| Under the national strategic deployment,biopharmaceutical industry as a representative Chinese emerging industry,has aroused great concern in the academic community and the industry.In recent years,China's bio pharmaceutical industry has formed the industry competition pattern with the Yangtze River Delta and the Bohai rim region as the core.According to the disclosure of listed company directory of China Securities Regulatory Commission,by the end of March 27 th,2016,there were totally 238 listed companies in pharmaceuticals industry,and there were respectively 43,34 and 19 listed companies in Yangtze River Delta,circum-Bohai-Sea and Pearl River Delta,accounting for 55.49% of the total.However,because of too much investment in earlier research and development,and long time for drug distribution,making some innovative enterprises difficult to go though the “death valley”.Therefore,for China's Biopharmaceutical Listed Enterprises,the urgent problem is to find out the key factors that affect the growth of enterprises,and overcome the difficulties faced by enterprises.This paper selects 56 listed enterprises in GEM object as the research sample for empirical analysis.First,through a large number of reading literature,the author uses qualitative and quantitative analysis to build the growth evaluation index system of biopharmaceutical listed companies.Second,the author calculates enterprise growth score with structural factor analysis.Third,through empirical analysis,the paper explores the impact of factors such as ownership concentration,educational level heterogeneity and firm size on firm growth.The results show that there is a significant positive correlation between the growth of enterprises and the concentration of ownership and educational level heterogeneity,and there is a significant negative correlation between enterprise size and enterprise size.Finally,based on the previous theoretical and empirical analysis,this paper puts forward some countermeasures and suggestions. |
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