A Research on the Influencing Factors of Financial Performance of Chinese Pharmaceutical Manufacturing Industry

This paper selects the main business income as the threshold variable, and uses the panel threshold model to study the non-linear relationship between the financial performance of pharmaceutical manufacturing enterprises and its influencing factors. Based on the data of listed companies, the research results show that there is a significant threshold effect between financial performance and R & D level as well as growth ability. The influencing degree and direction of R & D level and growth ability on financial performance change with main business income, showing a nonlinear relationship. Besides, there is a significant positive relationship between current ratio, current assets turnover as well as the degree of ownership concentration and financial performance.