基于SFA的价格变动视角下中国稀土永磁上市公司效率研究

An Empirical Study of Effect of Raw Material Price Fluctuation of China's Listed Rare Earth Permanent Magnet Companies Based on Stochastic Frontier Analysis

以2006年至2014年中国稀土永磁类上市公司作为样本,从原材料价格波动视角,应用随机前沿的方法研究了该行业技术效率变化趋势。结果表明,中国稀土永磁行业目前仍处于规模报酬递增的阶段,且该行业并不具备规模效应;资本市场的压力、第一大股东占股比例、每股收益率、大股东的国家性质与技术效率提高成正比关系;原材料价格变动反映了下游产品需求,原材料价格与技术效率的提升具有正向变动关系,通过政策影响原材料价格进入正常波动区间,理顺内在传导机制作用下实现稀土永磁类公司技术效率的上升,因此现阶段增强稀土产品的下游需求,利于激发行业的技术效率水平的改进。研究结论对于正确识别公司价值、政府层面的产业政策制定提供借鉴。

Choosing enterprise efficiency as a perspective and taking raw material price fluctuation as an important factor,this paper studies the technical efficiency and its trend of China listed rare earth permanent magnet companies in period 2006- 2011 using stochastic frontier analysis. The results are as following： first,the rare earth permanent magnet industry is now in the period of increasing returns to scale,but the industry does not have scale effect; secondly,the pressure from the capital market,shareholding proportion of the largest shareholder,per share earning ratio and the state- owned nature of the major shareholders can significantly improve the technical efficiency of the rare earth permanent magnet industry; thirdly,the raw material price fluctuation reflects the demand of downstream products in the industry. And the result shows that the increasing price of raw material can improve the efficiency of this industry. To enlarge the demand of downstream products is benefit for promoting the technical efficiency of rare earth permanent magnet industry.