中文摘要：

将企业效率作为研究视角,以我国钢铁上市企业2002~2008年数据为样本,运用随机前沿分析方法,通过引入能源消耗这一重要投入变量,考察了我国钢铁上市企业在此期间内技术效率变化状况,并结合我国钢铁产业特征,探讨了企业规模、财务杠杆、代理成本及股权结构等因素对企业效率的影响。研究结果表明：得益于钢铁企业对节能的重视,吨钢综合能耗显著降低,使得能耗的弹性系数与产出表现出不显著的正相关;产能过剩、投资过度现象仍然十分严重,资本利用效率低下;企业规模与企业效率呈倒U型关系,说明钢铁企业存在最优规模区间,财务杠杆与企业效率显著负相关,代理成本、流通股比例和第一大股东持股比例与企业效率显著正相关。

英文摘要：

Choosing enterprise efficiency as a perspective and taking energy consumption as an important variable,this paper studies the technical efficiency of Chinese listed Iron and Steel enterprises in period 2002~2008 by using stochastic frontier analysis.It analyzes those factors such as enterprise scale,financial leverage,agent cost and share structure etc.,which may affect enterprise efficiency.The results are as following： first,as the enterprises attach great importance to energy saving,the energy consumption per ton of steel is cut down dramatically,thus the coefficient of elasticity of energy consumption is positively correlated with output insignificantly.Second,excess capacity and investment are very serious in Chinese Iron and Steel industry,which leads to capital using inefficiency.Third,the relationship between scale and enterprise efficiency is inverted U-shaped,which means there is an optimal scale interval in Iron and Steel enterprises.Financial leverage,agent cost and share structure are positively correlated with enterprise efficiency.