基于因子分析的煤炭上市公司经营绩效评价

经营绩效是上市公司投入与产出之间对应关系的明确反映,文章运用因子分析模型,对我国27家煤炭上市公司的经营绩效进行了综合分析,得出各煤炭企业在多个方面的排名情况,由此得出进一步提高煤炭企业管理绩效的建议。     

煤炭加工过程中主要污染物治理效率评估方法

煤炭加工过程中主要污染物治理效率评估受到评估指标的影响,使得污染物治理绩效提神效果较差。因此,提出基于煤炭加工过程中主要污染物治理效率评估方法设计。评估方法的设计以DEA模型为基础,构建了一个治理效率评估模型;以模型为核心对全要素生产率指数进行计算,并且选取污染物治理效率评估指标,建立污染物治理评估的原则;通过2个阶段的评估,对治理过程中非期望产出污染物进行处理,最终完成污染物治理效率评估方法设计。实验结果表明:应用3种效率评估方法得出的结果,优化治理投入资源配置,采用文中设计方法优化后污染物治理绩效相较于2种传统方法提升了29.6%、41.7%。     

上市公司重要财务指标之浅见

通过财务指标了解上市公司的经营状况很重要,文章对财务指标为什么要进行调整及如何调整作了详细的论述,说明了通过对净资产的调整可使每股净资产、净资产收益率这两个财务指标大大增加。     

基于DEA模型的我国煤炭行业上市公司经营业绩评价

运用DEA模型对煤炭行业41家上市公司2015年第三季度经营绩效进行了分析,发现我国煤炭类上市公司经营绩效不容乐观,仅有2家公司达到了DEA有效状态。文章指出,依据不同类型的绩效,通过技术改造、加强管理,扩大或缩减经营规模来改进经营绩效,为煤炭类上市公司有针对性地提高绩效水平提供参考依据。     

煤炭上市公司绩效与人力资本关系研究

本文基于企业资源基础理论,以煤炭上市公司为研究对象,采用线性回归分析的方法,对煤炭上市公司人力资本与公司绩效的关系进行实证分析.分析结果表明:煤炭上市公司人力资本与公司绩效正相关关系不显著.最后给出了提高煤炭上市公司人力资本的建议.     

我国煤炭企业研发投入驱动企业成长的绩效分析

能源低碳化发展、供给侧结构性改革与环境问题已使煤炭企业通过研发投入驱动公司财务绩效成必然。选取我国沪深两市上市的29家煤炭上市公司,以其2014-2016年连续3年研发投入、研发投入强度和相关的财务数据作为研究对象,运用多元线性回归法实证分析了研发投入对煤炭上市公司财务绩效的影响。研究发现:研发投入绝对值与当期的主营业务收入,研发投入强度与当期的营业利润增长率均存在着正向相关关系;研发投入对主营业务的影响具有滞后性。研发投入强度对营业利润增长率滞后性影响不明显。研究建议:煤炭上市公司需转变观念,重视RD活动,加强研发投入;研发活动应该适应市场导向,向市场、利润双重导向转变;注重研发投入的长期规划性,避免短期行为。     

公司治理对煤炭上市公司并购绩效的影响

以煤炭上市公司2008—2012年年报数据为样本,首先采用因子分析法对构建的财务比例指标体系综合打分以衡量并购绩效,然后使用多元线性回归分析法从股权结构、董事会结构和管理层激励3个方面实证检验了公司治理与并购绩效的关系。研究表明:中国煤炭上市公司并购绩效的总体趋势是先下降后上升;国有股比例和股权集中度与并购绩效正相关;董事会规模和独立董事比例与并购绩效负相关;管理层激励与并购绩效正相关。最后针对研究结果分别提出对策建议。     

基于三阶段DEA模型的煤矿企业安全投入产出效率研究

运用三阶段DEA模型对2016年我国17家煤炭上市公司的安全投入产出效率进行实证分析。研究结果表明,企业规模、从业人员劳动生产率以及受教育程度3个环境变量均正向影响安全效率;剔除环境变量和随机误差的影响后,煤矿企业安全投入产出的综合技术效率与纯技术效率的均值都上升,而规模效率的均值下降,企业安全投入产出效率整体较高;规模效率偏低是制约安全投入产出效率提高的主要原因。煤矿企业应该改善自身规模配置能力,优化安全资金的投入结构,提高技术效率和管理水平。     

煤炭上市公司高管薪酬与公司绩效相关关系研究

以2012-2016年28家煤炭上市公司为样本,基于委托代理理论、激励理论等相关理论,采用主成分分析法和固定效应模型研究高管薪酬与公司绩效的关系。研究结果表明,煤炭上市公司高管货币薪酬与公司绩效呈正相关关系,高管内部薪酬差距与公司绩效呈负相关关系,而高管持股比例与公司绩效没有显著相关关系。在此基础上,加入高管货币薪酬与股权集中度的交互项,研究证明公司治理机制间的交互作用对公司绩效产生影响。     

基于 DEA/ AHP 的煤炭资源消费效率评价

煤炭资源是中国的主要能源。分析和评价煤炭资源在各行业的消费效率,对认识并改变中国能源效率现状有重要意义。本文根据能源系统的特点,构建了以煤炭消费总量、人力资源投入量和固定资产投资为投入指标以及以工业增加值为产出指标的煤炭消费效率评价指标体系,结合层次分析法建立期望产出的DEA/AHP消费效率评价模型。结合相关数据,对中国主要行业的煤炭资源效率进行了实证分析。结果表明,工业行业消费效率在众多行业中最低,主要是工业行业高耗能生产结构所致。通过实证研究发现,评价模型在理论研究方面可以有效应用于煤炭消费效率的评价,并为中国实现节能减排目标、制定相关政策和措施提供了决策支持。     

China rare earth market review

正November 21~30,2014Due to weak demand from downstream industries,transactions of rare earth in Chinese domestic market were inactive.It was difficult to sell any rare earth products except for dysprosium oxide and terbium oxide.Suppliers lost confidence in recent market.Demand for rare earth products was soft.Consumers continued to take a wait-and-see attitude.Rare earth export market remained slow.     

Current situation and future trend of China rare earth luminescent materialindustry(continued)

<正>Developing ecological lighting source The world is facing the big problem of energy shortage today and the contradiction between economy development and environmental protection is worsened.Therefore,people are more likely to choose an ecological light source that is more energy efficient and environmental friendly.The choice provides great opportunity for the development of rare earth optical material industry in China.The concept of green lighting positions rare earth luminescent material as a leading player in illumination market.The light source of both rare earth luminescent lamp and LED lamp is ecological and energy saving.This is why     

Galaxy Magnets achieved the net profit of 34.02 million yuan in the first six months of 2014

正Galaxy Magnet announced its financial results for the first half of 2014 on August 14.For the first six months ended on 30 June 2014,Galaxy Magnet achieved operation income of RMB 182.3 million,up8.40% over the same period of 2013,and the net profit attributable to the shareholders of the listed company of 34.02 million yuan,increasing 35.49% over the same period of last year.Stable performance increase was led by development of new customers and application market of magnets.     

Rare Earth Application in Steel in China

<正>China has rich rare earth resources.Output of rare earth and steel in China ranks the top first in the world.However,there is still certain distance between the steel produced in China and developed countries from the point of varieties and quality.China still has to import some types of steel.Improving the quality should be emphasiZed in future development of steel industry in China.Rare earth can be used to upgrade traditional steel     

稀散金属产业的观察与思考

分析了近年来国内外稀散金属产业的生产、应用、资源与市场状况.铟锡氧化物靶材、砷化镓晶片、锗红外材料、铼高温合金和硒在电解锰及玻璃的应用等已成为稀散金属的主要应用领域.稀散金属的产量快速增长达到历史高位而导致了市场的失衡.以GaInP_2/GaAs/Ge,CIGS和CdTe为代表的非硅系太阳能电池是稀散金属的新兴应用领域,将给稀散金属带来日益增长的需求.     

China rare earth market review

正November 1~10,2014Chinese rare earth market was still inactive.Demand for rare earth products was weak.Consumers took a wait-and-see attitude for lower price.As it was an off season for rare earth products,it was expected that prices of rare earth could continue turbulence at the bottom in short terms.Due to a sharp drop,demand for rare earth from downstream recovered.Affected by new energy vehicles,wind powder and energy-efficient appliances,production of rare earth permanent     

China rare earth market review

正August 1~10,2014 There was some good news in rare earth industry recently.Restructuring plans of rare earth groups led by Baotou IronSteel Group and Xiamen Tungsten Group respectively have been approved by MIIT.And rare earth storage policy,which had been expected for a very long time,has been launched officially.Pushed by the good news,rare earth price started to rebound since August 5.Price of didymium oxide and dysprosium oxide rose about 1% to 2%,averagely.About 10% of     

China rare earth market review

正July 1~10,2014Due to weak demand from downstream industry and slow transactions,rare earth market remained weak and price of rare earth products continued to decline.There was no sign of recovery in downstream market.The market of NdFeB magnetic materials and phosphor was depressed.Catalyst,     

New energy vehicle:an opportunity for rare earth magnets

<正>Extracted from Securities Guide 1.Popularity of new energy vehicles—an irresistible market trend1.1 Progress of new energy vehicles Chinese Premier Li Keqiang said recently on a visit to Xi'an BYD Autos that new energy vehicles,especially new energy bus,can lessen environment and noise pollution.He encouraged the use of new     

Brief news

正Corun invested another 50 million yuan in power battery for HEV Hunan Corun announced on 27 June that they had signed the cooperation agreement to jointly built Corun(Shaoxing)Autos Power Battery System Co.,Ltd.in Shaoxing Binhai New City.According to the announcement,total registered