| The Science and Technology Innovation Board has become an important part of China’s capital market and is an important way for technology-based enterprises to raise long-term capital.Enterprises listed on this board are characterized by high investment and high risk,which means that financing channels such as indirect financing and short-term financing can hardly meet the financing needs of science and technology innovation enterprises and require the support of long-term venture capital.As the main member of the Science and Technology Innovation Board,biopharmaceutical enterprises,in conjunction with the current national emphasis and support for biopharmaceutical enterprises,can the Science and Technology Innovation Board effectively crack the financing challenges that have long plagued biopharmaceutical enterprises.From the perspective of the main body of the study,how efficient is the financing of Junshi Bio,a biopharmaceutical enterprise listed on the Science and Technology Innovation Board with the fifth set of criteria,and also an enterprise that has been losing money since its inception but has strong financing capabilities It is worth exploring how efficient the financing of Junshi Biologicals is as a research company,which can combine theory,models and cases to consider the financing efficiency of individual companies in multiple dimensions.This paper takes Junshi Biologicals as the research object and selects 29 other biopharmaceutical companies listed on the Science and Technology Innovation Board as a comparison in the same industry.By choosing reasonable evaluation indexes and using a combined DEA model to evaluate Junshi Biologicals’ financing efficiency and analyze the influencing factors from both input and output dimensions,we explore the commonalities and differences in financing efficiency between Junshi Biologicals and the sample companies,which will help China’s Science and Technology Innovation Board This will help biopharmaceutical companies to improve their own financing efficiency and provide reference for other innovative biopharmaceutical companies,as well as promote the positive development of the biopharmaceutical industry on the CITB.By using the DEA-BCC model to evaluate the financing efficiency of the biomedical enterprises listed on the Science and Technology Innovation Board from a static perspective,it is found that all the efficiency values of Junshi Biology have not been effective,and the comprehensive technical efficiency of the whole industry is in a non-effective form.At the same time,DEA-Malmquist index model is further analyzed from the dynamic perspective,and it is found that the technical efficiency change index and technological progress change index of Junshi Biology do not meet the expectation,and the main reason why the total factor index is lower than 1 is the technical efficiency change index,among which the pure technical efficiency change index is at the backward level of the industry.Combined with the results,found that the capital structure,equity financing,profitability,research and development ability,enterprise scale and Junshi biological management level and technical level,based on the DEA-Tobit model to the above five factors as the key factors affecting Science and Technology Innovation Board biomedical enterprises,found Science and Innovation Board biological pharmaceutical enterprise financing efficiency will produce different degree of influence.Finally,based on the above research results and combined with the actual situation of Junshi,the corresponding strategies to optimize the financing efficiency of Junshi proposed from the perspectives of financing structure,profitability,research and development intensity and enterprise scale. |
