Research On Financing Efficiency And Influencing Factors Of Listed Medical Device Enterprises In China

The improvement of Chinese residents’ level and the enhancement of medical care consciousness have brought about an increasingly vigorous demand for the medical device market.Since the outbreak of the epidemic in 2020,the medical device industry has attracted extensive attention from all walks of life.This epidemic reflects the lack of domestic medical resources.The national level has repeatedly mentioned to strengthen the construction of medical resources,and the medical device industry ushered in a new round of development opportunities.This paper summarized the relevant literature,combined with the characteristics of the medical device industry on the definition of financing efficiency of new insights,and the factors affecting the financing efficiency of medical device enterprises made a related summary.There are two main research methods in this paper.First,57 listed medical device companies with complete data are taken as the research object,and the value of financing efficiency of listed medical device companies is obtained through DEA model measurement,and the results are basically analyzed.Second,by establishing Tobit model,the comprehensive technical efficiency of listed medical device enterprises measured is taken as the dependent variable,seven external and internal variables are selected as the dependent variable,and the stability test,co-integration test,F test,Hausman test and regression analysis are carried out on the model to study the correlation between variables.Through the empirical study of DEA model,the evaluation results of financing efficiency of listed medical device companies are obtained :(1)China’s listed medical device companies are not effective,showing a trend of first decline and then rise from 2016 to 2019.(2)During the research period,the financing efficiency of enterprises on the main board is better than that on the GEM and that on the SME board.(3)Government subsidy,main business cost rate,return on equity,financial expense and quick ratio are positively correlated with the financing efficiency of listed medical devices,while total assets and asset-liability ratio are negatively correlated with the financing efficiency of listed medical devices enterprises.