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Evaluation of Cash Utilization Efficiency of Listed Companies in Biomedical Industry Based on DEA Model

机译:基于DEA模型的生物医药行业上市公司现金利用效率评价。

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As the most liquid asset, cash plays an important role in the production, operation, investment and profit of enterprises. Most of the existing studies focus on the reasonable holding level of cash, the factors affecting cash flow and the enterprise value evaluation based on cash flow, while few studies directly consider the efficiency of cash use. Based on the related theory of cash utilization efficiency at domestic and abroad, this paper takes 24 listed companies in biomedical industry in Shanghai and Shenzhen Stock Exchanges from 2015 to 2017 as the research object, and carries out data envelopment analysis (DEA). Through the analysis of input data and output data, the comprehensive efficiency, pure technical efficiency and scale efficiency of sample companies are calculated, and the cash utilization efficiency of sample companies is quantitatively evaluated. The results show that DEA model can well evaluate the cash use efficiency of enterprises, thus how to improve the cash utilization efficiency is particularly important for listed companies in the biomedical industry.
机译:现金作为最具有流动性的资产,在企业的生产,经营,投资和利润中起着重要的作用。现有的研究大多集中在现金的合理持有水平,影响现金流量的因素以及基于现金流量的企业价值评估上,而很少有研究直接考虑现金使用的效率。基于国内外相关的现金利用效率理论,以2015年至2017年上海,深圳证券交易所生物医药行业24家上市公司为研究对象,进行数据包络分析(DEA)。通过对输入数据和输出数据的分析,计算出样本公司的综合效率,纯技术效率和规模效率,并对样本公司的现金利用效率进行定量评估。结果表明,DEA模型可以很好地评估企业的现金使用效率,因此如何提高现金使用效率对生物医药行业的上市公司尤为重要。

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