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黄金科学技术 ›› 2020, Vol. 28 ›› Issue (5): 761-770.doi: 10.11872/j.issn.1005-2518.2020.05.063

• 采选技术与矿山管理 • 上一篇    下一篇

高管任职年限对中国民营矿业企业经营效率的影响研究

郑明贵1,2(),吴萍1()   

  1. 1.江西理工大学矿业贸易与投资研究中心，江西 赣州 341000
    2.中国科学技术大学管理学院，安徽 合肥 230026
  • 收稿日期:2020-03-24 修回日期:2020-04-13 出版日期:2020-10-31 发布日期:2020-11-05
  • 通讯作者: 吴萍 E-mail:mgz268@sina.com;jxlg213008@163.com
  • 作者简介:郑明贵（1978-），男，安徽颍上人，教授，博士生导师，从事资源经济与管理方面的研究工作。mgz268@sina.com
  • 基金资助:
    国家社会科学基金重点项目“中国战略性矿产资源国家安全评估与预警系统研究（2020-2050）”(18AGL002);国家自然科学基金重点项目“大数据环境下的评价理论、方法和应用”(71631006);江西理工大学重大项目培育计划“大数据驱动下国家矿产资源安全战略管理现代化研究”(19ZDPY-08);江西省青年井冈学者奖励计划联合资助

Research on the Impact of Senior Executives’ Tenure on the Operating Efficiency of Private Mining Enterprises in China

Minggui ZHENG1,2(),Ping WU1()   

  1. 1.Research Center of Mining Trade and Investment，Jiangxi University of Science and Technology，Ganzhou 341000，Jiangxi，China
    2.School of Management，University of Science and Technology of China，Hefei 230026，Anhui，China
  • Received:2020-03-24 Revised:2020-04-13 Online:2020-10-31 Published:2020-11-05
  • Contact: Ping WU E-mail:mgz268@sina.com;jxlg213008@163.com

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摘要：

以中国沪深A股上市民营矿业企业财务数据为样本，运用超效率BCC模型测算得到2013~2018年中国民营矿业企业的经营效率，在此基础上对高管任职年限与中国民营矿业企业经营效率的关系进行了实证分析，并考察了高管任职经历丰富度和股权集中度对高管任职年限与民营矿业企业经营效率间关系所起的调节作用。结果表明：研究期内中国民营矿业企业经营效率普遍不高，仍存在较大提升空间；高管任职年限与中国民营矿业企业经营效率显著负相关；高管任职经历丰富度、股权集中度对高管任职年限与中国民营矿业企业经营效率的负向关系具有显著削弱作用。

关键词: 高管任职年限, 民营矿业企业, 经营效率, 超效率BCC模型, 高管任职经历丰富度, 股权集中度

Abstract:

The senior executives’ tenure is often regarded as a reflection of their power，cognition，experience，innovation and change attitude，which plays an important role in the management of senior executives and profoundly affects the operating efficiency of an enterprise.Most of the existing studies believe that there is a positive correlation between the two，but few studies examine the impact of current senior executives’ tenure on corporate operating efficiency from the perspective of China’s private mining enterprises，combined with the status of enterprises’ executive selection and operating management.Taking the financial data of 52 private mining enterprises listed in Shanghai and Shenzhen A shares as a sample，this paper measured the operating efficiency of them from 2013 to 2018 by using super-efficiency BCC model，and then maked an empirical analysis of the relationship between senior executives’ tenure and the operating efficiency of China’s private mining enterprises，also examines the moderating effect of senior executives’ post experience richness and equity concentration on the relationship.Based on the input-output perspective，this paper firstly selected total operating cost，net fixed assets，and employee compensation as input variables，total operating income and net profit as output variables，and used the super-efficiency BCC model to measure the operating efficiency of China’s private mining enterprises.The results show that：On the whole，the operating efficiency of China’s private mining enterprises is generally not high during the period of 2013 to 2018，with an average value of 0.682；The change trend of overall operating efficiency of enterprises shows a U-shaped distribution that first decreases and then increases.Specifically，the average number of enterprises whose operating efficiency needs to be improved urgently （that is，the value of operating efficiency is less than or equal to 0.6） is about 21 per year，accounting for 40.38% of the total sample size，while the average number of DEA efficient enterprises is about 3 per year，accounting for 5.77% of the total sample size.When discussing the impact of senior executives’ tenure on the operating efficiency of China’s private mining enterprises，an empirical analysis model of the relationship between senior executives’ tenure and the operating efficiency of China’s private mining companies，as well as a moderating effect model of senior executives’ post experience richness and equity concentration on the relationship between the two is constructed by taking corporate operating efficiency as dependent variable，senior executives’ tenure as independent variable，senior executives’ post experience richness and equity concentration as moderating variables，enterprise scale，enterprise listing age，asset-liability ratio，and heterogeneity of senior executives’ tenure as control variables.The results show that：（1）The senior executives’ tenure has a significant negative impact on the operating efficiency of China’s private mining enterprises；（2）The senior executives’ post experience richness and the equity concentration have a significant weakening effect on the negative relationship between senior executives’ tenure and the operating efficiency of China’s private mining enterprises.According to the empirical conclusions，this paper puts forward specific suggestions that are conducive to improving the management and operating efficiency of private mining enterprises.

Key words: senior executives’ tenure, private mining enterprises, operating efficiency, super-efficiency BCC model, senior executives’ post experience richness, equity concentration

中图分类号: 

  • F272

表1

投入产出变量的统计描述"

变量名称最大值最小值均值标准差
营业总成本39 871.6506.8445 435.4996 578.000
职工薪酬2 572.3671.523291.123394.410
固定资产净额27 272.9207.7053 086.6305 769.935
营业总收入43 646.79010.8625 773.2866 961.491
净利润5 150.042-2 672.407311.175714.076

表2

2013～2018年各效率值范围内中国民营矿业上市企业分布状况"

效率值范围各效率值范围内企业数量/家
2013年2014年2015年2016年2017年2018年
TE<0.6162231261715
0.6≤TE<0.71185766
0.7≤TE<0.81378958
0.8≤TE<0.989351210
0.9≤TE<1.0153584
TE≥1.0312049

图1

2013~2018年中国民营矿业上市企业整体经营效率变动趋势"

表3

变量描述性统计结果"

变量单位均值标准差最小值最大值
TE-0.6820.2770.1871.874
ATEN年3.5931.4891.0008.200
ANC家3.4211.3291.0007.400
TOP1%33.42113.4327.45077.290
SIZE亿元3.9341.2020.5036.889
AGE年11.7596.5371.00023.000
LEV%44.37620.7315.86090.030
HTEN-0.4530.2190.0000.760

表4

FGLS回归分析结果"

变量估计系数
模型(2)模型(3)模型(4)
SIZE

0.0140*

(1.90)

0.0108

(1.34)

0.0109

(1.53)

AGE

0.0099***

(6.21)

0.0089***

(5.50)

0.0107***

(6.34)

LEV

-0.0004

(-1.23)

-0.0003

(-1.00)

-0.0006*

(-1.88)

HTEN

-0.0042

(-0.16)

0.0236

(1.00)

-0.0029

(-0.12)

ATEN

-0.0177***

(-4.78)

-0.0225***

(-6.10)

-0.0180***

(-4.88)

ANC

-0.0111**

(-2.15)

ANC×ATEN

0.0084***

(3.24)

TOP1

0.0010

(1.37)

TOP1×ATEN

-0.0005**

(-2.05)

cons

0.5971***

(17.80)

0.6592***

(17.31)

0.5764***

(13.48)

Wald chi278.84***103.04***86.23***

表5

改变高管任职年限测算方法的稳健性检验结果"

变量估计系数
模型(2)模型(3)模型(4)
SIZE

0.0111

(1.39)

0.0108

(1.23)

0.0095

(1.24)

AGE

0.0108***

(6.65)

0.0087***

(5.07)

0.0118***

(6.64)

LEV

-0.0002

(-0.58)

-0.0004

(-1.20)

-0.0004

(-1.36)

HTEN

-0.0095

(-0.36)

0.0057

(0.23)

-0.0141

(-0.57)

ATEN

-0.0217***

(-4.00)

-0.0232***

(-4.51)

-0.0234***

(-4.37)

ANC

-0.0127**

(-2.18)

ANC×ATEN

0.0061**

(2.09)

TOP1

0.0007

(1.04)

TOP1×ATEN

-0.0005**

(-2.24)

cons

0.5851***

(18.01)

0.6669***

(15.45)

0.5719***

(13.11)

Wald chi2114.07***76.26***133.48***

表6

高管任职经历丰富度、股权集中度的调节作用分组检验结果"

变量高管任职经历丰富度股权集中度
低高低高
SIZE

-0.0007

(-0.12)

0.00226

(1.36)

-0.0307***

(-3.27)

0.0371***

(3.33)

AGE

0.0197***

(28.84)

-0.0024

(-1.03)

0.0069***

(2.86)

0.0088***

(3.12)

LEV

0.0006

(1.62)

-0.0008*

(-1.93)

0.0002

(0.61)

-0.0017***

(-3.54)

HTEN

-0.0934***

(-3.52)

0.0980**

(2.56)

0.1727***

(4.91)

-0.0815***

(-3.49)

ATEN

-0.0233***

(-6.55)

-0.0089*

(-1.71)

-0.0275***

(-6.04)

-0.0091*

(-1.77)

cons

0.5690***

(38.21)

0.6641***

(10.89)

0.7158***

(11.96)

0.5870***

(11.89)

Wald chi21112.38***20.55***98.89***146.81***
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[1] 郑明贵, 曾健林. 股权集中度与中国私营矿业公司治理效率[J]. 黄金科学技术, 2020, 28(3): 380-390.
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