基于主成分分析的医药类上市公司理财能力评价

Financing ability evaluation of listed pharmaceutical company based on principal component analysis method

医药行业已成为我国发展最快的行业之一,研究医药类上市公司理财能力的主要目的在于找出影响理财能力的主要因素,进而寻求增强其理财能力的有效突破点。采用主成分分析这一有效方法构建理财能力的评价模型并进行实证分析,得出的主要结论是:盈利能力与现金获取能力在理财能力评价中的贡献最大,其次是日常管理能力、股本扩张能力和偿债能力。理财能力的研究对于医药类上市公司实现企业价值最大化的财务管理目标具有理论与现实的双重意义。

Pharmaceuticals industry has become one of the fastest developing industries in our country.The study of the financing ability of listed pharmaceutical companies aims to find out the main factors influencing the financing ability so as to seek for the effective breakthrough point to enhance the financing ability.By taking the effective method of principal component analysis to build the financing ability evaluation model and doing empirical analysis,the main conclusion is that the profitability and ability to obtain cash contribute most to financing ability evaluation;next are the daily management ability,capital expansion ability and debt paying ability.Financing ability study has both theoretical and realistic significance for listed pharmaceutical companies to realize the financial management objective of corporation value maximization.