Research On The Financing Efficiency Of Listed Companies In The China’s Medical Device Industry

In recent years,China’s medical device industry has been developing and rapidly increasing in terms of market scale,foreign trade and the number of enterprises,especially the shortage of medical supplies and medical equipment exposed since the outbreak of the coronavirus epidemic in 2020,making the medical device industry widely concerned by all walks of life.The medical device industry has become a very active new economic growth point in the 21 st century against the backdrop of a deepening aging population and the urgent need for expansion of national economic development.This thesis compile relevant domestic and foreign literature studies,combine financing analysis theories with efficiency research methods,sort out the development status and financing status of China’s medical device industry,empirically analyze the financing efficiency of listed medical device enterprises and its influencing factors,and analyze the financing efficiency of the case enterprise,Mindray.Firstly,the data envelopment analysis method is used to measure and evaluate the financing efficiency of listed medical device enterprises;after that,a Tobit model is established to conduct regression analysis for the influencing factors of financing efficiency of listed medical device enterprises;the financing efficiency of the case company,Mindray,is analyzed dynamically and statically using the empirical research results and DEA-Malmquist model,and compared with the overall level of the industry Finally,suggestions for countermeasures are given for the improvement of financing efficiency of listed medical device companies.Through the empirical study of financing efficiency of medical device industry and Mindray,it is found that(1)the level of financing efficiency of listed enterprises in China’s medical device industry,which has been declining year by year in pure technical efficiency and is at a high level of scale efficiency,is unstable;(2)the financing efficiency of listed enterprises in medical device industry is significantly and positively influenced by government subsidies,ROE and quick ratio;(3)blind financing of listed enterprises in medical device industry will lead to reduction of their financing efficiency.Therefore,senior executive should: increase our efforts to support the medical device industry and promote enterprises’ independent innovation;enhance the debt-servicing management capability and profitability technology level to cope with the expanding market scale and increasingly competitive market environment;and fully consider the industry and enterprises’ conditions while increasing production investment to make the development of higher quality.