Analysis Of Investment And Financing Efficiency Of Listed Companies In Yunnan Pharmaceutical Manufacturing Industry

Since DEA method was created,efficiency research has opened up a new world.All kinds of industries can be more scientifically evaluated with DEA method.The evaluation of the efficiency of the pharmaceutical manufacturing industry has also made some progress,mostly focusing on business performance,technological innovation efficiency,equity financing efficiency and corporate governance efficiency research,etc.Investment and financing researches are independent.In the conduct of various efficiency studies,it is very flexible to select input and output indicators in the DEA model.Especially in the selection of input indicators,there are different ways to deal with.In this study,investment efficiency and financing efficiency are integrated into an analysis model.Yunnan Baiyao,Kunming Pharmaceutical Group,Watson Biology,Longjin Pharmaceuticals,four pharmaceutical listed companies in Yunnan Province are the focus of analysis,and other pharmaceutical listed companies in Beijing,Tianjin,Jilin,Heilongjiang,Shanghai an so on are the reference objects.This essay selects unit net assets operating income and unit assets operating cash flow as output indicators,and selects the proportion of fixed assets,the proportion of intangible assets,unit assets R&D,unit assets sales expense,the proportion of internal financing,the proportion of equity financing,the proportion of bond financing and the proportion of the largest shareholder as input indicators,establishing DEA-BCC and DEA-Malmquist model for analyzing the efficiency of investment and financing.Achievements and conclusions:(1)Through the establishment of DEA-BCC model,it is found that the listed companies in Yunnan pharmaceutical industry,in addition to Yunnanbaiyao,have a low scale efficiency in 2013 and 2015,which reflects the shortage of investment in Yunnan pharmaceutical manufacturing listed companies.Besides that,In 2015,Kunming Pharmaceutical Group has experienced a DEA inefficiency in the name of purely technical efficiency,indicating that it needs to improve productive efficiency and improve technological innovation.(2)The DEA-BCC and DEA-Malmquist models show that the pharmaceutical manufacturing industry is a high-input,high-yield capital and technology-intensive industry with 30 pharmaceutical manufacturing listed companies as industry representatives.In addition,30 pharmaceutical manufacturing listed companies barely have diminishing returns to scale and they obtain technical efficiency improvement on average,which shows the pharmaceutical manufacturing industry has a good growth.(3)There is a certain degree of financing preference for listed companies in pharmaceutical manufacturing industry.Among the pharmaceutical manufacturing listed companies,the proportion of internal financing is the highest,the proportion of equity financing is the second,and the proportion of debt financing is the lowest.(4)A certain degree of equity concentration is conducive for the pharmaceutical manufacturing listed companies to make business decisions.But if the equity concentration surpasses a certain threshold,there will maybe some inefficiency of investment and financing.