我国医药行业上市公司财务绩效的评价及提升策略研究
摘要
随着我国医保改革的不断深化及人口老龄化进程的加快，医药行业迎来了广
阔的市场发展前景。最近颁发的《“十四五”生物医药产业发展规划》更是明确
了生物医药行业的战略性新兴产业地位，医药行业展现出持续向好的发展势头。
但由于医药行业本身所具有的局限性如高成本投入、收益周期长和高风险等特
点，也使得医药行业遭受了一定的冲击，面临着严峻的财务风险，一些公司的财
务绩效出现下滑的迹象。因此，对我国医药行业上市公司的财务绩效水平进行客
观真实的评价，有利于医药行业上市公司更好的健康发展。
本文基于前人的研究成果及相关实践，以我国医药行业上市公司作为研究对
象，对财务绩效评价的内容和研究方法进行阐述。其次，本文将案例研究和实证
研究相结合，选取178家医药行业上市公司作为研究样本，利用描述性统计方法
结合2011-2020年数据评价了我国医药行业上市公司财务绩效，并运用因子分析
与DEA-Malmquist指数相结合的方法从行业整体和行业类别角度综合测算我国医
药行业上市公司财务效率，得出我国医药行业上市公司的财务绩效整体呈波动型
上升趋势，医药类别之间的差异较为明显。在此基础上，选择恒瑞医药作为研究
案例，进一步佐证前述研究结果。利用多元线性回归模型分析财务绩效的影响因
素，其中总资产增长率、销售净利率及研发支出等影响因素显著。最后，本文提
出了针对提升我国医药行业上市公司财务绩效的相关对策。
关键词：医药上市公司财务绩效因子分析DEA-Malmquist

RESEARCH ON FINANCIAL PERFORMANCE
EVALUATION AND PROMOTION AND PROMOTION
STRATEGY OF LISTED COMPANIES IN CHINA'S
PHARMACEUTICAL INDUSTRY
ABSTRACT
With the deepening of China's medical insurance reform and the acceleration of
population aging, the pharmaceutical industry has ushered in broad market
development prospects. The recently issued "14th Five Year Plan For The
Development Of Biomedical Industry" further defines the strategic emerging industry
status of the biomedical industry, the pharmaceutical industry has shown a sustained
momentum of development. However, due to limitations of itself, such as high cost
investment, long income cycle and high risk, the pharmaceutical industry has also
suffered a certain impact and faced severe financial risks. And the financial
performance of some companies shows signs of decline. Therefore, how to evaluate
the financial performance level of Listed Companies in China's pharmaceutical
industry objectively and truly is essential to the better and healthy development of
them.
Based on the previous research results and relevant practice, this paper takes the
listed companies in China's pharmaceutical industry as the research object to elaborate
the content and research methods of financial performance evaluation. Secondly, this
paper combines case study and empirical research, selects 178 listed companies in the
pharmaceutical industry as research samples, evaluates the financial performance of
Listed Companies in China's pharmaceutical industry by using descriptive statistical
methods combined with the data from 2011 to 2020, and comprehensively calculates
the financial efficiency of Listed Companies in China's pharmaceutical industry from
the perspective of the whole industry and industry category by using the method of

factor analysis and DEA-Malmquist index, It is concluded that the overall financial
performance of Listed Companies in China's pharmaceutical industry shows a
fluctuating upward trend, but the differences between pharmaceutical categories are
more obvious. On this basis, Hengrui medicine is selected as a research case to further
support the above research results. Using multiple linear regression model to analyze
the influencing factors of financial performance, among which the growth rate of total
assets, net profit margin of sales and R & D expenditure are significant. Finally, this
paper puts forward relevant countermeasures to improve the financial performance of
Listed Companies in China's pharmaceutical industry.
KEY WORDS： Pharmaceutical listed company financial performance
factor
-analysis DEA-Malmquist
。。。以下略