Researching On Financing Efficiency Of Gem Pharmaceutical Manufacturing Industry

With the development of economy and the improvement of people's living standard,the importance of pharmaceutical industry is more prominent,and people also put forward higher requirements for better pharmaceutical products.Although China's pharmaceutical manufacturing industry has been in a situation of rapid growth,the shortage of R & D input and innovation output in pharmaceutical manufacturing industry has been common,and its performance is particularly obvious in small and medium-sized pharmaceutical manufacturing enterprises.There may be two main reasons for the shortage of R & D investment and innovation output in pharmaceutical manufacturing industry,one is the difficulty of enterprise financing,the other is the low efficiency of enterprise capital use.Although the development and improvement of gem alleviates the financing difficulty of small and medium-sized pharmaceutical manufacturing industry to some extent,the financing difficulty still exists,at the same time,the more prominent problem is the low efficiency of the use of funds in China's small and medium-sized pharmaceutical manufacturing industry.Therefore,it is of great practical significance to study the financing efficiency of China's gem pharmaceutical manufacturing industry,to find out the overall situation of the financing efficiency of China's gem pharmaceutical manufacturing industry and to grasp the main influencing factors to promote its financing efficiency.This paper selects 30 pharmaceutical manufacturing enterprises listed on the gem of china as the research object.Using the annual financial data of these enterprises in2014-2018,using data envelopment analysis method and multiple regression analysis method,this paper analyzes and evaluates the financing efficiency of gem pharmaceutical manufacturing industry,and puts forward corresponding suggestions according to the analysis results.First,the DEA model is used to analyze the financing efficiency of gem pharmaceutical manufacturing industry from two angles: input and output.Among them,the endogenous financing amount,the exogenous financing amount and the cash outflow from financing activities are selected as input indicators from the perspective of financing sources and financing costs.From profit in terms of ability,operation ability,research and development ability and growth ability,four variables,namely,return on net assets,turnover of total assets,growth rate of intangibleassets and earnings per share,were selected as output indicators.Then,taking the financing efficiency as the explained variable,Taking the growth rate of intangible assets and the amount of equity financing as the explanatory variables,multiple regression analysis was conducted to explore the influence of various factors on the financing efficiency.Finally,Based on the results of empirical analysis,From the perspective of government,enterprises and capital market,this paper puts forward some suggestions for optimizing the financing path and improving the financing efficiency of Chinese gem pharmaceutical manufacturing enterprises.Analysis of DEA model results shows that the overall financing efficiency of gem pharmaceutical manufacturing industry is on the low side,mainly due to the low pure technology efficiency of enterprises,that is,the poor management of enterprises.Therefore,improving the management level of enterprises will play a leading role in improving the financing efficiency of gem pharmaceutical manufacturing industry.The results of multiple regression analysis show that the growth rate of intangible assets is positively related to the financing efficiency of enterprises.Therefore,enterprises should apply their funds to technological progress as far as possible,which can not only enhance the development ability of new drugs,but also promote the growth of enterprise profits.The amount of equity financing is inversely proportional to the financing efficiency of enterprises.It shows that the current equity financing ratio of gem pharmaceutical manufacturing industry is too high,and the diversification of equity will not be conducive to the future growth of enterprises.Therefore,as far as possible with the help of internal funds to meet the needs of production and operation,reduce the amount of equity financing.The article concludes with an increase in government support strength,strengthen the internal supervision of pharmaceutical manufacturing enterprises and improve the capital market and other suggestions.