基于因子分析法评价我国中成药上市公司运营绩效水平

Evaluating the Operational Performance Level of Chinese Traditional Medicine Listed Companies Based on Factor Analysis

摘要: 目的：对2015年我国中成药上市企业的年度财务指标分析和评价，了解其运营状况，为提高企业运营绩效水平、促进中成药产业发展提供参考。方法：选取2015年沪、深两市57家中成药上市公司13个财务指标，构建企业运营绩效水平评价指标体系，采用因子分析法，得出影响中成药上市公司运营总绩效的关键指标及排名情况，分析中成药上市公司在运营过程中存在的问题，并进行讨论。结果：通过因子分析提取出偿债能力、盈利能力、运营能力、成长发展能力4个因子。从得分结果看出，中成药上市公司运营总绩效水平存在显著差异性，同一公司业绩与内部各因子具有相关性。结论：老牌中成药上市公司综合实力参差不齐。制定合理资产重组计划、加大研发投入有利于企业提高运营总绩效，提升偿债能力成为老牌中成药上市公司提高运营总绩效的关键，老牌药企应当利用盈利能力优势，发挥其行业领头作用。

Abstract: OBJECTIVE: To analyze and evaluate the annual financial indicators of Chinese listed companies in 2015, understand their operating conditions and improve the level of business performance and provide a reference of the development of Chinese medicine industry. METHODS: The 13 financial indicators of 57 listed companies in Shanghai and Shenzhen stock markets in 2015 were selected to construct the evaluation index system of enterprise operating performance level. By using factor analysis, the key indexes and ranking of the performance level of listed companies were obtained in the results, to analyze the Chinese medicine listed companies in the operation of the existing problems and discuss the problem. RESULTS: The factor of solvency, profitability, operation ability and growth ability were extracted by factor analysis. The results show that there are significant differences in the performance level of Chinese medicine listed companies, and the performance of the same company is related to the internal factors. CONCLUSION: The comprehensive strength of Chinese medicine listed companies is uneven. Making reasonable asset reorganization plan and increasing R & D investment are conducive to improve the overall performance of enterprises. Improving the solvency of the old proprietary Chinese medicine listed companies becomes the key to advance the overall performance. Old Chinese medicine listed companies should use the advantages of profitability to play its leading role in the industry.