Title

A Comparison of the Financial Characteristics of Pharmaceutical Firms in the United States and the People's Republic of China

Document Type

Conference Proceeding

Publication/Presentation Date

2006

Academic Year

2006-2007

Publisher

University of Padua

Abstract/Description

This research is exploratory, and compares the financial characteristics of pharmaceutical firms from the People's Republic of China (PRC) with the financial characteristics of pharmaceutical firms from the United States. The research examines some of the structural differences between the financial systems of the PRC and the United States and then looks at some trends within their respective pharmaceutical industries. Five groups of ratios are calculated for a sample of PRC pharmaceutical firms: liquidity, activity, performance, profitability, and leverage. Data for the PRC firms have been obtained from the China Stock Market & Accounting Research (CSMAR) Financial Statement Database produced by the China Accounting and Finance Research Centre at the Hong Kong Polytechnic University and the Shenzhen GTA Information Technology Company Limited. Similar ratios are calculated for a sample of U.S. pharmaceutical firms using the Compustat© database. The ratios are then compared, differences are noted, and some trends over time are examined.

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