부가가치지적계수(VAIC) 활용 제약산업의 누적맴퀴스트 지수(CMI) 분석

An Empirical Analysis on the Cumulative Malmquist Index Using Value Added Intellectual Coefficient in Pharmaceutical Companies

This study analyzed the efficiency of pharmaceutical companies. This paper used the intellectual capital as input variable and the total asset return, the ratio of book value to the market value as the output variables. This study used CCR and BCC bootstrapping method to reflect measurement errors of inputs and outputs. Specifically, the cumulative Malmquist index which estimates the productivity change of each year based on 2009 was used. Panel regression analysis was carried out to analyze the effects of productivity change. In the analysis of the productivity change, it was seen that the efficiency is doubled from 2009 to 2016, and the growth by the efforts of the pharmaceutical companies is larger than the growth by the technology change. In addition, the productivity increase of pharmaceutical companies that belonged to the IRS or CRS were higher than the DRS companies. When the productivity higher increase was showed in the non-group and the KOSDAQ, small sized companies. In particular, the effect of investment on human capital is significant in order to increase efficiency (EC) in the pharmaceutical industry.