资源科学 ›› 2018, Vol. 40 ›› Issue (3): 623-633.doi: 10.18402/resci.2018.03.16

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中国金属行业金融支持效率测算

邵留国1,2,3(), 许铭1,3()   

  1. 1. 中南大学商学院,长沙 410083
    2. 中国社科院工业经济研究所,北京 100836
    3. 中南大学金属战略研究院,长沙 410083
  • 收稿日期:2017-08-15 修回日期:2018-02-05 出版日期:2018-03-10 发布日期:2018-03-10
  • 作者简介:

    作者简介: 邵留国,男,山东汶上人,博士,副教授,研究方向为资源经济与管理。E-mail:shaoliuguo@qq.com

  • 基金资助:
    国家自然科学基金重点项目(71633006);中国博士后科学基金(2017T100124,2016M600162);湖南省社科基金(16YBA372)

The financial support efficiency of the metal industry in China

Liuguo SHAO1,2,3(), Ming XU1,3()   

  1. 1. Business College, Central South University, Changsha 410083, China
    2. Institute of Industrial Economics of Chinese Academy of Social Science, Beijing 100836, China
    3. Metal Resources Strategic Research Institute, Central South University, Changsha 410083, China
  • Received:2017-08-15 Revised:2018-02-05 Online:2018-03-10 Published:2018-03-10

摘要:

基于Meta-frontier DEA方法测算中国金属上市公司2011—2016年的金融支持效率,并比较各种机制的效率损失强度,包括内部治理、行业环境和所有制。研究结果表明:① 中国金属行业虽然景气不佳,但最主要的制约因素还是内部治理,尽管行业和所有制不同,提高金融支持效率的重心仍然是改善内部治理效率;② 行业环境和所有制的重要性也是不可忽视的,行业效率和所有制效率的改善对金融支持效率有正向作用;③ 相比民企,国企受内部治理、行业环境和所有制效率损失的制约程度都要更大,这意味着国企存在更严重的委托代理、市场依赖性等问题;④ 内部治理效率的行业差异会因行业联系的增强而弱化,这表明降低行业壁垒有益于改善内部治理。

关键词: 金融支持效率, 金属企业, 内部治理, 所有制, 行业环境, Meta-frontier DEA

Abstract:

Based on the Meta-frontier DEA method, here we calculated the financial support efficiency and compared various mechanisms for efficiency loss intensity, including internal governance, industry environment and ownership. The losses can be attributed to internal governance, industry environment and ownership factors. These results mainly come from metal-listed companies in China from 2011 to 2016. We found that although the metal industry in China is not prosperous, the most important constraint is internal governance. Even though industry and ownership are different, the focus on improving financial support efficiency is still to improve internal governance. The importance of ownership and industry environments cannot be ignored. The improvement of industry efficiency and ownership efficiency has a positive effect on financial support efficiency. The financial support efficiency will be higher, if industry efficiency and ownership efficiency can be improved. Compared with private enterprise, state-owned enterprises are more constrained in terms of internal governance, industrial environment and ownership. This means that state-owned enterprises have more serious problems such as principal-agent and market dependence. Industry differences in internal governance efficiency will be narrowed because of the enhancement of industry contacts and the knowledge barrier will be smaller as the industry coupling works better. Industry differences in internal governance efficiency will be weakened because of diffusion of knowledge. On the basis of theoretical mechanisms, we build an index system, which gives theoretical and practical value to financial support efficiency.

Key words: financial support efficiency, metal enterprise, internal governance, ownership, industry environment, Meta-frontier DEA