我国中小型医疗器械行业上市公司的融资效率研究

我国中小型医疗器械行业上市公司的融资效率研究摘要医疗器械行业是生物医药的重要产业，但目前国内的医疗器械产品以中低端产品为主，自主创新能力较弱，而高端设备则基本被发达国家所垄断。若能有效地解决国内医疗器械企业融资难、融资效率不高等问题，对推动我国医疗器械产业的科技创新具有重要意义。本文在梳理相关文献的基础上，分析了在我国中小型医疗器械上市公司的融资现状，然后通过DEA模型和多元回归分析方法，对2019-2021年三年间我国中小医疗器械企业的融资效率进行了实证分析发现：(1)我国中小医疗器械行业上市公司融资效率不是完全有效，但平均效率呈现递增的趋势。(2)沪、深圳和创业板上市公司的融资效率高于其它板块，中小板次之，科创板板块排名最后(3)资产总额，主营营业成本，净资产收益率会对中小型医疗器械行业上市公司的融资效率产生显著的正向影响关系，资产负债率与会对中小型医疗器械行业上市公司的融资效率产生显著的负向影响关系。最后提出了中小型医疗器械行业企业应该增加研发投入、减少债务融资以及扩张企业规模以增加企业融资效率的对策与建议。关键词：医疗器械行业：融资效率：中小型企业：DEA模型：多元回归模型yStudy on financing efficiency of Listed Small andmedium-sized medical device companies in ChinaAbstractMedical device industry is,but at present,domestic medical device products aremainly low-end products,independent innovation ability is weak,and high-endequipment is basically monopolized by developed countries.If we can effectivelysolve the financing difficulties and low financing efficiency of domestic medicaldevice enterprises,it is of great significance to promote the scientific andtechnological innovation of China's medical device industry.On the basis of reviewing relevant literature,this paper analyzes the financingstatus of small and medium-sized listed medical device companies in China,and thenempirtically analyzes the financing efficiency of small and medium-sized medicaldevice companies in China from 2019 to 2021 through DEA model and multipleregression analysis method.It finds that:(1)The financing efficiency of listed smalland medium-sized medical device companies in China is not completely effective,butthe average efficiency shows an increasing trend.(2)The financing efficiency oflisted companies in Shanghai,Shenzhen and GEM is higher than that of other sectors,followed by small and medium-sized board,and ranked last in science andTechnology Innovation Board.(3)Total assets,main operating cost,and return onequity have a significant positive impact on the financing efficiency of listedcompanies in small and medium-sized medical device industry.The asset-liabilityratio has a significant negative impact on the financing efficiency of small andmedium-sized listed companies in the medical device industry.Finally,thecountermeasures and suggestions of increasing r&d investment,reducing debtfinancing and expanding enterprise scale are put forward.Key words:medical device industry;Financing efficiency;Small and medium-sizedenterprises;DEA model;Multiple regression model2目录一、绪论…(一)研究背景及意义11.研究背景2.研究意义…(二)国内外文献综述......1.国外文献综述2.国内文献综述2(三)研究目标与方法.41.研究目标42.研究方法4(四)研究思路与内容。51.研究思路52.研究内容.....（五)创新点与不足.61.创新点..2.不足之处…6二、中小型医疗器械行业融资效率的相关概念及理论.6(一)概念界定…61.我国中小型医疗器械行业公司的定义·62.融资效率的定义......。7(二)融资效率的理论基础…71.修正后的理论..2.企业生命周期理论23.优序融资理论。74.融资效率理论(三)融资效率的衡量方法.81.熵值法....2.灰色关联度分析3.模糊综合评价法。94.数据包络分析方法…9三、我国中小型医疗器械行业上市公司的融资现状分析(一)我国医疗器械行业上市公司的融资现状1.我国医疗器械行业上市公司数量分析92.我国医疗器械行业上市公司融资规模分析.....·103.我国医疗器械行业上市公司上市板块分析。114.融资方式........11(二)我国医疗器械行业公司融资的影响因素..................131.宏观经济环境132.融资环境...133.企业规模。144.融资结构145.成长能力.146.营运能力14(三)我国医疗器械行业公司存在的融资问题.l41.融资难度大......152.闲置