中药上市公司经营业绩的实证分析

Empirical Analysis of Traditional Chinese Medicine Listed Companies

目的:评价并分析中药上市公司的经营业绩,了解其经营状况,为提高业绩、促进中药产业发展提供参考。方法:采用因子分析法,选取2013年51家中药上市公司的14个财务指标,通过SPSS17.0软件进行分析。结果:通过因子分析,提取出盈利能力、营运能力、偿债能力和发展能力4个因子。从得分结果看出,中药上市公司经营业绩存在差异性,同一公司业绩与其内部各因子间具有相关性。结论:老字号企业业绩水平高但发展能力相对较低,在中药主营业务发展的同时加入西药协同发展,会带动业绩提高,科研投入对偿债能力有影响,中药种植基地等企业发展战略问题,引发了对中药上市公司的进一步研究和思考。

Objective： To evaluate and analyze the operating performance of listed companies of traditional Chinese medicine, and understand its operating conditions, so as to provide references for the development of traditional Chinese medicine industry. Methods： Factor analysis method was employed. 14 financial indicators of 51 listed companies of traditional Chinese medicine in 2013 were selected. The analysis was performed by SPSS17.0 software. Results： Four factors were extracted, including the profit ability, operation ability, debt paying ability and development ability. There were correlation among the existing factors in different companies and the same company. Conclusion： Old enterprises generally have higher performance but with poor development capacity. Joining the western medicine to Chinese traditional medicine could improve the operating performance, debt paying ability, and development strategy of planting base of Chinese traditional medicine enterprise. Further discussion and research of listed comoanies of traditional Chinese medicine are needed_