An Empirical Study On Inventory Management And Corporate Performance Of Listed Pharmaceutical Manufacturing Companies

The pharmaceutical manufacturing industry not only occupies an important position in the national economy,but also plays an important role in ensuring life safety.With the improvement of citizens’ health awareness and the aging problem,the demand for medical products has become increasingly prominent.However,with the continuous updating of the medical policy and the implementation of new medical reforms,the pharmaceutical market has also changed dramatically,plus the industry.The intensified competition and the impact of foreign imported drugs on the Chinese market have undoubtedly brought considerable pressure on domestic pharmaceutical manufacturing enterprises.In the process of business operation,inventory has always been an important part of the pharmaceutical manufacturing liquidity project.The quality of inventory management directly affects the efficiency of enterprise assets.The management of inventory will generate market demand,production system and profitability of enterprises.Great influences have become an important factor affecting the development of enterprises.In accordance with the SFC industry classification criteria,this paper selects the financial data of 117 pharmaceutical manufacturing enterprises listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange A-shares as an empirical sample,selects indicators from the perspective of inventory procurement,production and sales,and studies them.A significant relationship with Tobin Q,using statistical software SPSS 20 for descriptive statistics,correlation analysis,regression analysis,stability testing.In this paper,the Tobin Q value is used as the explanatory variable,the prepaid inventory ratio,the purchase inventory ratio,the capacity utilization ratio,the inventory turnover rate and the gross profit margin are used as explanatory variables,and the enterprise scale,inventory weight,and asset-liability ratio are used as control variables,and the ROA indicator is selected.Perform a stability test on the regression equation.Through regression analysis,this paper draws the following conclusions:(1)The prepaid inventory ratio of listed companies in the pharmaceutical manufacturing industry is significantly negatively correlated with Tobin Q;(2)The relationship between the purchase ratio of listed companies in the pharmaceutical manufacturing industry and Tobin Q is not significant;The capacity utilization rate of listed companies in the pharmaceutical manufacturing industry is significantly positively correlated with Tobin Q;(4)The inventory turnover rate of listed companies in the pharmaceutical manufacturing industry is significantly positively correlated with Tobin Q;(5)Gross profit margin of listed companies in pharmaceutical manufacturing industry and Tobin Q Significantly positive correlation.Through the conclusions obtained from the empirical evidence,this paper can provide a certain reference for the domestic pharmaceutical manufacturing industry and help enterprises improve their performance.