本文選題：股權(quán)融資偏好　切入點：醫(yī)藥制造業(yè)上市公司　出處：《山東大學》2013年碩士論文　論文類型：學位論文

【摘要】：在分析國內(nèi)上市公司的融資結(jié)構(gòu)時,國內(nèi)學者們發(fā)現(xiàn)了非常有趣的現(xiàn)象：在面臨融資方式的選擇時,這些上市公司首先傾向于選擇股權(quán)融資,然后是債務(wù)融資,而內(nèi)源融資往往是最后的選擇；即使對于那些資產(chǎn)負債率接近于零的公司,發(fā)行股票籌資仍然是他們的首選；就現(xiàn)狀而言,國內(nèi)上市公司很少會主動放棄股權(quán)再融資的機會。國內(nèi)學者們將這一現(xiàn)象稱之為中國上市公司的股權(quán)融資偏好。 因為所處行業(yè)的特殊性,我國醫(yī)藥制造業(yè)上市公司往往表現(xiàn)出更為顯著的股權(quán)融資偏好。研究發(fā)現(xiàn),大量股權(quán)融資不僅沒有帶來我國醫(yī)藥制造業(yè)上市公司業(yè)績的持續(xù)增長以及資源配置效率的提高,反而造成了公司治理效率低下、中小投資者利益受損等一系列問題。因此,本文以我國醫(yī)藥制造業(yè)上市公司為研究樣本,深入探究其股權(quán)融資偏好形成的因素,試圖為其融資結(jié)構(gòu)的優(yōu)化及治理效率的改善提供相關(guān)的政策建議。 全文結(jié)構(gòu)安排如下：本文首先回顧了國內(nèi)外學者對上市公司融資問題的研究,然后通過整理歸納企業(yè)融資的相關(guān)理論和研究我國醫(yī)藥制造業(yè)上市公司財務(wù)報表數(shù)據(jù),深入分析了這些公司的融資結(jié)構(gòu)。針對我國特定國情下醫(yī)藥制造業(yè)上市公司股權(quán)融資偏好形成的原因,本文分別從理論和實證兩個層面進行了分析。理論層面的分析主要從制度性因素和非制度性因素兩個角度展開；在實證研究方面,本文選擇2011年醫(yī)藥制造業(yè)上市公司數(shù)據(jù)作為研究樣本,首先通過對影響其融資結(jié)構(gòu)的變量做因子分析,找出其相互獨立的主要因子,然后就這些因子對融資結(jié)構(gòu)進行回歸分析,以便提供這些變量影響我國醫(yī)藥制造業(yè)上市公司融資結(jié)構(gòu)的實證證據(jù)。通過以上分析,本文確定了影響我國醫(yī)藥制造業(yè)上市公司股權(quán)融資偏好程度的五個主要因素,根據(jù)其重要性可依次排序為：償債能力；營運能力；盈利能力；企業(yè)規(guī)模；股權(quán)結(jié)構(gòu)。上述五個因素對我國醫(yī)藥制造業(yè)上市公司股權(quán)融資偏好程度的影響均比較顯著。最后,文章總結(jié)了理論研究和實證分析的結(jié)論,并對我國醫(yī)藥制造業(yè)上市公司融資結(jié)構(gòu)的優(yōu)化提出了一系列的建議和措施。
[Abstract]:In the analysis of the financing structure of domestic listed companies, domestic scholars have found a very interesting phenomenon: in the face of the choice of the financing way, these listed companies tend to choose equity financing first, then debt financing and internal financing is often the last choice; that for those companies that asset liability ratio is close to zero still, equity financing is their first choice; the status quo, domestic listed companies rarely take the initiative to give up the chance of equity refinancing. Domestic scholars of this phenomenon is called Chinese equity financing preference of the listed companies.
Because of the special nature of the industry, pharmaceutical manufacturing listed companies tend to exhibit more significant preference for equity financing. The study found that the sustained growth of the large amount of equity financing has brought China's pharmaceutical manufacturing industry performance of listed companies and improve the efficiency of resource allocation, but the cause of the low efficiency of corporate governance, a series of problems the medium and small investors interests. Therefore, based on China's pharmaceutical industry listed companies as research samples, to explore the factors of the formation of equity financing preference, trying to optimize the governance efficiency and its financing structure to improve the relevant policy recommendations.
The main contents are as follows: This paper first reviews the research on the financing problems of listed companies at home and abroad, and by summarizing the related theories of enterprise financing and the research of Chinese medicine industry data of the financial statements of listed companies, analyzes the financing structure of those companies. The reason for the specific conditions of China's pharmaceutical industry listed companies the formation of equity financing preference, this paper analyzed two aspects of theoretical and empirical analysis. Two aspects theory mainly from institutional factors and non institutional factors; in the empirical research, this paper choose 2011 pharmaceutical manufacturing listed companies as the research sample data, first through the effect on the financing structure variable factor analysis, find out the main factors of the independent of each other, then these factors on the financing structure of the regression analysis, in order to provide this Some variables affect the empirical evidence of China's pharmaceutical industry financing structure of listed company. Through the above analysis, this paper identifies five main factors affecting China's pharmaceutical industry listed company's equity financing preference, according to their order of importance: solvency; operating capacity; profitability; enterprise scale; ownership structure. The above five factors impact on the equity financing preference of Listed Companies in China's pharmaceutical manufacturing industry are significant. Finally, this paper summarizes the theoretical research and empirical analysis, conclusions, and a series of recommendations and measures are proposed to optimize the financing structure of listed companies of China's pharmaceutical industry.

【學位授予單位】：山東大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F426.72

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