摘要
本文分析了企业创新与价值链扩张之间的互动关系对企业盈利的影响。利用1998—2010年中国医药类上市公司和相关调研数据,实证研究了中国医药制造企业的整体盈利能力及其沿价值链不同方向扩张对盈利能力的影响,并具体分析了价值链上各环节的主要因素对企业盈利能力的影响程度。研究结果表明,纯制造类医药企业净资产收益率和销售净利率的下降幅度远远大于纯制造—扩张类医药企业,医药制造企业通过创新实施价值链上的业务扩张可以改善其盈利能力;中国医药制造企业盈利能力与价值链扩张之间存在着非线性关系,沿价值链向研发环节与营销环节的扩张都能有效提高、改善企业的盈利能力。
Based on the theory of value chain,this article analyzed the relationship between the profitability and its value chain.With ten years samples of the listed pharmaceutical companies during 1998-2010,and the data that we collected from other over 30 pharmaceutical companies,we find there was still a distinct difference between the decreasing of the two types of companies about their net assets profit margin and net profit rate.The indexes of the manufacturing-expanding corporations decreased more than the pure manufacturing ones,so the business expand on the value chain can delay the descending trend of the profit rate,the business expand on the value chain had some positive effects on the performance of the corporation.There is a smile curve between the profitability and its value chain.
出处
《中国工业经济》
CSSCI
北大核心
2012年第4期50-62,共13页
China Industrial Economics
关键词
医药制造企业
价值链
盈利能力
pharmaceutical companies
value chain
profitability
