基于DEA-Tobit模型的中国有色金属矿采选业上市公司经营效率和影响因素研究

Study on the operating efficiency and influencing factors of listed companies in China's nonferrous metal mining and beneficiation industry based on DEA-Tobit model

为研究中国有色金属矿采选业上市公司经营效率和影响因素,本文利用2014—2019年中国有色金属矿采选业上市公司的面板数据,采用DEA模型方法测算了中国有色金属矿采选业上市公司的技术效率、纯技术效率及规模效率,并引入Tobit模型分析了影响企业效率的主要因素。结果表明:中国大多数有色金属矿采选行业上市公司的综合效率处于良好水平,但仍有较大提升空间,2014—2019年的平均值为0.753,大部分已经处于规模效应递减之中。同时,资本密集度、企业规模、总资产周转率正向影响中国有色金属矿采选业上市公司的经营效率。基于此,本文提出中国有色金属矿采选业上市公司需要从精细化管理、走高质量发展道路、优化投资结构等方面提高经营效率的政策建议。

In order to study the operating efficiency and influencing factors of listed companies in China's nonferrous metal mining and beneficiation industry,this paper uses the panel data of listed companies in China's nonferrous metal mining and beneficiation industry from 2014 to 2019 and uses the DEA method to calculate the technical efficiency,pure technical efficiency and scale efficiency of listed companies in China's nonferrous metal mining and beneficiation industry.The Tobit model is introduced to analyze the main factors affecting enterprise efficiency.The results show that the comprehensive efficiency of most listed companies in China's nonferrous metal mining and dressing industry is at a good level,but there is still much room for improvement.The average value from 2014 to 2019 is 0.753,and most of them are already in the decline of scale effect.At the same time,capital intensity,enterprise scale and total asset turnover positively affect the operating efficiency of listed companies in nonferrous metal mining and beneficiation industry.Based on this,the paper puts forward policy suggestions that China's non-ferrous metal mining and beneficiation listed companies need to improve their business efficiency from the aspects of fine management,taking the road of high-quality development and optimizing the investment structure.