Analysis Of Financing Efficiency And Its Influencing Factors Of Pharmaceutical Manufacturing Industry In China

China has been open to reform and opening up for more than 30 years.The growth rate of the pharmaceutical manufacturing industry exceeds the growth rate of China’s industry during the same period,even higher than the average growth rate of 30 years in the world’s major pharmaceutical and pharmaceutical developed countries.However,despite the increment is very remarkable,the process of qualitative change is relatively slow and the ability of innovation is weak.To achieve both quantitative and qualitative change,pharmaceutical manufacturing listed companies will invest in a huge amount of money,this has to mention the factors that affect the financing and financing of the enterprise.At present,the pharmaceutical manufacturing industry in China has the characteristics of high risk and long return cycle in all advanced manufacturing industries,and the financial market of our country must be improved.Therefore,in order to favor the expand of the pharmaceutical manufacturing industry,it is necessary to study the financing efficiency and its influencing factors in this industry.Under the guidance of the method,the first chapter,the research background and meaning illustrate the necessity of analyzing the f the study.Then,we collected and summarized related literatures on financing,financing efficiency and financing efficiency at home and abroad.The literature helps to define the efficiency of financing and the selection of variables.The paper briefly outlines the theory of financing efficiency in the second chapter.Theoretical basis is beneficial to the analysis of variables.The third chapter describes the development and financing status of China’s pharmaceutical industry in detail.It points out that although the manufacturing industry is growing fast and has broad prospects,but the problems of low innovation ability and low concentration of industry have greatly reduced the efficiency of financing.The fourth chapter,on the basis of related literatures,we constructed 5 input and 4 output indicators of the pharmaceutical industry financing efficiency evaluation system based on Super-SBM,using DEA method and DEA-Solver Pro5.0 software,evaluates the financing efficiency of 91 listed companies of China in 2011,2012,2013,2014.The fifth chapter,based on the empirical results,the fixed effect model of panel data is established by taking the super efficiency value as the explanatory variable and the macro and micro factors as explanatory variables.The main conclusions are:(1)The financing efficiency of pharmaceutical manufacturing industry is comparatively high,low pure technical efficiency leads to low comprehensive efficiency;(2)The overall redundancy of financing is more serious,particularly the irrational investment in technology and liabilities of enterprises have a huge impact on the input and output slack variables of the industry;(3)In all the factors,asset liability ratio ALR,Herfindahl-5 index were conversely correlated with the financing efficiency;LNGDP,financial added value FVA,LNTA,total assets turnover rate TAT,operating income growth rate IGR,LNTA were positively related to financing efficiency.This paper will put forward the relevant suggestions from five aspects: technological innovation,asset scale,proportion of creditor’s rights,equity structure and the growth of firm.