生物制药企业创新资金资本结构评价及其优化策略研究

发布时间：2018-03-17 23:08

本文选题：生物制药企业　切入点：创新资金　出处：《哈尔滨理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：创新是生物制药企业发展的关键,而生物制药企业创新能力的提高需要获取大量创新资金的支持,由于企业不同生命周期对创新资金的需求不同,所以获取创新资金的渠道和方式也不同。生物制药企业具有高投入、高风险、高收益的特点,而创新资金的构成及其比例关系构成了企业创新资金资本结构,这就要求对生物制药企业的创新资金资本结构进行优化,通过资本结构优化解决融资问题,对生物制药企业的治理和发展至关重要。本文根据生物制药企业的特点对不同生命周期创新资金的需求进行了分析,并分析了创新资金的融资现状和资本结构影响因素,由于不同融资方式的融资规模、融资成本和融资风险等存在差别,对企业的创新作用不同,所以本文构建融资方式和创新绩效关系识别的结构方程模型,为准确揭示创新资金融资方式与创新绩效的关系提供方法,有利于生物制药企业合理选择融资方式进而提高创新绩效。通过分析融资方式对创新绩效的影响关系以及融资方式之间的相互作用关系,运用分形评价法确定最优资本结构,提出针对性的资本结构优化策略,为生物制药企业合理确定创新资金资本结构提供依据。本文的研究有利于提高生物制药企业的创新能力和融资水平,对于优化企业创新资金资本结构,提高创新绩效,实现企业价值最大化,促进生物制药企业可持续发展具有重要意义。
[Abstract]:Innovation is the key to the development of biopharmaceutical enterprises, and the improvement of the innovation ability of biopharmaceutical enterprises needs the support of a large number of innovative funds. Therefore, the channels and ways of obtaining innovative funds are also different. Biopharmaceutical enterprises have the characteristics of high input, high risk and high income, and the composition and proportion of innovative funds constitute the capital structure of enterprise innovation funds. This requires the optimization of the innovative capital structure of biopharmaceutical enterprises and the solution of financing problems through the optimization of capital structure, which is of great importance to the governance and development of biopharmaceutical enterprises. According to the characteristics of biopharmaceutical enterprises, this paper analyzes the demand of innovative funds in different life cycles, and analyzes the current financing situation of innovative funds and the influencing factors of capital structure, because of the financing scale of different financing methods. There are differences between financing cost and financing risk, so this paper constructs a structural equation model to identify the relationship between financing mode and innovation performance. In order to accurately reveal the relationship between innovative capital financing and innovation performance, It is helpful for biopharmaceutical enterprises to choose the financing mode reasonably and then improve the innovative performance. By analyzing the influence of the financing mode on the innovation performance and the interaction between the financing methods, the fractal evaluation method is used to determine the optimal capital structure. In order to provide the basis for the biopharmaceutical enterprises to reasonably determine the capital structure of innovative funds, the paper puts forward the targeted capital structure optimization strategy. The research in this paper is conducive to improving the innovation ability and financing level of the biopharmaceutical enterprises. It is of great significance to optimize the capital structure of innovative funds, improve the performance of innovation, maximize the value of enterprises and promote the sustainable development of biopharmaceutical enterprises.
【学位授予单位】：哈尔滨理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F406.7;F426.72

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