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基于因子分析法的我国医药企业创新发展能力评价研究 Δ

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曹 鑫 ，阮娴静 （1.广东药科大学药学院，广州 510006；2.广东药科大学医药商学院，广州 510006）
中图分类号 F426；R95 文献标志码 A 文章编号 1001-0408（2020）16-1931-07
DOI 10.6039/j.issn.1001-0408.2020.16.03

摘 要 目的：为提高我国医药企业创新发展能力提供参考。方法：在查阅文献的基础上，从企业的成长能力、盈利能力、偿债能
力、创新能力等4个方面选取10个测量指标（包括净利润增长率、总资产增长率、营收增长率、销售净利率、销售毛利率、净资产收
益率、流动比率、资产负债率、研发人员比重、研发强度）构建评价体系，选取我国A股上市时间不短于5年且2018年研发投入不少
于1亿元的医药企业作为研究对象，借助其公开的企业年报和股票证券交易软件同花顺来收集纳入企业2015－2019年的上述指
标数据，采用因子分析法提取主成分建立模型，根据因子特征根和方差贡献率确定主成分因子，将纳入企业2015－2019年的综合
得分平均值进行排序并分析。结果与结论：共确定市场开拓能力、企业成长能力、营运发展能力、产品创新能力等4个主成分，累
计方差贡献率为72.385％。共纳入44家医药企业，其中市场开拓能力、企业成长能力、营运发展能力、产品创新能力及总创新发
展能力有所提升的医药企业分别占40.91％、43.18％、38.64％、72.73％、52.27％。44家医药企业创新发展能力5年平均综合得分
最高分为0.612，最低分为－1.132。综合得分0.3～＜0.7的企业有8家，占比为18.18％，该区间内医药企业的创新发展能力良好；
综合得分－0.1～＜0.3的企业有21家，占比为47.73％，该区间内医药企业的创新发展能力较好；综合得分为－0.5～＜－0.1的企
业有11家，占比为25.00％，该区间内医药企业的创新发展能力较弱；综合得分＜－0.5的企业有4家，占比为9.09％，该区间内医
药企业的创新发展能力很弱。我国医药企业创新发展能力呈两极分化，企业发展进入波动期，机遇与挑战并存；拥有一定数量的
医保品种或独家核心品种的医药企业在其所处细分的药物领域具有较强的竞争力；生物制药进入活跃期；医药企业由仿制药为主
转向创新药研发为主。建议我国医药企业实施智能化管理，科学制定研发战略，同时重视开拓国际市场，以提高其创新发展能力。
关键词 医药企业；研发；创新发展能力；因子分析；实证研究

Study on Evaluation of Innovation and Development Capability of Pharmaceutical Enterprises in China
Based on Factor Analysis
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CAO Xin ，RUAN Xianjing （1. School of Pharmacy， Guangdong Pharmaceutical University， Guangzhou
1
510006，China；2. School of Medical Business，Guangdong Pharmaceutical University，Guangzhou 510006，
China）

ABSTRACT OBJECTIVE： To provide reference for improving innovation and development capability of pharmaceutical
enterprises in China. METHODS：Based literature review，10 measurement indexes（growth rate of net profit，the growth rate of
total assets，the growth rate of revenue，the net interest rate of sales，the gross profit rate of sales，the rate of return on net assets，
the current ratio，the asset liability ratio，the proportion of R&D personnel，and R&D intensity）were selected from aspect of
growth ability，profitability，solvency and innovation capability to establish evaluation system. Pharmaceutical enterprises with
A-share listing time of no less than 5 years and R&D investment of no less than 100 million yuan in 2018 were selected as the
research objects，the data of above-mentioned indexes of included enterprises were collected during 2015-2019 by means of their
public corporate annual reports and stock trading software Tonghuashun；factor analysis method was used to extract the principal
components to establish a model；principal component factors were determined according to factor characteristic root and variance
contribution rate，ranked and analyzed the average comprehensive score of included enterprises during 2015-2019. RESULTS &
CONCLUSIONS： Four principal components including market development capability， enterprise growth ability， operation
development capability and product innovation capability were determined，and the cumulative variance contribution rate was
72.385％. A total of 44 pharmaceutical enterprises were included. Among them，40.91％，43.18％，38.64％，72.73％ and 52.27％
showed an upward trend in the market development capability，onterprises growth capability，operational development capability，
product innovation capacity and total innovation and development capability. The highest score of innovation and development
capability of pharmaceutical enterprises was 0.612， and the lowest score was － 1.132. There were 8 enterprises whose
comprehensive score was 0.3-＜0.7，accounting for 18.18％；
Δ 基金项目：广东省医学科研基金项目（No.A2019325）；广东省
pharmaceutical enterprises in this range had good innovation
普通高校特色创新类项目（No.2018WTSCX055）
and development capability. There were 21 enterprises whose
＊硕士研究生。研究方向：医药企业管理。E-mail：1097167535@
qq.com comprehensive score was －0.1-＜0.3，accounting for 47.73％；
# 通信作者：副教授，硕士生导师，博士。研究方向：技术创新、产 pharmaceutical enterprises in this range had fair good
业经济。E-mail：53156692@qq.com innovation and development capability. There were 11 enter-

中国药房 2020年第31卷第16期 China Pharmacy 2020 Vol. 31 No. 16 ·1931 ·