中国黄金产业上市公司技术效率分析——基于随机前沿方法的实证研究

Analysis on technical efficiency of listed companies in Chinese gold industry——an empirical study based on stochastic frontier method

采用随机前沿方法(SFA),实证分析了2009—2012年中国黄金产业上市公司的技术效率及其影响因素。结果表明:中国黄金产业上市公司的技术效率整体偏低,上市公司之间技术效率存在显著差异;上市公司规模、资金运用能力对公司技术效率具有显著的促进作用,而技术能力、股本结构以及时间趋势对公司技术效率的提高没有显著影响。最后,根据分析结果对中国黄金产业的发展提出了相关建议。

This paper applies the stochastic frontier analysis on technical efficiency and its influence factors of Chinese gold industry listed companies from 2009 to 2012 by an empirical study. The results show that the technical efficiency of Chinese gold industry listed companies is low as a whole, and the huge difference exists in technical efficiency among listed enterprises;the scale of firms and the ability to employ the fund highly promote the technical efficiency of listed companies while technical ability, equity structure and time trends have no significant effect on technical efficiency. Finally, according to the analysis results, some corresponding suggestions are put forward for the development of Chinese gold industry.