2013年至2019年中国上市医药企业运营效率分析

Operational Efficiency of China′s Listed Pharmaceutical Enterprises from 2013 to 2019

目的了解我国上市医药企业的运行效率现状及趋势,为上市医药企业的运营与发展提供参考。方法收集2013年至2019年在沪深A股上市的105家医药企业的面板数据,基于规模报酬可变模型(BBC模型)和Malmquist指数法,分别从静态和动态角度综合分析中国上市医药企业运营效率指标投入变量与产出变量的变化,并从全要素生产率视角对比化学制药企业、中药制药企业和生物制药企业运营效率的差异,分析其发展现状及趋势。结果纵向看,2013年至2019年上市的105家医药企业中,仅有18.10%的企业在数据包络分析(DEA)中处于有效状态,达到了资源配置最优化;30.48%的企业达到规模有效或技术有效的DEA弱有效状态,该类企业部分效率水平存在损失;49.52%的企业处于DEA无效状态,技术因素和规模因素均存在冗余。横向看,综合技术效率为0.8~1.0的企业占74.29%,纯技术效率水平为0.8~1.0的企业占83.81%,规模效率水平为0.8~1.0的占99.05%,企业运营效率整体上表现良好,但内部差异较大。全要素生产率指数大于1的生物制药企业(占41.27%)明显多于化学制药企业(占36.67%)和中药制药企业(占28.74%)。结论我国上市医药企业的整体运营水平呈下降趋势,生物制药企业较中药制药企业和化学制药企业的发展势头强劲,技术水平发展缓慢是制约企业运营效率提升的主要原因,需优化资源配置,适当增加科技投入,整合生产规模,不断提高运营效率,以促进上市医药企业的可持续发展。

Objective To understand the current situation and trend of operational efficiency of China′s listed pharmaceutical enterprises and to provide a reference for the operation and development of listed pharmaceutical enterprises.Methods The panel data of 105 pharmaceutical enterprises listed on A-share in Shanghai and Shenzhen from 2013 to 2019 was collected.Based on the BBC model with variable-return-to-scale(VRS)and Malmquist index method,the changes of the input variables and output variables of the operational efficiency indicators of China′s listed pharmaceutical enterprises were analyzed comprehensively from static and dynamic perspectives respectively,and the differences of operational efficiency among chemical pharmaceutical enterprises,traditional Chinese medicine(TCM)pharmaceutical enterprises and biopharmaceutical enterprises were compared from the perspective of total factor productivity(TFP)to analyze their development situation and trend.Results From the perspective of time,among the 105 pharmaceutical enterprises listed from 2013 to 2019,only 18.10%of them were in an effective state in data envelopment analysis(DEA)and achieved the optimization of resource allocation.Precisely 30.48%of the enterprises were in a weakly effective state in DEA with effective scale or effective technology,and some efficiency levels of such enterprises had been lost.Precisely 49.52%of enterprises were in an invalid state in DEA,with redundancy in technical factors and scale factors.From the overall performance of operational efficiency of enterprises,the enterprises with comprehensive technical efficiency of 0.8-1.0 accounted for 74.29%,the enterprises with pure technical efficiency of 0.8-1.0 accounted for 83.81%,and the the enterprises with scale efficiency of 0.8-1.0 accounted for 99.05%.The overall performance of operational efficiency of enterprises was good,but the internal differences of them were great.The number of biopharmaceutical enterprises with a TFP>1(41.27%)was significantly more than that of chemical pharmaceutical enterprises(36.67%)and that of TCM pharmaceutical enterprises(28.74%).Conclusion The overall operational level of China′s listed pharmaceutical enterprises is on a downward trend.Compared with TCM pharmaceutical enterprises and chemical pharmaceutical enterprises,biopharmaceutical enterprises have a stronger development trend,the main reason for restricting the improvement of operational efficiency of enterprises is the slow development of technology level.It is suggested to optimize resource allocation,increase appropriately investment in science and technology,integrate production scale and continuously improve operational efficiency to promote the sustainable development of listed pharmaceutical enterprises.