Research On Efficiency Evaluation And Influencing Factors Of The Listed Companies In China's Health Industry

The Nineteenth National Congress of the Communist Party of China has clearly stated that it is necessary to implement a healthy China strategy and support the development of a healthy industry.However,China's health industry still has problems such as disordered market order,insufficient innovation capabilities,which have greatly limited the sustainable development of the industry.In fact,enterprises are the main producer of the health industry and its efficiency development is the fundamental guarantee for the sustainable development of the health industry.Therefore,to improve the efficiency of health industry enterprises,it is necessary to quantitatively research the efficiency and their influencing factors from a micro perspective.Based on this,this article comprehensively divides the production process of health industry-related companies into two stages of innovation and production and selects the data of 125 A-share health industry listed companies from 2016 to 2018 as research samples.Then,the network SBM model is employed to effectively measure and analyze the total efficiency and two-stage efficiency of the sample enterprises.Next,the measured efficiency values are used as the dependent variable,and nine influencing factors are selected as independent variables by referring to related literature.Finally,Tobit panel regression is employed to quantitatively analyze the influencing factors of the listed company efficiency in the health industry.The results show that:(1)The overall efficiency and the two-stage efficiency of listed companies in China health industry have shown a clear upward trend as a whole,but there is a large gap between different enterprises.(2)The nuclear density curve of the efficiency of listed companies in China's health industry shifts to the right year by year,and it shows a left-biased,unimodal distribution.In general,its overall efficiency is mainly concentrated in the [0.70,0.80] interval and shows a convergence trend.Besides,there is no polarization.(3)The number of high innovation—high production efficiency enterprises and low innovation—low production efficiency enterprises accounted for 67.2% of the total sample enterprises,which indicates that there is a significant positive correlation between the innovation efficiency and the production efficiency of listed companies in the health industry.(4)From a regional perspective,the total efficiency of the sample enterprises shows the distribution characteristics of eastern> central> western> northeast.The distribution of innovation efficiency is consistent with the total efficiency,but production efficiency is slightly different.(5)From an industry perspective,the efficiency of production efficiency in most industries(except medical services)is higher than the innovation efficiency.Thus,insufficient innovation capacity is still the main reason for restricting the development of China's health industry.(6)The indicators of company age,employees' education level,total asset turnover rate,and cost expense profit rate are significantly positively related to the total efficiency of listed companies in the health industry.(7)The increase in company size,asset-liability ratio,and financial subsidies slightly inhibit the improvement of the overall efficiency of listed companies in the health industry.