中国医药制造业上市公司财务可持续增长及影响因素研究

Research on Financial Sustainable Growth and Influencing Factors of Quoted Companies in Chinese Medicine Manufacturing Industry

2009年《关于深化医药卫生体制改革意见》提出后,医药行业迎来了发展的高峰,提升中国医药制造业的可持续发展能力成为研究重点。本文利用2010年到2016年中国上市医药制造企业数据,研究了销售净利率、总资产周转率、权益乘数、留存收益率对企业可持续增长率的影响。实证结果表明中国医药制造业上市公司的销售净利率、总资产周转率、权益乘数、留存收益率在1%的显著性水平上与可持续增长率相关。其中销售净利率、总资产周转率、留存收益率对可持续增长率是正向影响,权益乘数对可持续增长率是负向影响。本文提出培养自主创新能力,提高药品质量,注意控制成本,优化企业投入结构,提高盈利能力,加强风险管理的建议。

In 2009, the government suggested deepening the reform of the medical and health system. Thus, the medicine industry began to develop greatly. At the same time, many problems have also been exposed, such as poor quality of drugs and fairly similar goods. With the expansion of online shopping, some of the high-quality imported drugs get into Chinese medicine market. The competition among Chinese medicine enterprises is fierce and the operation pressure of enterprises is increasing. Therefore, it is important to enhance the sustainable development ability of Chinese medicine manufacturing industry. In this paper, by using data from 2010 to 2016 of quoted companies in Chinese medicine manufacturing industry, the influence of sales net profit rate, total asset turnover ratio, equity multiplier, retained earnings rate on sustainable growth rate has been measured. Solutions based on promoting Chinese medicine manufacturing industry will be beneficial to dealing with related problems.