基于SFA的价格变动视角下中国稀土永磁上市公司效率研究

发布时间：2018-11-18 14:14

【摘要】：以2006年至2014年中国稀土永磁类上市公司作为样本,从原材料价格波动视角,应用随机前沿的方法研究了该行业技术效率变化趋势。结果表明,中国稀土永磁行业目前仍处于规模报酬递增的阶段,且该行业并不具备规模效应;资本市场的压力、第一大股东占股比例、每股收益率、大股东的国家性质与技术效率提高成正比关系;原材料价格变动反映了下游产品需求,原材料价格与技术效率的提升具有正向变动关系,通过政策影响原材料价格进入正常波动区间,理顺内在传导机制作用下实现稀土永磁类公司技术效率的上升,因此现阶段增强稀土产品的下游需求,利于激发行业的技术效率水平的改进。研究结论对于正确识别公司价值、政府层面的产业政策制定提供借鉴。
[Abstract]:Taking the rare earth permanent magnet listed companies in China from 2006 to 2014 as samples, from the perspective of raw material price fluctuation, the change trend of technical efficiency of this industry is studied by using the method of stochastic frontier. The results show that the rare earth permanent magnet industry in China is still in the stage of increasing returns of scale, and the industry does not have scale effect. Under the pressure of the capital market, the proportion of the first largest shareholder to the stock, the rate of return per share, the national nature of the majority shareholder and the improvement of technical efficiency are in direct proportion to each other; The price change of raw materials reflects the demand of downstream products, and the price of raw materials has a positive relationship with the improvement of technical efficiency, which influences the price of raw materials to enter the normal fluctuation range through the policy. Under the action of internal conduction mechanism, the technology efficiency of rare earth permanent magnet company is improved, so the downstream demand of rare earth products is enhanced at present, which is helpful to stimulate the improvement of technical efficiency level of the industry. The conclusions can be used for reference for the correct identification of corporate value and government-level industrial policy-making.
【作者单位】：内蒙古科技大学经济与管理学院;中国人民大学商学院;
【基金】：国家社科基金西部项目(13XJY014) 内蒙古社科规划项目(2013B030) 内蒙古社科联项目(201319) 内蒙古科技大学创新基金(2011NCL012;2012NCL045)
【分类号】：F426

【相似文献】