تحلیل پویای عملکرد شرکت‌های دارویی پذیرفته‌شده در بورس اوراق بهادار تهران با استفاده از روش ترکیبی تحلیل پوششی داده‌های پنجره‌ای و شاخص مالم‌کوئیست

نوع مقاله: مقاله پژوهشی

نویسندگان

1 استادیار مدیریت دانشگاه شیراز.

2 کارشناس‌ارشد مدیریت از دانشگاه شیراز.

چکیده

مقدمه: صنعت دارو نقش اساسی در توسعه سلامت کشور دارد. این صنعت با مسائلی چون استفاده نامناسب از ظرفیت تولید بهره‌ور روبه‌روست که ضرورت پژوهش در این زمینه را ایجاب می‌کند. با استفاده از شاخص‌های مالی می‌توان عملکرد شرکت‌های مختلف حاضر در این صنعت را با هم مقایسه کرده و با تعیین الگو، زمینه پیشرفت شرکت‌ها از این لحاظ را فراهم کرد.
روش پژوهش: این پژوهش از نظر هدف، کاربردی و از نظر نحوه گردآوری داده‌ها، توصیفی و از نوع کمی است. در این پژوهش از ترکیب روش تحلیل پوششی داده‌های پنجره‌ای و شاخص مالم‌کوئیست برای اندازه‌گیری پویای کارایی و رتبه‌بندی شرکت‌های دارویی پذیرفته‌شده در بورس اوراق بهادار تهران استفاده شده است. به این ترتیب که با استفاده از 11 شاخص تأثیرگذار و بکارگیری نرم‌افزار  DEAPنسخه 1/2، عملکرد 16 شرکت دارویی در بازه زمانی 1393-1388 بررسی شده است.
یافته‌ها: تغییرات بهره‌وری کل در صنعت دارویی در دوره مورد مطالعه کاهش یافته است و علت اصلی آن کاهش تغییرات کارایی مدیریتی، مقیاسی و فن‌آوری بوده است.
نتیجه‌گیری: نتایج پژوهش نشان می‌دهد که به جای تحلیل مقطعی، استفاده از تحلیل پویای عملکرد با ترکیب دو روش تحلیل پنجره‌ای و شاخص مـالم‌کوئیسـت و دقت‌نظر در تحلیل جابه‌جایی مرز کارا می‌توان ارزیابی دقیق‌تری از عملکرد شرکت‌ها ارائه کرد.

کلیدواژه‌ها


عنوان مقاله [English]

The Dynamic Analysis of Performance of Pharmaceutical Companies Listed on the Tehran Stock Exchange by Using the Integrative Window Data Envelopment Analysis and the Malmquist Index

نویسندگان [English]

  • M. Alimohammadlou 1
  • S. Mohammadi 2
1 Assistant Professor, Department of Management, Shiraz University.
2 M. A. in Management, Shiraz University.
چکیده [English]

Introduction: Pharmaceutical industry plays an essential role in the development of health in the country. This industry faces some problems such as the inappropriate use of productive capacity, so it is necessary to do a research in this field. By using the financial indicators, it is possible to compare the performance of various current companies in the industry, and by setting a pattern, provide the field of progress for companies.
Method: This research is applied in terms of purpose; considering the method of data collection, it is descriptive, and according to the type, it is a quantitative research. In this research, in order to measure the dynamic efficiency and to rank the companies listed on the Tehran Stock Exchange, a combination of Window Data Envelopment Analysis method and Malmquist index has been used. Therefore, by using 11 effective indices and by applying DEAP Software Version 2.1, the performance of 16 pharmaceutical companies has been investigated during the period of 2009-2014.
Results: The alterations of the total productivity in the pharmaceutical industry has decreased in the studied period, and the main reason of this reduction is the alterations of managerial, scale and technological efficiency.
Conclusion: The results of the research show that instead of temporary analysis, it is possible to present a more accurate evaluation of the performance of companies by using dynamic analysis of the performance with the combination of two methods of Window Data Envelopment Analysis and Malmquist index, and by considering the analysis of displacement of efficient frontier.
 

کلیدواژه‌ها [English]

  • Evaluation of Performance
  • Malmquist Index
  • Pharmaceutical Companies
  • Tehran Stock Exchange
  • Window Data Envelopment Analysis
 

 

1      Díaz-Chao, A.; Sainz-González, J.; and J. Torrent-Sellens (2015). “ICT, Innovation, and Firm Productivity: New Evidence from Small Local Firms”, Journal of Business Research, Vol. 68, No. 7, pp. 1439-1444.

2      Eslami Bidgoli, Gh.; Naghshe Tabrizi, B.; and S. H. Alavi (2014). “The Evaluation of Pharmaceutical Companies in the Tehran Stock Market Using DEA Technique”, Journal of Econometric Modeling, Vol. 3, No. 1, pp. 135-159. [In Persian]

3      Abbasi, A.; Ahmadi, H.; and A. Heydari (2013). “The Ranking of Pharmaceutical Companies Using an Integrative Multi-Standard Decision-Making and Genetic Algorithm Approach”, Journal of Health Accounting, Vol. 2, No. 1, pp. 57-77. [In Persian]

4      Khosh Raftar, A. (2013). “Ranking of the Companies Listed on the Tehran Stock Exchange Using ELECTRE III and TOPSIS Models Based on Financial Indicators”,M. A. Thesis in Financial Management, The Faculty of Financial Sciences, University of Economic Sciences. [In Persian]

5      Kazemi, Z.; Ahmad Kia Daliri, A.; Salehzade, R.; and M. Ramezanian (2012). “The Application of Data Envelopment Analysis for Operational Budgeting in Hospitals: A Case Study of the Selected Hospitals in 2008”, Journal of Health Accounting, Vol. 1, Nos. 2 and 3, pp. 58-71. [In Persian]

6      Basem, S. (2014). “Connectivity, Scale-dependence, and the Productivity-diversity Relationship”, Ecology Letters, Vol. 7, No. 1, pp. 676-683.

7      Ahn, Y. H. and H. Min (2014). “Evaluating the Multi-Period Operating Efficiency of International Airports Using Data Envelopment Analysis and the Malmquist Productivity Index”, Journal of Air Transport Management, Vol. 39, No. 1, pp. 12-22.

8      Harrison, S.; Safford, H. D.; and J. Wakabayashi (2004). “Does the Age of Exposure of Serpentine Explain Variation in Endemic Plant Diversity in California?”, International Geology Review, Vol. 46, No. 1, pp. 235-242.

9      Hollingsworth, B.; Dawson, P.; and N. Maniadakis (1999). “Efficiency Measurement of Health Care: A Review of Non-Parametric Methods and Applications”, Health Care Management Science, Vol. 2, No. 3, pp. 161-172.

10  Mehregan, M. (2004). The Quantitative Models for Evaluating the Performance of Organizations (Data Envelopment Analysis), 7th Edition, Tehran: Tehran University Publications. [In Persian]

11  Afkhami Ardekani, M.; Momeni, M.; and R. Farrahi (2011). “Investigating the Procedure of Efficiency of Iranian Commercial Banks Using the Integrative Window Analysis Approach and Malmquist Index”, Journals of Business Strategies (Daneshvare Raftar), Shahed University, Vol. 18, No. 2, pp. 179-206. [In Persian]

12  Vafaie, F. and A. Babaie (2010). “Designing the Group Fuzzy Multiple Criteria Decision-making Model for Ranking the Stocks on the Tehran Stock Exchange”, Journal of Industrial Management, Vol. 14, No. 1, pp. 89-102. [In Persian]

13  Hatami Shir Koohi, L.; Nazari Shir Koohi, A.; Samadi, H.; and M. Nemati (2012). “Presenting a New Approach to Ranking the Companies Listed on the Tehran Stock Exchange Using Fuzzy Data Envelopment Analysis”, Journal of Economics Research (Islamic-Iranian Approach), Vol. 12, No. 46, pp. 65-84. [In Persian]

14  Jahani, A.; Soofi, F.; Mennati, R.; and H. Rahimi Nezhad (2013). “Identifying the Ranking of the Companies Listed on the Tehran Stock Exchange Using Studied Variables and Analytical Hierarchy Process”, The National Conference of Accounting and Management, September 5th, Safashahr Kharazmi International Institute for Educational Research.  [In Persian]

15  Mohammadi, A. and H. Dastyar (2013). “Evaluating Efficiency of Pharmaceutical Companies and Their Ranking via Data Envelopment Window Analysis”, Journal of Health Accounting, Vol. 2, No. 3, pp. 23-39. [In Persian]

16  Webb, R. W. (2003). “Levels of Efficiency in UK Retail Bank: A DEA Window Analysis”, International Journal of the Economics of Business, Vol. 10, No. 1, pp. 305-322.

17  Samaras, G. D.; Matsatsinis, N. F.; and C. A. Zopounidis (2008). “Multicriteria DSS for Stock Evaluation Using Fundamental Analysis”, European Journal of Operational Research, Vol. 187, No. 3, pp. 1380-1401.

18  Lo, S. F. and W. M. Lu (2009). “An Integrated Performance Evaluation of Financial Holding Companies in Taiwan”, European Journal of Operational Research, Vol. 198, No. 1, pp. 341-350.

19  Fasanghari, M. and G. A. Montazer (2010). “Design and Implementation of Fuzzy Expert System for Tehran Stock Exchange Portfolio Recommendation”, Expert Systems with Applications, Vol. 37, No. 9, pp. 6138-6147.

20  GU, H. and J. Yue (2011). “The Relationship between Bank Efficiency and Stock Returns: Evidence from Chinese Listed Banks”, World Journal of Social Sciences, Vol. 1, No. 4, pp. 95-106.

21  Yalcin, N.; Ali, B.; and K. Cengiz (2012). “Application of Fuzzy Multi-Criteria Decision Making Methods for Financial Performance Evaluation of Turkish Manufacturing Industries”, Expert Systems with Applications, Vol. 39, No. 1, pp. 350-364.

22  Fortune Magazine (2016). “Annual Ranking of America's largest Corporations” Available at: http://mo ney.cnn.com/magazines/fortune/fortune500.  [Online] [7 Agust 2016]

23  Khajavi, Sh.; Ghayouri Moghadam, A.; and M. Ghaffari (2010). “Data Envelopment Ananlysis: A Complement for Traditional Analysis of Financial Ratios”, The Iranian Accounting and Auditing Review, Vol. 17, No. 1, pp. 40-56. [In Persian]

24  Dadashi, I.; Asghari, M.; Zarie, S.; and M. Jafari Baie (2013). “The Effect of Capital Structure and Financing on the Technical Efficiency of Pharmaceutical Companies Listed on the Tehran Stock Exchange, Journal of Health Accounting, Vol. 1, Nos. 2 and 3, pp. 1-19. [In Persian]

25  Mohammadi, A. (2007). “The Application of Mathematical Programming Technique for Analyzing the Financial Statements of Pharmaceutical Companies”, Journal of Accounting Advances, Vol. 26, No. 1, pp. 117-125. [In Persian]

26  Zare, S.; Monfared Maharloie, M.; and J. Jafari (2012). “The Introduction of Some Efficiency Proportions of Medical Sciences Universities and Health Care Centers of the Country”, Journal of Health Accounting, Vol. 1, Nos. 2 and 3, pp. 17-29. [In Persian]

27  Cooper, W. W.; Seiford, L. M.; and K. Tone (2007). Data Envelopment Analysis: A Comprehensive Text with Models, Applications, References and DEA-Solver Software, 3nd Editions, New York: Springer Publications.

28  Banker, R. D. (1996). “Hypothesis Tests Using Data Envelopment Analysis”, Journal of Productivity Analysis, Vol. 2, Nos. 2 and 3, pp.139-159.

29  Asmild, M.; Paradi, J. C.; Aggarwall, V.; and L. Schaffnit (2004) “Combining DEA Window Analysis with the Malmquist Index Approach in a Study of the Canadian Banking Industry”, Journal of Productivity Analysis, Vol. 21, No. 1, pp. 67-89.

30  Jesus, T.; Pastor, C. A.; and L. Knox (2005). “A Global Malmquist Productivity Index”, Economics Letters, Vol. 88, No. 2, pp. 266-271.