医药上市企业资产专用性与资本结构关系研究

发布时间：2018-07-12 15:13

本文选题：资产专用性 + 资本结构　；参考：《广东财经大学》2015年硕士论文

【摘要】：企业资本结构对企业价值具有深刻影响。不同行业的企业以及同一企业在不同阶段都有自身发展特点,企业要实现快速健康发展,需要制定不同的融资策略。传统理论对资本结构的研究都是基于资产同质性假设,认为资产是可以随时相互替代。但是随着科学技术的发展,企业通过不断地研发获取新技术、新产品以取得或维持其在市场上的优势竞争地位,企业内部资产不再满足传统理论中同质性假设。因此以交易成本经济学中的资产专用性为切入点对企业资本结构进行研究具有重要的理论意义和现实意义。文章通过对大量文献进行整理分析,发现学术界对资产专用性和资本结构关系有不同看法。国外多数学者认为两者之间是负相关关系,而国内学者认为两者间呈正相关和负相关的情况各占一半。本文选取了我国医药行业上市公司2011年-2013年间整理过后的财务数据作为样本,将专用性长期资产比例、销售费用率、研发费用率作为资产专用性指标,资产规模、盈利能力、资产增长率、财务费用率、流动比率、有形资产比率作为控制变量,对资产专用性和资本结构关系进行实证。计量分析结果发现,资产专用性与资本结构之间呈负相关关系,与交易成本经济学结论一致。此外,实证结果还具有我国企业的特点,即专用性长期资产比例并未与企业资产负债率呈明显负相关关系。最后,根据理论分析和实证分析结果,对我国医药企业和相关政府部门提出政策建议,包括引导企业进行专用性资产投资、政府进行金融市场化改革等,以促使我国医药行业实现稳定快速发展,提高行业竞争力。
[Abstract]:Enterprise capital structure has profound influence on enterprise value. Enterprises in different industries and the same enterprises have their own development characteristics in different stages. To achieve rapid and healthy development, enterprises need to formulate different financing strategies. The study of capital structure in traditional theory is based on the assumption of homogeneity of assets, which holds that assets can be replaced by each other at any time. However, with the development of science and technology, enterprises acquire new technologies and new products to obtain or maintain their competitive position in the market, and the internal assets of enterprises no longer meet the homogeneity hypothesis in traditional theory. Therefore, it is of great theoretical and practical significance to study the capital structure of enterprises from the perspective of asset specificity in transaction cost economics. Through the analysis of a large number of literatures, it is found that the academic circles have different views on the relationship between asset specificity and capital structure. Most foreign scholars believe that there is a negative correlation between the two, while domestic scholars believe that the positive correlation and negative correlation between the two accounts for each half. This paper selects the financial data collected from 2011 to 2013 of the listed companies in the pharmaceutical industry as samples, taking the ratio of special-purpose long-term assets, sales expense rate, R & D expense rate as asset specificity index, asset scale, profitability, etc. Asset growth rate, financial expense ratio, current ratio and tangible asset ratio are used as control variables to demonstrate the relationship between asset specificity and capital structure. The results of econometric analysis show that there is a negative correlation between asset specificity and capital structure, which is consistent with the conclusion of transaction cost economics. In addition, the empirical results also have the characteristics of Chinese enterprises, that is, the proportion of specific long-term assets is not negatively related to the ratio of assets to liabilities. Finally, according to the results of theoretical analysis and empirical analysis, the paper puts forward policy recommendations to Chinese pharmaceutical enterprises and related government departments, including guiding enterprises to invest in special assets, and the government to carry out financial market-oriented reform. In order to promote China's pharmaceutical industry to achieve stable and rapid development, improve the competitiveness of the industry.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F406.7;F426.72

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