Research On The Efficiency Of Listed Companies In The Non-ferrous Metals Industry

Nonferrous metals industry is the basic industry of the national economy,which plays an irreplaceable role in China's economic construction,national defense and social development.After more than 50 years of development,China's nonferrous metals industrial scale are expanding,industrial concentration are improving,the level of production technology and the level of enterprise management are increasing,international competitiveness and influence are strengthening.However,in recent years,many factors such as the low investment demand ?the low prices of international commodity and the over capacity of supply side result in non-ferrous metal prices falling further,the economic efficiency of enterprises continuing to decline,the downward pressure on the non-ferrous metals industry increasing.The existence of these factors not only affects the efficiency of non-ferrous metals enterprises,but also affects the healthy development of the entire non-ferrous metals industry.This paper firstly analyzes the development trend as well as the current situation of China's nonferrous metals industry,and focus on copper,aluminum,zinc,lead industry,so that readers can understand the development of nonferrous metals industry.On the basis of summing up the research results of previous scholars,this paper selects the evaluation index of the efficiency of the listed companies of nonferrous metals industry scientifically and reasonably.The financial data from 2011 to 2015 annual report of the listed companies in the nonferrous metal industry as the foundation,static and dynamic efficiency evaluation is performed by using DEA and Malmquist index listed on 68 of the country's nonferrous metal industry enterprises.The calculation results show that the efficiency level of the whole industry is generally not high,Only Shengda mining,Sitong new material,Dongliang new material shows efficiency status and the efficiency changes greatly.At the same time,the sample enterprises are divided into seven regions,so as to compare the regionaldevelopment level of non-ferrous metal industry differences.Finally,this paper gives some suggestions on how to improve the efficiency level from the microcosmic aspect of the enterprise,and on the other hand,gives a series of suggestions on improving the overall development level of the nonferrous metal industry from the macro level of the government.