The Relationship between Capital Structure and the Performan

发布时间：2021-06-30 23:01

　　医药制造业属于我国高技术行业,在国民经济中的地位很高。医药行业在新医改的推进中得到长足发展,但在快速发展的同时暴露出许多问题。作为一个资本和技术密集型的行业,医药行业的产品特性使得行业监管十分严格,并且医药行业具有高投入,高回报,高风险等特点。我国医药行业的研发投入强度较低,融资问题突出,并且医药行业上市公司的资本结构各不相同。公司资本结构的不同可能是融资方式的不同导致的,资本结构通过企业的成本进一步影响企业绩效。目前关于医药行业两者之间关系的研究比较少,得出的结论各不相同。因此研究该话题具有重要意义。本文首先梳理相关文献并阐述相关理论。通过分析相关理论,建立起二者之间的理论机制,并参照之前的研究建立理论模型。然后根据目前医药行业的发展,分类研究化学制药、中药和生物制药三大行业的具体情况。本文选取62家上市公司2013年一季度——2018年四季度的季度数据,对资本结构与企业绩效的关系进行实证分析。分析得出我国医药行业具有资产负债率总体偏低,短期流动负债比例较高的特征。再根据以往学者的研究成果及相关理论,提出研究假设并建立实证模型。通过建立面板门槛回归模型,我们得出化学制药行业存在门槛效... 

【文章来源】：青岛大学山东省

【文章页数】：72 页

【学位级别】：硕士

【文章目录】：
摘要
Abstract
Chapter 1 Introduction
    1.1 Research Background and Significance
        1.1.1 Research Background
        1.1.2 Research Significance
    1.2 Literature Review
        1.2.1 Foreign Literature Review
        1.2.2 Domestic Literature Review
        1.2.3 Literature Review on Capital Structure of Chinese Pharmaceutical Industry
        1.2.4 Influencing Factors of Capital Structure
        1.2.5 A Summary of the Literature Review
    1.3 Research Content and Framework
    1.4 Research Methods
    1.5 Possible Innovations and Deficiencies
Chapter 2 The Theoretical Basis of Capital Structure and Enterprise Performance
    2.1 Concept Definition
        2.1.1 Capital Structure
        2.1.2 Enterprise Performance
    2.2 Theoretical Basis
        2.2.1 Early Capital Structure Theory
        2.2.2 Modern Capital Structure Theory
        2.2.3 New Capital Structure Theory
    2.3 Analysis of Theoretical Mechanism
        2.3.1 Analysis of the Impact of Capital Structure on Enterprise Performance
        2.3.2 Optimal Capital Structure Model
Chapter 3 Analysis of the current situation of Chinese pharmaceutical manufacturing industry
    3.1 Development status and characteristics of pharmaceutical manufacturing industry
        3.1.1 Development status of pharmaceutical manufacturing industry
        3.1.2 Development characteristics of pharmaceutical manufacturing industry
    3.2 Analysis of the status quo of three listed pharmaceutical companies
        3.2.1 There are significant differences in enterprise size
        3.2.2 Capital structure
        3.2.3 Enterprise performance
Chapter 4 Research and Design on the Impact of Capital Structure on Enterprise Performance
    4.1 Research Hypothesis
    4.2 Sample Selection and Data Source
    4.3 Variable Selection and Definition
        4.3.1 Explained Variables
        4.3.2 Explanatory Variables
        4.3.3 Control Variables
    4.4 Descriptive Statistics
Chapter 5 Empirical Analysis
    5.1 Building panel threshold regression model(PTRM)
    5.2 Unit Root Test
    5.3 Basic Regression Results
    5.4 Robustness Test
Chapter 6 Conclusions and Policy Recommendations
References
Research during the course of a degree
Thanks



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