生物医药产业不同融资方式的融资效率研究

Study on Financing Efficiency of Different Financing Methods in Biomedical Industry

根据申银万国行业分类标准,采用2013-2017年在沪、深两市上市的生物医药公司为样本,基于数据包络分析法构建股权融资、债权融资和内源融资三种融资方式的生物医药产业融资效率的评价体系,测算中国生物医药企业融资效率水平。结果表明:处于不同融资方式的中国生物医药产业整体融资效率水平较低,综合技术融资效率水平达到最优状态的企业数量比例在4.2%~13%之间;三种融资方式的综合融资效率水平从高至低排列顺序为:内源融资、债权融资、股权融资;基于Malmquist指数来看,三种融资方式的DEA-Malmquist指数均值均小于1,表明三种融资方式的融资效率水平都呈下降趋势;从DEA-Malmquist指数的各分解指数来看,三种融资方式的融资效率水平较低,都受纯技术效率水平下降的影响较大。

According to the classification standard of Shenyin Wanguo industry,using the biomedical companies listed in Shanghai and Shenzhen Stock Exchanges from 2013 to 2017 as samples,this paper constructs an evaluation system of financing efficiency of biomedical industry based on data envelopment analysis(DEA),which includes equity financing,creditor’s rights financing and endogenous financing,and then calculates the financing efficiency level of Chinese biomedical enterprises.The results show that the overall financing efficiency of China’s biomedical industry in different financing modes is relatively low from 2013 to 2017,and the proportion of enterprises whose comprehensive technology financing efficiency reaches the optimal level is within 4.2%~13%.The order of comprehensive financing efficiency of the three financing modes is endogenous financing,creditor’s rights financing and equity financing from high to low.The average value of DEA-Malmquist index of the three financing modes is less than 1,which indicates that the financing efficiency of the three financing modes of China’s biomedical industry is declining from 2013 to 2017.According to the decomposition index of DEA-Malmquist index,the lower financing efficiency of the three financing modes of China’s biomedical industry from 2013 to 2017 is greatly affected by the decline of pure technical efficiency.This paper puts forward corresponding countermeasures and suggestions.