on adjustment of product structure in the future.