医改新常态下生物医药企业成长性实证研究

An empirical study on the growth of biopharmaceutical enterprises in the medical new normal

在医药产业新常态背景下,研究生物医药企业的成长性,有助于了解其发展态势。本文以188家沪深上市的A股生物医药企业为样本企业,采用因子分析法对从成长速度、成长潜力和成长风险维度选取的指标进行分析,计算成长性综合指数。研究结果表明,我国生物医药企业成长性水平整体偏高,但企业间发展差距明显;成长性主要受研发创新能力和举债经营能力的影响。因此,国家应加强产业引导,缩小企业间成长性水平发展差距;企业应提高自身研发创新能力,减少负债,以应对宏观产业环境风险的冲击。

In the new normal,studies on the growth of biopharmaceutical enterprises will help to understand its development trend. Based on 188 A-share listed biopharmaceutical companies,indicators selected from growth speed,growth potential and growth risk were analyzed by factor analysis to calculate growth index.The results showed that the growth level of biopharmaceutical enterprises was high,but the development gap between enterprises was obvious,and the growth was mainly affected by research and development ability and debt management ability. Therefore,government should strengthen industrial policy guidance to narrow the gap between enterprises, and enterprises should improve their research and development ability and reduce liabilities,to deal with macro industrial environmental risks.