Profitability Analysis And Efficiency Evaluation Of Listed Medical Device Companies In China

Since the reform and opening up,with the rapid development of China's economy and the continuous improvement of people's living standards,the public's investment in health has become increasingly intensified.In this context,China has issued a number of documents to regulate and guide the development of the pharmaceutical industry,while guiding the use of investment funds.On the whole,the pharmaceutical industry has shown good profitability and good benefits,and has developed into one of the best growing and most active economic fields in China by virtue of its knowledge-intensive and high-tech industrial characteristics.In particular,medical devices,which play an important role in the construction of medical service system and public health system,have shown vigorous vitality.They are attached to health and must be used clinically.They are the livelihood industry with the greatest development potential in the pharmaceutical industry.But note that,although give priority support of medical devices in China,the policy also give a larger discount,the aging of the social trends is to broaden the market demand,however,China's medical equipment industry research and development and the innovation ability is not high,low conversion rate of scientific and technological achievements,to improve the added value of products,eoupled with the industry itself liabilities using ability is obviously insufficient,asset utilization efficiency,industry lack of market competitiveness.In order to meet the demand of moden society for medical device industry,China's medical devices need to be improved.Therefore,this article decided to medical equipment listed companies as research samples,the objective evaluation of the profitability of listed companies and financial efficiency,and,according to the results of the analysis and evaluation for medical equipment management in the future strategic direction to provide decision support and decision-making basis,in order to improve the efficiency of the company's financial level,promote the healthy development of the pharmaceutical listed companies.The research contents are as follows:firstly,this paper summarizes the background,purpose and significance of the research questions,and carefully sorts out the domestic and foreign literature.Secondly,the concept,method and theoretical basis of profitability and efficiency evaluation are defined and elaborated.Thirdly,dupont analysis,super-efficiency DEA model and Malmquist index are used to evaluate the profitability and financial efficiency of listed medical device companies.Finally,according to the analysis results,the paper gives policy Suggestions on improving operating income and strengthening human resource management.The research conclusion of this paper is as follows:in terms of profitability evaluation,companies with stable financial status entered the industry early,so they have relatively stable customers and markets,as well as industry experience and patented technology.Medical device industry is a high-tech industry with high industry barriers and high entry barriers.Since the 12th five-year plan,the country has encouraged innovation.Some companies in the medical device industry have restructured their assets,made major adjustments to their products and the scale of production and marketing,and invested heavily in research and development.As a result,the overall profitability of the industry has declined in recent years.Financial efficiency evaluation,from the perspective of the static analysis results of super efficiency DEA model,medical apparatus and instruments listed companies in 2011-2017 financial efficiency of the mean value of 1.111,shows that the actual financial efficiency to achieve efficient production frontier,and a general trend to increase after decreases,but the financial efficiency of the listed company development level there is a difference,not DEA efficient financial input redundancy of different level;From the dynamic analysis results of Malmquist index,it can be seen that the financial total factor productivity of China's listed medical device companies is not high,but the overall trend is upward.Peking University medical university has the fastest growth rate,with an average annual growth rate of 4.1%,followed by xinlitai and renmin tongtai,with an average annual growth rate of 2.6%and 2.0%respectively,showing obvious differences in the company's efficiency.Further,it can be seen from the decomposition of total factor productivity that the growth of technical progress relative to technical efficiency is too slow,which actually slows down the improvement of total factor productivity and is the main factor affecting total factor productivity.