The Research On New Materials Listed Companies’ Operational Efficiency And Influencing Factors

New materials is an important part of high technology. It has a pilot and strategic.The development of new materials industry has become an integral part of thestrategic competition between countries. In recent years, With the introduction of aseries of policy measures, such as " Decision of the State Council on accelerating thedevelopment and the development of strategic emerging industries(2010)" and "thesecond Five Year Plan of New materials industry (2012)", New materials listedcompanies in China has been rapid development. However, compared with developedcountries, their international competitiveness is significantly weak, and they are stillfacing some problems to be solved, of which the most important issue is theiroperating efficiency is generally low. As a leader and a typical representative in newmaterials company, new materials listed compan’ys operating efficiency affects theprocess of China’s new materials industry to catch up with developed countries, butalso affect the development of other strategic emerging industries. Therefore, thestudy of new materials listed company’s operating efficiency and its influencingfactors, is important not only to enhance China’s new materials industry internationalcompetitiveness, but also accelerate the comprehensive development of strategicemerging industries and achieve sustainable development strategy has far-reaching.Based on X-efficiency theory, the theory of economies of scale, capital structuretheory, Nature of equity, This paper use the methods of DEA-Malmquist to evaluatethe the operational efficiency of new materials listed companies. In order to studywhat factors will affect the operational efficiency of the new materials listedcompanies, this paper introduce Company size，capital structure, operationalcapability, R&D capabilities and other factors into the model. The results ofoperational efficiency estimates showed that: between2007and2011，the operationalefficiency of new materials listed companies in China descended; a small number ofthe compan’ys operational efficiency is improved, most of the company efficiency isdecreased, and technological change has slowed is the major underlying cause of thedecline in operational efficiency; fluctuations of operating efficiency has obviousdifferences among the new material listed companies. Through the analysis of thefactors affecting the operational efficiency we found: company size has a negativeimpact on operational efficiency of new materials listed companies; asset-liability ratio, earning capacity, state-controlling have a positive impact on operationalefficiency of new materials listed companies; ownership concentration, ratio ofindependent directors, total assets turnover and R&D capabilities have no significantimpact on the operational efficiency of new materials listed companies. Thus, thisarticle suggests: moderate grasp of the rate of expansion of the size of the company,optimize the capital structure, give Ml play to the advantages of state-owned holding，improve the level of corporate governance, improve the proiftability and operationalcapabilities of the new materials and research capacity.