Financing Efficiency and Influencing Factors of Biomedical Industry:Based on Super-SBM and Tobit Model
Based on the financing data of 225 biomedical companies listed on the A-share market in China from 2015 to 2022,we first use the super SBM model to measure the financing efficiency of these companies.Second,the Malmquist index method is used to capture the dynamic changes in financing efficiency over time in the biomedical industry.Furthermore,a Tobit model is constructed to identify the factors that influence financing efficiency.The result shows that the financing efficiency of biomedical enterprises is not high,and the efficiency of most enterprises has not reached the production frontier surface;total assets,debt ratio,return on equity,operating income growth rate and total assets turnover have significant correlation with the financing efficiency,which are important factors affecting the financing efficiency.Finally,this paper proposes relevant suggestions from the perspective of government,enterprises and financial institutions.
Biomedical industryFinancing efficiencySuper-SBMMalmquist indexTobit model
万方数据
维普
