基于超效率SBM-Tobit模型的生物医药行业融资效率及影响因素研究

Financing Efficiency and Influencing Factors of Biomedical Industry: Based on Super-SBM and Tobit Model

以2015-2022年我国A股225家生物医药行业上市公司的融资数据为研究对象,采用超效率基于松弛的测量模型(slacks-based measure,SBM)对我国生物医药上市公司融资效率进行测度,运用Malmquist指数法从动态角度反映生物医药上市公司融资效率变化情况,并且通过Tobit模型构建融资效率影响因素模型。研究发现,生物医药企业整体融资效率不高,大多数企业融资效率未达到生产前沿面;总资产、资产负债率、净资产收益率、营业收入增长率和资产周转率五个指标与融资效率具有显著的相关性,是影响融资效率的关键因素。从政府、企业和金融机构三个角度提出提高生物医药企业融资效率的对策建议。

Based on the financing data of 225 biomedical companies listed on the A-share market in China from 2015 to 2022,we first use the super SBM model to measure the financing efficiency of these companies.Second,the Malmquist index method is used to capture the dynamic changes in financing efficiency over time in the biomedical industry.Furthermore,a Tobit model is constructed to identify the factors that influence financing efficiency.The result shows that the financing efficiency of biomedical enterprises is not high,and the efficiency of most enterprises has not reached the production frontier surface;total assets,debt ratio,return on equity,operating income growth rate and total assets turnover have significant correlation with the financing efficiency,which are important factors affecting the financing efficiency.Finally,this paper proposes relevant suggestions from the perspective of government,enterprises and financial institutions.