中国采矿业上市公司经营效率的实证分析：基于DEA模型和Malmquist指数模型

本文运用DEA-BCC模型和Malmquist指数模型对2015—2018年中国69家采矿业上市企业整体和细分行业的经营效率进行静态分析和动态分析。静态分析表明,中国采矿业上市企业整体经营效率较低,每年达到DEA有效的企业不足10.0%,不同业务领域的细分行业经营效率变动趋势存在差异,纯技术效率低是造成整体经营效率偏低的主要原因,另外每年64.2%以上的企业处于规模收益递增状态,表明大部分采矿业上市企业应该扩大生产规模来提高企业产出效率;动态分析表明,全要素生产率在样本期间持续保持增长状态,规模效率变化的贡献较大,细分行业中有色金属矿采选业全要素生产率在2017—2018年间下降了13.7%,主要是由于纯技术效率下降抑制了全要素生产率的增长。本文建议可以通过增强企业管理效率与调整企业规模、加大企业科研投入、提高企业纯技术效率水平以及加强企业与政府经济部门资源协调整合来提高企业经营效率。

An Empirical Analysis of the Operating Efficiency of Listed Companies in China

This paper uses the DEA-BCC model and the Malmquist index model to perform static and dynamic analysis of the operating efficiency of 69 listed companies in the mining industry in China as a whole and their sub-sectors in 2015-2018. Static analysis shows that the overall operating efficiency of listed companies in the Chinese mining industry is low, with less than 10.0% of companies achieving effective DEA each year. There are differences in the changing trends in the operating efficiency of sub-sectors in different business areas. Low pure technical efficiency is the main reason for low operating efficiency. The reason is that more than 64.2% of the companies are in the state of increasing returns to scale each year, indicating that most listed mining companies should expand their production scale to improve their output efficiency; dynamic analysis shows that total factor productivity has continued to grow during the sample period, and scale efficiency has changed The contribution of this sector is relatively large. The total factor productivity of non-ferrous metal mining and dressing industries in the subdivided industries decreased by 13.7% during 2017-2018, mainly due to the decline in pure technology efficiency, which has restrained the growth of total factor productivity. This article proposes that the efficiency of an enterprise can be improved by enhancing its management efficiency and adjusting its size, increasing its investment in scientific research, improving its pure technology efficiency level, and strengthening the coordination and integration of resources between the enterprise and government economic departments.