基于DEA-Malmquist-Tobit模型的医药行业上市公司绩效评价及影响因素研究

The Performance Evaluation of Listed Pharmaceutical Companies and the Influencing Factors: A Study Based on DEA-Malmquist-Tobit Model

摘要: 基于DEA-Malmquist-Tobit模型，本文研究了2009年到2019年30家医药上市公司的经营绩效及其影响因素。研究结果表明：第一，从静态效应来看，纯技术效率和规模效率不高导致了综合性技术效率平均值普遍偏低；第二，从动态效应来看，技术效率变化是上市公司全要素生产力降低的主要原因；第三，上市公司的资产周转率、毛利率与上市年龄均显著地影响医药上市公司经营绩效。本文从提高企业技术创新能力、加强医药行业上市公司管理水平、创造医药行业上市公司“做大”的市场条件以及善用国家政策四个方面出发提出改进的建议对策。

Abstract: Based on the DEA-Malmquist-Tobit model, this paper studies the business performance and influencing factors of 30 listed pharmaceutical companies from 2009 to 2019. First of all, since technical net efficiency and scaling efficiency are low, the average cost of integrated technical efficiency is generally not high. Second, according to the dynamic performance evaluation, changes in technical efficiency are the main reason for the decline in Total factor productivity. Third, asset turnover, gross profit margin and listing age of listed pharmaceutical companies have significant impact on the business performance of listed pharmaceutical companies. Therefore, this article presents remedies and suggestions to improve the performance of listed companies in the pharmaceutical industry from the aspects of improving the technological innovation ability of enterprises, strengthening the management level of listed companies in the pharmaceutical industry, creating market conditions for listed companies in the pharmaceutical industry to “expand” and making good use of national policies.