基于研发门限回归模型实证分析中国上市医药企业运营状况对盈利能力的影响

Analysis on the Influence of Operating Conditions of Chinese Listed Pharmaceutical Enterprises on Profitability-Empirical Research Based on R&D Threshold Regression Model

目的分析中国上市医药企业资产运营能力对盈利能力的影响。方法基于2008年至2017年中国219家上市医药企业财务报表平行面板数据,运用门限回归模型进行实证分析。结果中国上市医药企业资产运营能力受到研发投入的制约,对盈利能力有显著影响,且存在单一门限效应;随着研发投入的增加,资产运营能力对盈利能力的影响进一步增强;成本费用率对中国上市医药企业盈利呈正向影响,资产周转率对中国上市医药企业盈利呈负向影响。结论中国上市医药企业在合理分配自身资产的基础上增加研发投入,通过把控成本,改善高风险、高收益的营运资本筹资模式可提高盈利能力。

Objective To analyze the influence of assets operation ability of Chinese listed pharmaceutical enterprises on profitability.Methods Based on the parallel panel data of financial statements of 219 listed pharmaceutical companies in China from 2008 to 2017,empirical analysis was conducted by using threshold regression model.Results The asset operation ability of Chinese listed pharmaceutical enterprises was restricted by research and development(R&D)investment,which had significant influence on profitability,and there was a single threshold effect.With the increase of R&D investment,the influence of asset operation ability on profitability was further strengthened.The ratio of cost and expense had a positive effect on the earnings of Chinese listed pharmaceutical enterprises,while the asset turnover had a negative effect on the earnings of Chinese listed pharmaceutical enterprises.Conclusion Chinese listed pharmaceutical enterprises should increase R&D investment on the basis of rational allocation of their own assets,improve the high risk and high return working capital financing mode to improve profitability by controlling costs.