From a static and dynamic perspective,the financing efficiency of 114 pharmaceutical manufacturing enterprises listed on the Shanghai and Shenzhen stock exchanges is measured and the important factors affecting financing efficiency are explored from 2013 to 2022,by using factor analysis,four stage DEA model,and Malmquist index model.It is shown that the overall financing efficiency of pharmaceutical manufacturing enterprises is low and shows a weak downward trend,and scale efficiency is the main factor restricting its improvement.Drug consumption level,degree of opening up,human resources and enterprise value have significant positive impacts on financing efficiency.Regional economic development,population aging and management expenses have significant negative impacts on financing efficiency.Relevant suggestions are put forward from the government and enterprise perspectives to help pharmaceutical manufacturing enterprises achieve high-quality development.
关键词
医药制造企业/融资效率/四阶段DEA模型/Malmquist指数/因子分析
Key words
pharmaceutical manufacturing enterprises/financing efficiency/four stage DEA model/Malmquist index/factor analysis
万方数据