我国医药制造业上市公司股权融资偏好研究

发布时间：2018-03-08 22:23

本文选题：股权融资偏好　切入点：医药制造业上市公司　出处：《山东大学》2013年硕士论文　论文类型：学位论文

【摘要】：在分析国内上市公司的融资结构时,国内学者们发现了非常有趣的现象：在面临融资方式的选择时,这些上市公司首先倾向于选择股权融资,然后是债务融资,而内源融资往往是最后的选择；即使对于那些资产负债率接近于零的公司,发行股票筹资仍然是他们的首选；就现状而言,国内上市公司很少会主动放弃股权再融资的机会。国内学者们将这一现象称之为中国上市公司的股权融资偏好。因为所处行业的特殊性,我国医药制造业上市公司往往表现出更为显著的股权融资偏好。研究发现,大量股权融资不仅没有带来我国医药制造业上市公司业绩的持续增长以及资源配置效率的提高,反而造成了公司治理效率低下、中小投资者利益受损等一系列问题。因此,本文以我国医药制造业上市公司为研究样本,深入探究其股权融资偏好形成的因素,试图为其融资结构的优化及治理效率的改善提供相关的政策建议。全文结构安排如下：本文首先回顾了国内外学者对上市公司融资问题的研究,然后通过整理归纳企业融资的相关理论和研究我国医药制造业上市公司财务报表数据,深入分析了这些公司的融资结构。针对我国特定国情下医药制造业上市公司股权融资偏好形成的原因,本文分别从理论和实证两个层面进行了分析。理论层面的分析主要从制度性因素和非制度性因素两个角度展开；在实证研究方面,本文选择2011年医药制造业上市公司数据作为研究样本,首先通过对影响其融资结构的变量做因子分析,找出其相互独立的主要因子,然后就这些因子对融资结构进行回归分析,以便提供这些变量影响我国医药制造业上市公司融资结构的实证证据。通过以上分析,本文确定了影响我国医药制造业上市公司股权融资偏好程度的五个主要因素,根据其重要性可依次排序为：偿债能力；营运能力；盈利能力；企业规模；股权结构。上述五个因素对我国医药制造业上市公司股权融资偏好程度的影响均比较显著。最后,文章总结了理论研究和实证分析的结论,并对我国医药制造业上市公司融资结构的优化提出了一系列的建议和措施。
[Abstract]:In the analysis of the financing structure of domestic listed companies, domestic scholars have found a very interesting phenomenon: in the face of the choice of the financing way, these listed companies tend to choose equity financing first, then debt financing and internal financing is often the last choice; that for those companies that asset liability ratio is close to zero still, equity financing is their first choice; the status quo, domestic listed companies rarely take the initiative to give up the chance of equity refinancing. Domestic scholars of this phenomenon is called Chinese equity financing preference of the listed companies.
Because of the special nature of the industry, pharmaceutical manufacturing listed companies tend to exhibit more significant preference for equity financing. The study found that the sustained growth of the large amount of equity financing has brought China's pharmaceutical manufacturing industry performance of listed companies and improve the efficiency of resource allocation, but the cause of the low efficiency of corporate governance, a series of problems the medium and small investors interests. Therefore, based on China's pharmaceutical industry listed companies as research samples, to explore the factors of the formation of equity financing preference, trying to optimize the governance efficiency and its financing structure to improve the relevant policy recommendations.
The main contents are as follows: This paper first reviews the research on the financing problems of listed companies at home and abroad, and by summarizing the related theories of enterprise financing and the research of Chinese medicine industry data of the financial statements of listed companies, analyzes the financing structure of those companies. The reason for the specific conditions of China's pharmaceutical industry listed companies the formation of equity financing preference, this paper analyzed two aspects of theoretical and empirical analysis. Two aspects theory mainly from institutional factors and non institutional factors; in the empirical research, this paper choose 2011 pharmaceutical manufacturing listed companies as the research sample data, first through the effect on the financing structure variable factor analysis, find out the main factors of the independent of each other, then these factors on the financing structure of the regression analysis, in order to provide this Some variables affect the empirical evidence of China's pharmaceutical industry financing structure of listed company. Through the above analysis, this paper identifies five main factors affecting China's pharmaceutical industry listed company's equity financing preference, according to their order of importance: solvency; operating capacity; profitability; enterprise scale; ownership structure. The above five factors impact on the equity financing preference of Listed Companies in China's pharmaceutical manufacturing industry are significant. Finally, this paper summarizes the theoretical research and empirical analysis, conclusions, and a series of recommendations and measures are proposed to optimize the financing structure of listed companies of China's pharmaceutical industry.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.72

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