基于因子分析和聚类分析的医药上市公司财务评价

摘要

Medical and health system reform has entered into the phase of the deepwater area in our country. Because of the characteristics of high technology, high investment, high return and high risk, and big policy-effected, pharmaceutical listed firms are facing more serious financial risk than generally listed ones. The study of pharmaceutical listed firms’ financial risk evaluation is of great significance. Factor analysis by numerous correlation dimension reduction to the original index condensed into a few factors can generalize data information, and then get firms’ composite scores through the statistical analysis, which overcomes the artificial randomness to determine the weight. Factor scores and comprehensive scores of pharmaceutical manufacturing firms uniting factor analysis and cluster analysis is beneficial to the comprehensive, objective and accurate evaluation of the firms’ financial situation.%我国医疗卫生体制改革已经进入深水区阶段，由于高技术、高投入、高回报、高风险和受政策冲击大等特性的影响，医药上市公司较一般上市公司面临着更加严峻的财务风险，研究医药上市公司的财务风险评价具有重要意义。因子分析通过降维把众多具有相关性的原始指标浓缩成少数几个能高度概括数据信息的因子，通过统计分析可以得到公司综合得分，克服了人为确定权数的随意性。通过综合聚类分析和因子分析得到的医药制造公司的因子得分和综合得分情况，有利于全面、客观、准确地评价公司的财务状况。