本文關鍵詞： 醫(yī)藥制造 融資結(jié)構(gòu) 公司績效　出處：《天津財經(jīng)大學》2014年碩士論文　論文類型：學位論文

【摘要】：醫(yī)藥制造行業(yè)是保障社會民生的重要產(chǎn)業(yè),也是國家產(chǎn)業(yè)政策重點扶持的領域。醫(yī)藥制造業(yè)具有高風險高投入的特點,融通資金的能力顯得尤其重要。不同的融資方式?jīng)Q定了不同的融資結(jié)構(gòu),進而影響公司的資本成本、獲利能力,也會對公司績效的提高產(chǎn)生深遠的影響。因此,文章以融資結(jié)構(gòu)和績效理論為基礎,選取醫(yī)藥制造上市公司為樣本,研究融資結(jié)構(gòu)對公司績效的影響并提出政策建議,對優(yōu)化上市公司的融資結(jié)構(gòu)、保障資本市場良性發(fā)展、提高資源配置效率均具有重要的現(xiàn)實意義。文章共分為五個章節(jié),通過規(guī)范和實證的研究方法探討了醫(yī)藥制造上市公司融資結(jié)構(gòu)與公司績效的關系。第一章節(jié)提出研究背景和研究意義。第二章節(jié)梳理了融資結(jié)構(gòu)和公司績效的理論,對國內(nèi)外文獻進行系統(tǒng)綜述。第三章是針對我國特殊國情,對醫(yī)藥制造行業(yè)進行現(xiàn)狀分析,并觀察醫(yī)藥制造行業(yè)融資結(jié)構(gòu)和績效呈現(xiàn)的特征。第四章是實證研究,選取2008-2012年滬深兩市的醫(yī)藥制造上市公司為樣本,通過因子分析法從盈利能力、營運能力、發(fā)展能力、償債能力四方面提取公司績效的綜合因子得分作為因變量,從整體融資結(jié)構(gòu)、融資期限結(jié)構(gòu)、融資來源三個視角建立模型,與綜合績效進行回歸分析。第五章提出適合我國國情的政策建議。根據(jù)實證研究,文章得出如下結(jié)論：(1)我國醫(yī)藥制造上市公司的資產(chǎn)負債率與公司綜合績效呈現(xiàn)的關系并非如最優(yōu)融資結(jié)構(gòu)所述呈現(xiàn)倒U型,而是正U型,即綜合績效隨資產(chǎn)負債率先下降后上升。而且從整體看,我國醫(yī)藥制造上市公司現(xiàn)階段還處于正U型的前半段。之所以出現(xiàn)與眾多研究不同的原因是,前人在實證研究中對績效的衡量大多是用盈利性的財務指標衡量,而文章對績效的評價包含了盈利和其他能力而提取的綜合性指標。(2)我國醫(yī)藥制造上市公司流動性負債占總資產(chǎn)的比例與公司績效呈反向關系,長期負債亦是,只不過沒有流動負債顯著。(3)內(nèi)源融資與綜合績效呈正相關,銀行貸款與綜合績效呈負相關,這也與銀行的“軟約束”不無關系。
[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.
【學位授予單位】：天津財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.72;F406.7

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