基于因子分析法的我国医药企业创新发展能力评价研究

目的:为提高我国医药企业创新发展能力提供参考。方法:在查阅文献的基础上,从企业的成长能力、盈利能力、偿债能力、创新能力等4个方面选取10个测量指标(包括净利润增长率、总资产增长率、营收增长率、销售净利率、销售毛利率、净资产收益率、流动比率、资产负债率、研发人员比重、研发强度)构建评价体系,选取我国A股上市时间不短于5年且2018年研发投入不少于1亿元的医药企业作为研究对象,借助其公开的企业年报和股票证券交易软件同花顺来收集纳入企业2015-2019年的上述指标数据,采用因子分析法提取主成分建立模型,根据因子特征根和方差贡献率确定主成分因子,将纳入企业2015-2019年的综合得分平均值进行排序并分析。结果与结论:共确定市场开拓能力、企业成长能力、营运发展能力、产品创新能力等4个主成分,累计方差贡献率为72.385%。共纳入44家医药企业,其中市场开拓能力、企业成长能力、营运发展能力、产品创新能力及总创新发展能力有所提升的医药企业分别占40.91%、43.18%、38.64%、72.73%、52.27%。44家医药企业创新发展能力5年平均综合得分最高分为0.612,最低分为-1.132。...

Study on Evaluation of Innovation and Development Capability of Pharmaceutical Enterprises in China Based on Factor Analysis

OBJECTIVE:To provide reference for improving innovation and development capability of pharmaceutical enterprises in China.METHODS:Based literature review,10 measurement indexes(growth rate of net profit,the growth rate of total assets,the growth rate of revenue,the net interest rate of sales,the gross profit rate of sales,the rate of return on net assets,the current ratio,the asset liability ratio,the proportion of R&D personnel,and R&D intensity)were selected from aspect of growth ability,profitability,solvency and innovation capability to establish evaluation system.Pharmaceutical enterprises with Ashare listing time of no less than 5 years and R&D investment of no less than 100 million yuan in 2018 were selected as the research objects,the data of above-mentioned indexes of included enterprises were collected during 2015-2019 by means of their public corporate annual reports and stock trading software Tonghuashun;factor analysis method was used to extract the principal components to establish a model;principal component factors were determined according to factor characteristic root and variance contribution rate,ranked and analyzed the average comprehensive score of included enterprises during 2015-2019.RESULTS&CONCLUSIONS:Four principal components including market development capability,enterprise growth ability,operation development capability and product innovation capability were determined,and the cumulative variance contribution rate was72.385%.A total of 44 pharmaceutical enterprises were included.Among them,40.91%,43.18%,38.64%,72.73%and 52.27%showed an upward trend in the market development capability,onterprises growth capability,operational development capability,product innovation capacity and total innovation and development capability.The highest score of innovation and development capability of pharmaceutical enterprises was 0.612,and the lowest score was-1.132.There were 8 enterprises whose comprehensive score was 0.3-<0.7,accounting for 18.18%;pharmaceutical enterprises in this range had good innovation and development capability.There were 21 enterprises whose comprehensive score was-0.1-<0.3,accounting for 47.73%;pharmaceutical enterprises in this range had fair good innovation and development capability.There were 11 enterprises whose comprehensive score was-0.5-<-0.1,accounting for 25.00%;pharmaceutical enterprises in this range had poor innovation and development capability.There were 4 enterprises whose comprehensive score was<-0.5,accounting for 9.09%;pharmaceutical enterprises in this range had very poor innovation and development capability.The innovation and development capabilities of pharmaceutical enterprises in China are polarized,the development of enterprises in China has entered a period of fluctuation with opportunities and challenges coexisting.Pharmaceutical enterprises with a certain number of medical insurance varieties or exclusive core varieties have strong competitiveness in their subdivided pharmaceutical field.Biopharmaceuticals have entered the active period.Pharmaceutical enterprises have shifted from generic drugs to innovative drugs.It is suggested that Chinese pharmaceutical enterprises should implement intelligent management,develop R&D strategy scientifically,attach importance to developing international market so as to improve their innovation and development ability.