有色金属上市企业投资效率及影响因素研究
On the investment efficiency of nonferrous metals listed companies and its influence factors

摘 要： 以2000―2015年中国沪深A股有色金属行业上市企业为样本，运用Richardson模型、面板数据回归模型和独立样本T检验方法，实证分析有色金属上市企业的投资效率及其影响因素，结果表明：2008年之后，有色金属上市企业投资效率显著提升。分地区看，2008年之前，西部地区企业投资效率显著低于东、中部地区企业；2008年之后，这种差异逐渐消失。分产权性质看，国有企业投资效率显著高于民营企业。进一步发现，政府补贴与企业投资效率显著正相关；现金流量对企业投资效率的影响并不显著；与未亏损企业相比，亏损企业投资效率会更低；管理费用与企业投资效率显著负相关。
Abstract: By employing as samples the data of Chinese nonferrous metal listed companies between 2000 and 2015, the present study examines the investment efficiency and its influence factors of nonferrous metal listed companies through Richardson model, panel data regression model and independent samples T test. The results find that the investment efficiency of nonferrous metal listed companies has been improved significantly after 2008. As far as region is concerned, the investment efficiency of nonferrous metal listed companies in western China was significantly lower than those in eastern and central China before 2008, while such difference has gradually disappeared after 2008. As far as property nature is concerned, the investment efficiency of nonferrous metal state-owned listed companies is significantly higher than private listed companies. The study also finds that the more government subsidies the companies acquire, the higher their investment efficiencies; the effects of cash flow on the companies’ investment efficiency is not significant; compared with no loss-making companies, the investment efficiency of loss-making companies is lower; the higher the companies’ management expense, the lower their efficiency of investment