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。

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.

http://www.goldsci.ac.cn/article/2020/1005-2518/1005-2518-2020-28-5-761.shtml