基于EVA的创业板医药企业经营绩效研究

发布时间：2018-01-15 00:05

本文关键词：基于EVA的创业板医药企业经营绩效研究　出处：《华中科技大学》2013年硕士论文　论文类型：学位论文

【摘要】：经营绩效是公司优化配置内外部资源的最终结果，主要反映企业经营的好坏。经济增加值（EVA）评价的经营绩效考虑了企业的全部资本成本的机会成本，本质上是经济利润。EVA指标衡量的企业经营绩效更准确更有效。我国创业板医药行业目前持续领先创业板。本文基于EVA理论评价创业板医药类企业的经营绩效并研究企业盈利能力、创新能力、资本结构、公司规模、公司治理结构与其的相关关系。本文以2009-2012年创业板医药类30家上市企业为研究对象，共选取120个观测值，利用EVIEWS统计分析软件进行实证分析。在考虑全部资本的机会成本后利用EVA理论计算企业的EVA即经营绩效。在企业经营绩效EVA的基础上，本文将影响企业经营绩效的盈利能力、创新能力、资本结构、公司规模和公司治理结构细分为销售净利率、资产报酬率、研究开发费用投入占营业收入比、研发技术人员占总员工人数比、发明专利、资产负债率、董事会规模、第一大股东持股比例、前五大股东持股比例之和11个指标。根据搜集整理的数据对12个变量回归并分析，，研究5大影响因素11个指标与企业经营绩效之间的关系。研究发现企业的盈利能力、创新能力、资产负债率、公司规模、董事会规模与企业经营绩效正相关，其中，创新能力中的发明专利对企业经营绩效的解释能力强于另两项指标；股权集中度与企业经营绩效负相关，需关注创业板医药类企业股权过度集中现象。
[Abstract]:Business performance is the final result of the optimal allocation of internal and external resources, mainly reflects the good or bad of the business operation. Economic value added (EVA) evaluation of operating performance takes into account the opportunity cost of the total capital cost of the enterprise. In essence, it is more accurate and effective to measure the business performance of enterprises with the economic profit. Eva index. The gem pharmaceutical industry in our country continues to lead the gem at present. This paper evaluates the gem pharmaceutical enterprises based on EVA theory. Camp performance and study the profitability of the enterprise. Innovation ability, capital structure, corporate size, corporate governance structure and its correlation. In this paper, a total of 120 observed values were selected from 30 listed companies in the gem from 2009 to 2012. Using EVIEWS statistical analysis software for empirical analysis. After considering the opportunity cost of all capital, using the EVA theory to calculate the enterprise's EVA that is the operating performance. On the basis of the enterprise's business performance EVA. In this paper, the profitability, innovation ability, capital structure, corporate size and corporate governance structure that affect the business performance are subdivided into net interest rate on sales, return on assets, investment in R & D expenses as a proportion of operating income. The proportion of R & D technicians to the total number of employees, invention patents, asset-liability ratio, board size, the proportion of the largest shareholders. According to the data collected and collated, 12 variables are regressed and analyzed. The study found that the profitability, innovation ability, asset-liability ratio, company size, board size and business performance of enterprises are positively related. Among them, the invention patent in the innovation ability is stronger than the other two indexes in explaining the business performance of the enterprise; There is a negative correlation between ownership concentration and business performance, so it is necessary to pay attention to the phenomenon of excessive concentration of equity in pharmaceutical enterprises of gem.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.72

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