我国制药行业的风险收益水平研究  

On Risk and Return in Domestic Pharmaceutical Industry in China

作　　者：王笳[1] 游宇光[1] 李仁锦[1] 杨士明[1] 杨安东[1] 黄宇[1] 吴必强[1] 程志鹏[1] 栾远东[1] 夏华祥[1] 赵光荣[1] 吴诗惠[1] 

机构地区：[1]四川省中药研究所,成都市610041

出　　处：《中国药房》2007年第19期1444-1446,共3页China Pharmacy

摘　　要：目的:研究确定我国制药行业的合理收益水平的方法,并判断2000～2005年我国制药行业的收益水平的合理性。方法:基于2001～2006中国统计年鉴中我国制药行业的财务数据,运用风险-收益对等原理,根据我国制药行业的风险水平确定其收益水平,并验证6年间我国制药行业的收益水平是否合理。结果:6年间,我国制药行业的平均最低期望收益率应为7.72%,实际平均总资产收益率为8.53%,即6年间我国制药行业获得的超过其最低期望收益率的超额回报率平均为0.81%。结论:我国制药行业在此期间所获得的收益与其风险水平相当,也与其合理收益水平相当。OBJECTIVE： To establish a reasonable return level for Chinese pharmaceutical industry and to study the return level of the domestic pharmaceutical industry from 2000 to 2005. METHODS： In view of the financial data of Chinese pharmaceutical industry in the statistical yearbook from 2001 to 2006, the return level for Chinese pharmaceutical industry was established based on its risk level using the principle of ＂ risk - return equilibrium＂, and the rationality of the return level of Chinese pharmaceutical industry over the 6 years was validated as well. RESULTS： Over the 6 years, the average lowest anticipating rate of return for the Chinese medicine industry was 7.72% and the actually average assets income rate stood at 8.53% , i.e. the average abnormal return rate over the 6 years was 0.81%. CONCLUSION： The return rate of Chinese pharmaceutical industry corresponds to the risk level as well as the reasonable return level.

关 键 词：制药行业 风险 收益 最低期望收益率 

分 类 号：F27[经济管理—企业管理]