Research On The Efficiency Of Listed Enterprises In China's Non-ferrous Metals Industry

With the continuous advancement of China's industrialization process,the nonferrous metal industry is playing an increasingly important role.After years of development,China's non-ferrous metal industry has made great progress.At the same time,industrial structural contradictions have inhibited the healthy development of the industry.Therefore,it is of great practical significance to study the efficiency of enterprises in China's non-ferrous metals industry.Based on the analysis of the development status of China's non-ferrous metals industry,this paper selects the input-output data of 71 non-ferrous metal industry listed companies from 2011 to 2017 as the research object for efficiency research.First,the three-stage data envelopment analysis(DEA)model is used to analyze the operating efficiency of listed companies in the non-ferrous metals industry.In the first stage,using the traditional DEA model,select four input indicators of total assets,number of employees,main business costs,and period expenses,and select three output indicators of net profit,main business income,and total asset turnover rate.The technical efficiency,pure technical efficiency,scale efficiency and scale return benefit are measured.In the second stage,the stochastic frontier analysis(SFA)model is used for regression analysis,this paper selects three environmental variable indicators:per capita real GDP in the region where the enterprise is located,government subsidy and equity concentration.The environmental variable indicators eliminate the influence of external environmental factors and random errors on the efficiency result,and new input-output data are obtained.In the third stage,the DEA model is reused for efficiency measurement to more accurately reflect the efficiency result.And the results are analysised from the non-ferrous metals industry listed companies and their two subsectors,and all companies are divided into four types.Secondly,using the productivity index(Malmquist)to dynamically analyze the efficiency of listed companies in the non-ferrous metals industry in 2011-2017,the changes in total factor productivity and its decomposition index are obtained,and the efficiency changes are more comprehensively reflected.The results show that the average technical efficiency,pure technical efficiency and scale efficiency of the non-ferrous metals industry in the first phase from 2011 to 2017 are: 0.709,0.803,0.888.The influence of the external environmental factors selected in the second stage on the efficiency results is obvious,after removing these factors,the average value of the efficiency value of the third stage is adjusted to 0.787,0.795,0.935.It is concluded that the comprehensive efficiency of listed companies in the non-ferrous metals industry is unevenly distributed,the overall efficiency is high,and the average value of pure technical efficiency is less than the average efficiency of scale.The main factor that limits the change in overall technology efficiency is pure technical efficiency.The use of the Malmquist index analysis shows that the reduction in technological progress has constrained the increase in total factor productivity.Finally,this paper makes recommendations from the micro level of the enterprise and the macro level of the government to the development of the non-ferrous metals industry.