Contrastive Research On Efficiency Of The Pharmaceutical Manufacturing Corporations In GEM And SME Board Based On The Three-stage DEA

The GEM of China opens the door to most investors on October 23, in 2009.This is an important event in Chinese capital market. The opening of the gem for the promotion of our country’s technology progress and innovation, optimizing the industrial structure and improving the multi-level capital market system is significant. In recent years, Comparative study of the GEM and SME become hot. However, there is some difference points between the two. Most of the GEM companies are scientific and technological enterprises which grow rapidly. Although the scale of GEM is smaller, but the development ability and strong innovation ability of them is outstanding. The company size of the SME is bigger than the GEM, and the product and the market is relatively stable. The pharmaceutical manufacturing company in China has a development path which is different with the developed countries. The current domestic research on the industry efficiency is less, which may be related to special industry quality. As Chinese pharmaceutical industry "11th FiveYear" carrying out, the implementation of government and pharmaceutical manufacturing enterprises in technology investment is increasing. In order to ensuring that these inputs can achieve the effective output, the evaluation of the development of pharmaceutical manufacturing company operating efficiency is particularly important. Through the evaluation of operational efficiency, we can contrast comparison of different subject of resource allocation efficiency, and then get the real operating conditions to guide investors to make rational investment decisions and reduce the investment risk, also urging the operators to improve production technology, and to improve operational efficiency.This paper used the method of DEA to contrast pharmaceutical manufacturing companes of the GEM and SME. First of all, in order to weaken the environmental effect of the GEM and SME, we use the three-stage BCC-DEA model, and select the closing price, rise and fall, and volume as the environmental variables. We show the significant impact of three environmental variables on the efficiency of the company, and analyse the input redundancy. Secondly, we analyze the result by general analysis and hierarchical clustering. Finally, we contrast the result of before and after the adjustment, and we can get some conclusions: First, the efficiency of environmental factors for most of the enterprise value have significant impact, and the influence degree and direction are different. Second, industry is facing fierce competition which led to enterprises continuously improve the efficiency to increase market share, which results in a higher average efficiency. But the majority of enterprises in two board have scale unreasonable problems, and most of the enterprises are small scale; Third, environmental factors have an easier effect on enterprises which efficiency value is not one. Generally the operating status of SME is better than GEM; Fourth, positive influence of environmental factors on the SME is greater than negative effects. That is, the tectonic environment of SME is more advantageous.