生物制药上市公司营运资金与绩效实证研究

发布时间：2018-01-06 03:38

本文关键词：生物制药上市公司营运资金与绩效实证研究　出处：《广东工业大学》2015年硕士论文　论文类型：学位论文

【摘要】：伴随着经济的发展与人口的增长,数年来全球医药产业持续高速度发展,被称为永不衰落的朝阳行业,但由于我国生物制药企业起步较晚,大多数仍然处于成长阶段,如何能在激烈的国内外竞争环境中具备核心竞争力,实现企业的全面协调发展,获得最大化的效益,是摆在生物制药企业面前的关键性问题。营运资金管理是企业财务管理活动中重要的组成部分,其管理状况直接影响着企业价值最大化这一目标,本文是从营运资金管理的角度出发来以期改善企业的绩效。本文在分析了国内外营运资金与企业绩效相关性研究的基础上,结合生物制药上市公司营运资金的特点、营运资金风险收益权衡理论,分析了生物制药上市公司营运资金与企业绩效之间的相关性,做出了相关假设,并对营运资金与企业绩效之间的关系进行了实证检验。本文以两市主板A股生物制药上市公司作为研究对象,选取了68家生物制药上市公司2011-2013年数据作为研究对象来进行实证分析。本文首先通过渠道将营运资金划分为理财活动的营运资金与经营活动的营运资金,又进一步将经营活动的营运资金分为：采购渠道的营运资金、生产渠道的营运资金、营销渠道的营运资金。然后通过描述性统计分析、相关性分析、回归分析等方法,得出结论经营活动的营运资金与企业绩效负相关关系,理财活动的营运资金与企业绩效倒U型关系,采购渠道、生产渠道、营销渠道的营运资金与企业绩效负相关关系。最后对结论进行分析,为提升生物制药上市公司的绩效给出了若干建议。
[Abstract]:Along with the economic development and population growth, the number of years in the global pharmaceutical industry sustained high speed development, known as the sunrise industry will never decline, but because of China's bio pharmaceutical enterprises started late, most are still in the growth stage, how can have the core competitiveness in the fierce competition at home and abroad, to achieve comprehensive and coordinated development the enterprise, to obtain the maximum benefit, is a key problem in front of bio pharmaceutical enterprises. Working capital management is an important part of enterprise financial management activities, its management directly affects the goal of enterprise value maximization, this paper is to improve the performance of the enterprise. From the point of view of working capital the angle of management based on the analysis of the relationship between domestic and foreign working capital and enterprise performance, combined with the bio pharmaceutical listed companies working capital, working capital risk Income trade-off theory, analyzes the correlation between the bio pharmaceutical listed companies working capital and enterprise performance, make relevant assumptions, and the relationship between working capital and corporate performance empirically. In this paper, two city board A shares listed biopharmaceutical company as the research object, selects 68 listed biopharmaceutical company 2011-2013 the data as the research object to carry out the empirical analysis. Firstly, through the channels will be divided into working capital working capital management activities and financial activities of the working capital, and further the business activities of the working capital for purchasing channel working capital, production channel working capital, marketing channels and through the description of working capital. Statistical analysis, correlation analysis, regression analysis and other methods, a negative correlation between the performance of working capital and enterprise conclude business activities and financial activities The relationship between working capital and corporate performance is inverted U. There is a negative correlation between the working capital and the business performance of purchasing channels, production channels, and marketing channels. Finally, the conclusions are analyzed to provide some suggestions for improving the performance of biopharmaceutical listed companies.

【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F406.7;F426.72

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