Research On Cost Efficiency Of Listed Companies In China’s Nonferrous Metals Industry

At present,China’s non-ferrous metal industry has entered a period of critical adjustment,and the entire industry is facing a severe test.Faced with the accelerated development of the non-ferrous metals industry in the world,China’s non-ferrous metals industry has become increasingly inferior in terms of backward overcapacity,low production efficiency,and weak independent innovation capability,which has severely curbed its development.As a result,inefficiency has become one of the main bottlenecks that hinder the high quality and healthy development of the non-ferrous metals industry.In the increasingly fierce market competition,companies want to adapt to the trend of sustainable economic development,and pay more attention to the duration of the continuous operation and the positioning of the period.The core idea of enterprise life cycle theory is that enterprises are similar to living things,and there are also distinct life trajectories,which will present different distinctive features in different life cycle stages.In the different life cycle stages of the enterprise,we should focus on which key indicators to maintain the healthy development of the enterprise.How to effectively improve the cost efficiency of enterprises in each life cycle has become an urgent problem for the management of non-ferrous metals enterprises.Based on the above considerations,this paper uses the Cobb-Douglas cost function model in SFA to evaluate the cost efficiency of 89 listed companies in the non-ferrous metals industry in 2012-2017,and compare and analyze the cost efficiency of enterprises in each life cycle stage.Then dynamically analyze the differences in the relationship between sample cost efficiency and its influencing factors at various stages of the enterprise life cycle.At the same time,based on the perspective of industrial chain and property heterogeneity,it makes an extended empirical study on the cost efficiency of sample companies.Finally,this paper proposes relevant recommendations to promote the cost efficiency of sample companies in different life cycle stages.The research shows that:(1)The cost efficiency value of non-ferrous metal sample companies in 2012-2017 is decreasing.The average cost efficiency is between 0.89 and 0.94.The average cost efficiency during the observation period is 91.71%,and the efficiency loss is 8.29%.(2)In the life cycle of each enterprise,there is a significant inverse relationship between cost efficiency and enterprise scale,and there is a significant positive relationship with the concentration of ownership;The sample sales gross profit margin and asset-liability ratio in the growth period have a significant positive impact on cost efficiency;at the maturity stage,the asset-liability ratio and cost efficiency of the sample are inversely related.The equity balance has a reverse effect on the cost efficiency at the 10% significance level;the sample asset-liability ratio and total assets turnover ratio in the recession period has a significant positive effect on cost efficiency.Equity balance,fixed asset ratio and sales gross margin have a significant adverse effect on cost efficiency.(3)The cost efficiency of the non-ferrous metal back-end sample is slightly larger than that of the front-end,and the state-owned enterprises are slightly larger than the non-state-owned enterprises.There is a significant difference in the relationship between cost efficiency and influencing factors between front-end and back-end of non-ferrous metals and state-owned and non-state-owned enterprises.