基于因子分析法的生物医药上市公司投资价值评价  

A Factor Analysis Study on Investment Value of Listed Companies in Biopharmaceutical Sector

作　　者：张晔[1] 赵晗 ZHANG Ye;ZHAO Han(School of Economics & Management,Xiamen University of Technology,Xiamen 361024,China)

机构地区：[1]厦门理工学院经济与管理学院,福建厦门361024

出　　处：《厦门理工学院学报》2020年第6期45-50,共6页Journal of Xiamen University of Technology

基　　金：国家自然科学基金项目(71804157);福建省社会科学规划项目(FJ2018C009)。

摘　　要：以我国119个生物医药上市公司2018年的财务数据为基础,采用因子分析法,选取利润总额增长率、成本费用利润率、每股净资产等15个财务指标构建投资价值评价指标体系,根据因子特征值和方差贡献率确定主成分因子,构建出由盈利增长能力、销售获利能力、每股指标、偿债能力和成长能力5个因子构成的投资价值综合评价模型,并据此实现了我国生物医药上市公司的综合排序。投资者可根据模型排名结果,并结合非财务因素,较为全面客观地度量上市公司的投资价值,进行理性投资;鉴于盈利能力、成长性和偿债能力对投资价值综合得分有较大影响,建议生物医药上市公司优化“市场+研发”的双轮驱动模式,控制投资风险,增强现金流量管理,以提升投资价值。Based on the financial data of 119 biopharmaceutical listed companies in 2018,this paper builds an investment value evaluation index system with 15 financial indicators such as total profit growth rate,cost to profit rate,and net assets per share,and makes a factor analysis study of it.In the study,principal component factors are determined according to factor eigenvalue and variance contribution rate,and a concentrated evaluation index system is constructed,which includes five factors of profit growth ability,profit generation ability,indicators per share,solvency and growth ability.Based on it,investment values of the listed companies in China's biopharmaceutical sector are ranked.Investors can objectively measure the investment value of listed companies and make rational investment decisions according to the ranking results and non-financial factors.In view of the significant influence of profitability,growth and solvency indicators on the scoring of investment value,it is suggested that biopharmaceutical companies optimize the“market+R&D”mode of operation,control investment risk and enhance cash flow management to improve investment value.

关 键 词：生物医药上市公司 投资价值 评价模型 财务指标 因子分析法 

分 类 号：F830.59[经济管理—金融学]