基于财务视角的生物制药上市公司成长性评价研究

发布时间：2018-01-30 04:33

本文关键词： 生物制药财务角度成长性评价　出处：《广东工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：生物制药行业是我国近十年来重点扶持的高科技行业。虽然生物制药行业在国家政策支持和市场需求增加下迅速发展起来,但生物制药行业在发展过程中却出现产品安全问题和自主创新能力低下等问题。同时目前处于转型时期,原材料价格上涨、出口量萎缩和融资渠道缩小所引发不同程度的财务困境,成了阻碍我国生物制药行业稳定成长的不利因素。因此,本文的研究目的在于通过找出影响生物制药公司成长性的因素,基于财务视角,建立能有效反映生物制药公司成长性的评价指标,并通过因子分析法算出综合得分,对结果进行客观的评价和给予相对应提升公司成长性的建议。本文主要有以下五部分内容：第一章是绪论部分,主要说明论文的研究背景、研究意义、研究内容和研究方法、主要贡献。第二章是文献综述,主要在对成长性概念界定的基础上,梳理成长性发展理论,归纳和评述成长性的影响因素和评价指标。第三章首先归纳和总结生物制药行业的特点,然后通过工业总产值、销售产值、研发投入等指标分析目前我国生物制药行业的现状,最后结合两者情况归纳出影响我国生物制药行业成长性的因素。第四章主要从成长质量、风险、速度、效率、创新、社会责任、现金流运作七个维度共十八个财务指标建立我国生物制药公司成长性的评价指标,选取了2010年前已在我国沪深股市上市的89家生物制药公司,以2010-2012年数据为样本,借助spss16.0统计软件并采用因子分析法计算样本公司成长性的各因子得分和综合得分。第五章根据得分结果从三方面进行成长性评价：第一,总体上看,生物制药上市公司整体成长性表现不佳,仅有6.74%的样本公司成长性表现良好；第二,从地域上看,无论是样本总量还是成长性综合得分,东部地区生物制药上市公司的成长性比较强；第三,从成长性动力来看,公司的盈利状况、现金运作情况、对消费者的贡献程度、技术创新能力、企业资产运营状况、发展速度都会对生物制药公司成长性的综合得分有较大的影响。最后针对评价结果以及生物制药公司发展状况,给出提升生物制药公司成长性的建议：首先要加强公司自身的生产管理,生产出高质量高附加值的生物药品；其次提高产品的销售能力,加快存货的周转,使得公司在经营运作中有较快较多的现金流投入；最后把现金流用到生物制药公司核心研发项目中。
[Abstract]:Biopharmaceutical industry is a high-tech industry supported by our country in recent ten years, although the biopharmaceutical industry has developed rapidly under the support of national policy and the increase of market demand. However, in the process of development, the biopharmaceutical industry has problems such as product safety and low independent innovation ability. At the same time, the price of raw materials is rising in the period of transition. The shrinkage of export volume and the narrowing of financing channels lead to different degrees of financial distress, which are the unfavorable factors that hinder the steady growth of the biopharmaceutical industry in China. The purpose of this paper is to find out the factors that affect the growth of biopharmaceutical companies, and based on the financial perspective, to establish an evaluation index that can effectively reflect the growth of biopharmaceutical companies. And through factor analysis to calculate the comprehensive score, the results of objective evaluation and give corresponding recommendations to promote the growth of the company. This article has the following five parts: the first chapter is the introduction part, mainly explains the research background, the research significance, the research content and the research method, the main contribution. The second chapter is the literature review. On the basis of the definition of the concept of growth, this paper combs the theory of growth development, summarizes and comments on the influencing factors and evaluation indicators of growth. Chapter three summarizes and summarizes the characteristics of biopharmaceutical industry. Then through the industrial output value, sales value, R & D input and other indicators to analyze the current status of the biological pharmaceutical industry in China. Finally, combined with the two conditions, the factors that affect the growth of the biopharmaceutical industry in China are summed up. Chapter 4th mainly from growth quality, risk, speed, efficiency, innovation, social responsibility. Cash flow operation seven dimensions a total of 18 financial indicators to establish the growth of Chinese biopharmaceutical companies evaluation indicators, selected from the 2010 in the Shanghai and Shenzhen stock market listed 89 biopharmaceutical companies. Take the data for 2010-2012 as a sample. With the help of spss16.0 statistical software and factor analysis method to calculate the sample company growth factor score and comprehensive score. Chapter 5th according to the score results from three aspects of growth evaluation: first. On the whole, the overall growth performance of biopharmaceutical listed companies is not good, only 6.74% of the sample companies have good growth performance; Second, from the geographical point of view, whether the sample total or growth comprehensive score, the eastern region of the biopharmaceutical listed companies have a strong growth; Third, from the perspective of growth dynamics, the company's profitability, cash operation, the degree of contribution to consumers, technological innovation ability, enterprise assets operation. The speed of development will have a greater impact on the growth of biopharmaceutical companies. Finally, the evaluation results and the development of biopharmaceutical companies. Some suggestions are given to promote the growth of biopharmaceutical companies: firstly, we should strengthen the company's own production management to produce high quality and high added value biological drugs; Secondly, improve the sales ability of products, speed up the turnover of inventory, so that the company has a faster cash flow input in the operation; Finally, the cash flow is used in the core R & D projects of biopharmaceutical 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】：2014
【分类号】：F426.72;F275

【引证文献】