医药制造上市公司融资结构与绩效的研究

发布时间：2018-02-11 13:31

本文关键词： 医药制造融资结构公司绩效　出处：《天津财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：医药制造行业是保障社会民生的重要产业,也是国家产业政策重点扶持的领域。医药制造业具有高风险高投入的特点,融通资金的能力显得尤其重要。不同的融资方式决定了不同的融资结构,进而影响公司的资本成本、获利能力,也会对公司绩效的提高产生深远的影响。因此,文章以融资结构和绩效理论为基础,选取医药制造上市公司为样本,研究融资结构对公司绩效的影响并提出政策建议,对优化上市公司的融资结构、保障资本市场良性发展、提高资源配置效率均具有重要的现实意义。文章共分为五个章节,通过规范和实证的研究方法探讨了医药制造上市公司融资结构与公司绩效的关系。第一章节提出研究背景和研究意义。第二章节梳理了融资结构和公司绩效的理论,对国内外文献进行系统综述。第三章是针对我国特殊国情,对医药制造行业进行现状分析,并观察医药制造行业融资结构和绩效呈现的特征。第四章是实证研究,选取2008-2012年沪深两市的医药制造上市公司为样本,通过因子分析法从盈利能力、营运能力、发展能力、偿债能力四方面提取公司绩效的综合因子得分作为因变量,从整体融资结构、融资期限结构、融资来源三个视角建立模型,与综合绩效进行回归分析。第五章提出适合我国国情的政策建议。根据实证研究,文章得出如下结论：(1)我国医药制造上市公司的资产负债率与公司综合绩效呈现的关系并非如最优融资结构所述呈现倒U型,而是正U型,即综合绩效随资产负债率先下降后上升。而且从整体看,我国医药制造上市公司现阶段还处于正U型的前半段。之所以出现与众多研究不同的原因是,前人在实证研究中对绩效的衡量大多是用盈利性的财务指标衡量,而文章对绩效的评价包含了盈利和其他能力而提取的综合性指标。(2)我国医药制造上市公司流动性负债占总资产的比例与公司绩效呈反向关系,长期负债亦是,只不过没有流动负债显著。(3)内源融资与综合绩效呈正相关,银行贷款与综合绩效呈负相关,这也与银行的“软约束”不无关系。
[Abstract]:The pharmaceutical manufacturing industry is an important industry to safeguard the people's livelihood and is also a key area supported by the national industrial policy. The pharmaceutical manufacturing industry is characterized by high risk and high input. The ability to finance funds is particularly important. Different financing methods determine different financing structures, which in turn affect the cost of capital and profitability of the company, and also have a profound impact on the improvement of corporate performance. Based on the theory of financing structure and performance, this paper selects pharmaceutical manufacturing listed companies as samples, studies the influence of financing structure on corporate performance and puts forward some policy suggestions to optimize the financing structure of listed companies and ensure the benign development of capital market. It is of great practical significance to improve the efficiency of resource allocation. This paper discusses the relationship between the financing structure and corporate performance of listed pharmaceutical manufacturing companies through normative and empirical research methods. The first chapter puts forward the research background and research significance. The second chapter combs the theory of financing structure and corporate performance. The third chapter is to analyze the current situation of the pharmaceutical manufacturing industry, and to observe the characteristics of the financing structure and performance of the pharmaceutical manufacturing industry. Chapter 4th is an empirical study. The pharmaceutical manufacturing listed companies in Shanghai and Shenzhen stock markets from 2008 to 2012 were selected as samples, and the comprehensive factor scores of corporate performance were extracted from four aspects of profitability, operation ability, development ability and solvency by factor analysis. From three angles of view, the overall financing structure, the financing term structure and the financing source, the model is established, and the regression analysis is carried out with the comprehensive performance. Chapter 5th puts forward the policy recommendations suitable for the situation of our country. This paper draws the following conclusion: (1) the relationship between the ratio of assets and liabilities and the comprehensive performance of the pharmaceutical manufacturing listed companies in China is not the inverted U type, but the positive U type, as stated in the optimal financing structure. That is, the comprehensive performance decreases first and then rises with the asset-liability ratio. Moreover, from the overall point of view, the listed pharmaceutical manufacturing companies in our country are still in the first half of the positive U-type at the present stage. In the empirical research, most of the performance measures are measured by profit-making financial indicators. The evaluation of performance includes a comprehensive index of profitability and other capabilities. (2) the ratio of liquid liabilities to total assets of listed pharmaceutical manufacturing companies in China is inversely related to corporate performance, and the long-term liabilities are also. However, there is no significant current liability. (3) Endogenous financing is positively correlated with comprehensive performance, and bank loan is negatively correlated with comprehensive performance, which is also related to the "soft constraint" of banks.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.72;F406.7

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