摘要
目的:了解我国医药上市公司的盈利状况,探讨提升其盈利能力的基本路径。方法:选取我国医药行业与其他制造业上市公司2007-2013年的财务数据,根据杜邦分析法从权益净利率(ROE)、销售净利润率(PM)、资产周转率(ATO)和权益乘数(EM)等方面进行对比分析。结果与结论:2007-2013年,我国医药行业上市公司的ROE、PM均值均高于其他制造业(10.00%vs.6.40%、11.50%vs.6.49%);ATO、EM均值均低于其他制造业(0.65 vs.0.73、1.90 vs.2.19),二者比较差异均有统计学意义(P<0.05)。我国医药上市公司核心盈利能力和产品获利能力优于其他制造业,但资产营运效率和财务杠杆运用能力不足。这主要是由于医药上市公司具有明显的毛利率优势(42.87%vs.22.07%),但更高的销售费用率(18.24%vs.5.61%)和流动资产使用效率不足在一定程度上抵消了这一优势。我国医药上市公司要进一步优化盈利能力,除了在产品创新方面继续努力外,还应注重节约流通成本和提高资产营运能力,尤其是提升流动资产的使用效率。
OBJECTIVE：To investigate the profitability of listed pharmaceutical enterprises in China,and to investigate the basic profitability path. METHODS：With the help of Du Pont financial analysis system,the financial data of the listed companies and other manufacturing industry during 2007-2013 were collected and compared in terms of the return on equity（ROE）,profit margin（PM）,asset turnover（ATO）and equity multiplier（EM）,etc. RESULTS CONCLUSIONS：During 2007-2013,average ROE and PM of listed pharmaceutical companies both were higher than those of other manufacturing industry（10.00% vs. 6.40%,11.50% vs. 6.49%）;while average ATO and EM were lower than other manufacturing industry（0.65 vs. 0.73,1.90 vs. 2.19）,with statistical significance（P〈0.05）. It has advantages in core earnings and product profitability while disadvantage in asset turnover and financial leverage for the listed pharmaceutical companies. Listed pharmaceutical companies＇ gross margin was higher（42.87% vs. 22.07%）,but was offset by the higher ratio of expenses to sales（18.24% vs. 5.61%）and insufficient utilization ratio of circulating assets. To change this situation,listed pharmaceutical enterprises should focus on circulation cost saving and the improvement of assets operation ability,especially enhancing the utilization ratio of current assets.
出处
《中国药房》
CAS
北大核心
2015年第34期4753-4756,共4页
China Pharmacy
关键词
医药上市公司
杜邦分析
盈利
路径
Listed pharmaceutical enterprises
Du Pont analysis
Profitability
Path
