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.
关键词
生物医药行业/融资效率/超效率SBM/Malmquist指数/Tobit回归
Key words
Biomedical industry/Financing efficiency/Super-SBM/Malmquist index/Tobit model
维普
万方数据