RESUMO
OBJECTIVE： To provide reference for pharmaceutical enterprises to enhance the R&D capability and improve the R&D investment strategy. METHODS： The annual report data of 13 listed pharmaceutical enterprises in southwest China were collcted. Taking fixed assets， operating costs， the number of employees in service and the amount of R&D investment as input indicators， net profit， operating income and earnings per share as output indicators， the efficiency values were calculated by using MyDEA 1.0 software based on super-efficiency DEA model. The operating efficiency of enterprises with or without R&D input were compared； the contribution rate of R&D investment to enterprises were calculated. Finally， Wilcoxon symbolic rank test was carried out by using SPSS 20.0 software to compare the difference. RESULTS： From 2013 to 2015， 10 of the 13 listed pharmaceutical enterprises had increased their R&D investment， which indicated that listed pharmaceutical enterprises in southwest China paid more attention to R&D investment. For three consecutive years， the efficiency value of R&D investment of the 13 listed pharmaceutical enterprises was significantly higher than that of the enterprises without R&D investment， and the number of the former reaching DEA efficiency was more， indicating that R&D investment was positively correlated with the operational efficiency of pharmaceutical enterprises. The Wilcoxon symbol rank test also confirmed that R&D investment was an effect input. After three enterprises joined the R&D input index， their operational efficiency was improved， and their R&D contribution was greater. Five enterprises had zero R&D contribution， their efficiency value remained unchanged whether or not they joined R&D input. The R&D contribution of other listed pharmaceutical enterprises varied greatly in each year. CONCLUSIONS： At the overall level of the industry， enterprises should increase their R&D investment and pay attention to improving R&D efficiency， establish a sound R&D innovation system and R&D personnel training mechanism， establish an integrated training mode of production， learning and research； the government should create an environment to support R&D activities of pharmaceutical enterprises. For individual enterprises， different strategies should be adopted based on practical situation in order to improve the pulling effect of R&D input on the operational efficiency of enterprises.
RESUMO
OBJECTIVE:To investigate the profitability of listed pharmaceutical enterprises in China,and to investigate the ba-sic profitability path. METHODS:With the help of DuPont 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 turn-over 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 im-provement of assets operation ability,especially enhancing the utilization ratio of current assets.