基于层次分析法的我国医药上市公司融资偏好及影响因素研究

发布时间：2018-01-24 15:06

本文关键词： 医药上市公司融资影响因素层次分析法　出处：《中国药房》2015年22期 　论文类型：期刊论文

【摘要】：目的:研究我国医药上市公司的融资偏好及影响因素。方法:选取我国52家医药上市公司2008-2013年的融资数据为研究样本,从商业信用融资率、银行信用融资率、留存收益融资率、财政融资率和股权融资率等5个方面进行对比分析,并采用文献研究和层次分析法确定医药上市公司融资偏好的影响因素及权重。结果:2008-2013年,我国医药上市公司融资来源主要集中于股权融资(39.50%),其次是商业信用融资(15.94%)、留存收益融资(15.31%)、银行信用融资(11.38%)和财政融资(2.09%);在宏观层面上,该融资偏好主要受到公司主体的相关性、外部宏观环境和融资方式特点的影响,权重分别为0.472、0.342和0.186;在微观层面上,该融资偏好主要受到公司的盈利能力、信息的对称性和融资成本的影响,权重分别为0.215、0.345和0.267。结论:我国医药上市公司对股权融资具有极大的融资偏好,建议从提高自身信用等级、保持合理的负债水平、降低公司融资成本等方面进一步提高其融资效率。
[Abstract]:Objective: to study the financing preference and influencing factors of Chinese pharmaceutical listed companies. Methods: the financing data of 52 pharmaceutical listed companies in China from 2008 to 2013 were selected as the research samples and the commercial credit financing rate was analyzed. The bank credit financing rate, retained earnings financing rate, financial financing rate and equity financing rate are compared and analyzed. And use literature research and analytic hierarchy process to determine the influencing factors and weights of pharmaceutical listed companies' financing preference. Results: 2008-2013. The financing sources of Chinese pharmaceutical listed companies are mainly focused on equity financing, followed by commercial credit financing 15.94, retained earnings financing 15.31). Bank credit financing (11.38) and financial financing (2.09%); On the macro level, the financing preference is mainly affected by the correlation of the main body of the company, the external macro environment and the characteristics of the financing mode, the weights of which are 0.4720.342 and 0.1866 respectively. At the micro level, the financing preference is mainly affected by the profitability, information symmetry and financing cost, and the weight is 0.215. Conclusion: Chinese pharmaceutical listed companies have a great preference for equity financing. It is suggested to improve their credit rating and maintain a reasonable debt level. Reduce the company's financing costs and other aspects to further improve its financing efficiency.
【作者单位】：中国药科大学国际医药商学院;
【基金】：中国博士后科学基金第56批面上资助项目(No.2014M561569) 中央高校科研专项基金(No.ZJ13177) 江苏省教育厅高校哲学社会科学研究项目(No.2015SJD117)
【分类号】：F426.72;F832.4
【正文快照】： 医药产业是关系到国计民生的特殊产业,是国民经济的重要组成部分,也是国家政策重点关注的对象。近年来,我国医药产业飞速发展,成为永恒的“朝阳产业”。一方面,医药产业具有刚性需求的抗跌特点,使得其日益成为创业投资公司的投资对象;另一方面,医药产业作为高新技术产业,一直

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