A Countermeasures Study Of The Improvement Of China’s Non-Ferrous Metal Listed Company Investment Efficiency

The significance of the nonferrous metal industry is increasing during the process of China modernization drive.As one of the basic industries in China economic development,nonferrous metal industry has provided essential and indispensable production materials for other national economy departments.It promotes the development of agriculture,manufacture and national defense.However,market requirement of nonferrous metal industry has been low with the change of China economic increasing rate from a high to a medium rate.Moreover,nonferrous metal industry has been in a state of over capacity for quite a long time.Currently,China nonferrous metal industry is confronted with high pressure.As a result,how to find out problems of the industry accurately,how to improve the investment efficiency from the standpoint of companies inside,and how to accelerate the industry’s transformation and upgrading,are pivotal to nonferrous industry’s development,as well as the healthy development of national economy.This thesis has made a literature review on investment efficiency of nonferrous metal industry,making an investigation on business circumstance and investment level from the perspective of financial management,aiming to provide a thorough and comprehensive picture of management and investment circumstances of listed nonferrous metal companies.This study combines a quantitative approach and an experience analysis.It objectively screens out the evaluation criteria.Three Phases DEA Analysis and Malmquist Index are employed to appraise 72 listed nonferrous companies’ investment efficiency from the viewpoint of static state and dynamic state.According to research results,the level of investment efficiency of the whole industry is low in general,and the scale of company is unreasonable.In addition,the study also reveals that technical progress makes contribution to the improvement of investment efficiency.At last,based on a combination of theory and practice,this thesis selects nine influence factors from the viewpoint of company management and debt financing management,such as debt ratio,percentage of senior executives’ share holding etc.Then,the research analyzes the influenc factors through Tobit Model,providing feasible methods and advice to promote investment efficiency of listed nonferrous metal companies.