经济政策不确定性对经营效率的影响——以有色金属行业上市公司为例  

Influence of economic policy uncertainty on operating efficiency——with listed companies in the non-ferrous metal industry as the case

作　　者：赖丹[1,2] 杨华 罗翔[1,2] LAI Dan;YANG Hua;LUO Xiang(School of Economics and Management,Jiangxi University of Science and Technology,Ganzhou 341000,Jiangxi,China;Research Institute of Nonferrous Metals IndustryDevelopment,Jiangxi University of Science and Technology,Ganzhou 341000,Jiangxi,China)

机构地区：[1]江西理工大学经济管理学院,江西赣州341000 [2]江西理工大学有色金属产业发展研究院,江西赣州341000

出　　处：《有色金属科学与工程》2020年第4期98-105,共8页Nonferrous Metals Science and Engineering

基　　金：国家社会科学基金资助项目(12BJY137);国家自然科学基金应急研究项目(71241024);江西省教育厅高校人文社会科学项目(JJ162010);江西省教育厅科学技术研究项目(GJJ190494)。

摘　　要：基于经济转型和产业升级背景,利用DEA-Malmquist指数对2011—2019年我国有色金属行业上市公司经营效率进行测算,并通过Tobit受限模型检验经济政策不确定性与经营效率之间关系。研究表明,2011—2019年间有色金属行业整体经营效率下降趋势明显;经济政策不确定性与经营效率显著负相关,且主要抑制了技术进步指数;进一步分组回归结果显示,经济政策不确定性加剧了对处于产业链后端及国有产权性质企业经营效率的抑制作用。为此,政府应加强政策出台的连续性、提高信息披露的透明度,并通过明确政府性资源的分配机制、提高企业自身技术创新能力,降低经济政策不确定的负面影响。Based on the background of economic transformation and industrial upgrading,DEA-Malmquist index is used to calculate the operating efficiency of listed companies in China’s non-ferrous metal industry from 2011 to 2019.And Tobit restricted model is used to test the relationship between economic policy uncertainty and operating efficiency.The research shows that the overall operating efficiency of the non-ferrous metal industry declined obviously from 2011 to 2019.The uncertainty of economic policy is negatively correlated with the operating efficiency of listed companies,and mainly inhibits the technological progress index.Further grouping regression results show that the uncertain economic policy aggravates the restraining effect on the operating efficiency of enterprises at the back end of industrial chain and with the nature of state-owned property rights.Therefore,the government should strengthen the continuity of policy promulgation,improve the transparency of information disclosure,and reduce the negative impact of uncertain economic policies by clarifying the allocation mechanism of government resources and improving the technological innovation capability of enterprises themselves.

关 键 词：经济政策不确定性 有色金属 经营效率 

分 类 号：F426.32[经济管理—产业经济]