生物制药上市公司杠杆效应的实证研究
发布时间：2018-11-15 08:09
【摘要】：作为七大战略性新兴产业之一，生物制药产业的国民经济支柱性产业地位和国际战略性新兴产业地位日益凸显。近年来一批生物制药上市公司利用资本市场的有力支持，迅速崛起，不仅形成了备受瞩目的生物制药板块，而且有力推动了中国生物制药产业的发展，未来生物制药上市公司具有更加广阔的发展前景。也使得该产业成为最活跃、进展最快的领域，被公认为21世纪最有前途的产业之一。我国生物医药行业的研究和开发起步较晚，很多制度都不完善，尤其在资金治理结构方面，存在着很大的隐患，造成市场风险大。倘若这些公司能对其所处行业的特征有充分的研究，能对经营风险予以加强，能对财务困境征兆予以足够的重视并采取预警机制来加以控制，势必将大大减少其陷入财务困境的可能性。因此,如何有效地运用杠杆效应,并且如何规避财务风险和经营风险,获得杠杆效益,从而实现企业价值最大化是本论文的主要研究目标。 本文总体上分为五个部分，第一部分为绪论，概括介绍了本文的选题背景和意义，，以及关于杠杆效应理论的国内外文献综述，并简述了本文的主要内容、研究方法和创新点等问题。第二部分杠杆效应理论概述，就其产生根源和计量方法进行分析。第三部分影响杠杆效应因素分析，分别对影响经营杠杆、财务杠杆和总杠杆的因素进行一一阐述。第四部分是本文的实证部分，选取生物制药上市公司2009、2010、2011三年财务数据作为样本，在分析杠杆均衡原理和财务定理的基础上，筛选出利用杠杆均衡原理进行风险管理的企业，对筛选的样本进行配对，选取入选及其配对公司的财务指标为本实证的样本数据。建立评价利用杠杆均衡原理进行风险控制的财务评价模型，定量的判定上市公司是否杠杆均衡原理进行风险控制。第五部分对前文的分析做出概括总结，主要是根据第五章的研究结果的小结；点明文章的局限性。
[Abstract]:As one of the seven strategic emerging industries, biopharmaceutical industry plays an important role in national economy and international strategic emerging industries. In recent years, a number of listed biopharmaceutical companies have taken advantage of the strong support of the capital market and have risen rapidly. Not only has the biopharmaceutical sector received much attention, but it has also been able to promote the development of the Chinese biopharmaceutical industry. Biopharmaceutical listed companies in the future have a broader development prospects. It also makes the industry one of the most active and developing fields, and is recognized as one of the most promising industries in the 21st century. The research and development of biopharmaceutical industry in our country started late, and many systems are not perfect, especially in the aspect of fund management structure, there are great hidden dangers, resulting in great market risks. If these companies can fully study the characteristics of their industries, they can strengthen the operational risks, pay sufficient attention to the signs of financial distress and adopt early warning mechanisms to control them. It is bound to greatly reduce its likelihood of financial distress. Therefore, how to use leverage effect effectively, how to avoid financial risk and management risk, how to obtain leverage benefit, and how to realize the maximization of enterprise value is the main research goal of this paper. This paper is divided into five parts as a whole. The first part is the introduction, which introduces the background and significance of the topic, and the domestic and foreign literature review on the leverage effect theory, and briefly describes the main content of this paper. Research methods and innovation points and so on. The second part summarizes the theory of leverage effect and analyzes its origin and measurement method. The third part analyzes the influencing factors of leverage, including the factors of management leverage, financial leverage and total leverage. The fourth part is the empirical part of this paper, which selects the financial data of biopharmaceutical listed companies in 2009 / 2010 / 2011 as a sample. On the basis of analyzing the principle of leverage equilibrium and financial theorem, the enterprises that use the principle of leverage equilibrium to carry out risk management are selected. The selected samples are matched and the financial indexes of the selected and matched companies are selected as the sample data of this empirical study. The financial evaluation model of risk control based on leverage equilibrium principle is established to quantitatively determine whether the listed company has leverage equilibrium principle to carry out risk control. The fifth part makes a summary of the previous analysis, mainly according to the conclusion of the fifth chapter, and points out the limitations of the article.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.72
本文编号：2332697
[Abstract]:As one of the seven strategic emerging industries, biopharmaceutical industry plays an important role in national economy and international strategic emerging industries. In recent years, a number of listed biopharmaceutical companies have taken advantage of the strong support of the capital market and have risen rapidly. Not only has the biopharmaceutical sector received much attention, but it has also been able to promote the development of the Chinese biopharmaceutical industry. Biopharmaceutical listed companies in the future have a broader development prospects. It also makes the industry one of the most active and developing fields, and is recognized as one of the most promising industries in the 21st century. The research and development of biopharmaceutical industry in our country started late, and many systems are not perfect, especially in the aspect of fund management structure, there are great hidden dangers, resulting in great market risks. If these companies can fully study the characteristics of their industries, they can strengthen the operational risks, pay sufficient attention to the signs of financial distress and adopt early warning mechanisms to control them. It is bound to greatly reduce its likelihood of financial distress. Therefore, how to use leverage effect effectively, how to avoid financial risk and management risk, how to obtain leverage benefit, and how to realize the maximization of enterprise value is the main research goal of this paper. This paper is divided into five parts as a whole. The first part is the introduction, which introduces the background and significance of the topic, and the domestic and foreign literature review on the leverage effect theory, and briefly describes the main content of this paper. Research methods and innovation points and so on. The second part summarizes the theory of leverage effect and analyzes its origin and measurement method. The third part analyzes the influencing factors of leverage, including the factors of management leverage, financial leverage and total leverage. The fourth part is the empirical part of this paper, which selects the financial data of biopharmaceutical listed companies in 2009 / 2010 / 2011 as a sample. On the basis of analyzing the principle of leverage equilibrium and financial theorem, the enterprises that use the principle of leverage equilibrium to carry out risk management are selected. The selected samples are matched and the financial indexes of the selected and matched companies are selected as the sample data of this empirical study. The financial evaluation model of risk control based on leverage equilibrium principle is established to quantitatively determine whether the listed company has leverage equilibrium principle to carry out risk control. The fifth part makes a summary of the previous analysis, mainly according to the conclusion of the fifth chapter, and points out the limitations of the article.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.72
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