企业增长速度与有效性评价:中部六省医药类上市公司证据

Enterprise Growth Speed and Effectiveness Evaluation: Evidence form Six Medicine Listing Corporation in Central Province

以企业价值三维理论为逻辑出发点，将企业增长有效性界定为增长的盈利性、稳健性和平衡性，通过相应指标设计，运用层次分析法构建了企业增长有效性综合评价模型。增长有效性评价结果表明。中部六省医药类上市公司2011～2013年增长盈利性指标和稳健性指标均值全面落后于东部地区。2013年相对于2010年各项盈利性和稳健性指标均出现不同程度下降，总体未能表现出良性增长特征。部分地区和公司“量”的扩张与“质”的表现严重偏离，分别按增长速度、增长驱动因素和公司性质划分为不同组别的公司增长有效性水平存在明显差异。

With the three-dimensional theory of corporate value as the starting point, the effectiveness of corporate growth is defined as the profitability, robustness and balance of growth. Through a design of corresponding indexes, Analytic Hierarchy Process （AHP） is used to construct a comprehensive model to evaluate the effectiveness of corporate growth. The evaluation of growth effectiveness showed that the profitability and robustness indexes of pharmaceutical listed companies from 2011 to 2013 in six central provinces are both lower than in eastern areas. And compared to the profitability and robustness indexes in 2010, the 2013 ＇s indexes have also declined in varying degrees. In general, it failed to show positive characteristics. Besides, the expansions of quantity have seriously deviated fromits performances of quality in some regions and companies. Moreover, according to the growth rate, growth drivers and the nature of corporates, listed companies are dived into different groups. And the effectiveness level of each group exists significant differences.