我国医药上市公司资本结构影响因素研究.rar
我国医药上市公司资本结构影响因素研究,87页摘要资本结构的选择是企业财务决策中的核心问题，自20世纪50年代modigliani和miller提出著名的mm理论以来，对这一问题的研究已持续了近60年，并取得了一系列的研究成果。在众多有关资本结构的研究中不少研究表明不同行业的资本结构有着显著的差异。然而对于具体某一行业资本结构的形成及其影响因素的分析，目前理...
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内容介绍
原文档由会员 白痴学东西 发布
87页
摘要
资本结构的选择是企业财务决策中的核心问题，自20世纪50年代
Modigliani和Miller提出著名的MM理论以来，对这一问题的研究已持续了近
60年，并取得了一系列的研究成果。在众多有关资本结构的研究中不少研究表
明不同行业的资本结构有着显著的差异。然而对于具体某一行业资本结构的形成
及其影响因素的分析，目前理论界却缺乏研究。正处于高速发展阶段的我国医药
行业与其他行业相比有着显著的行业特点，鉴于此，本文选取医药行业的上市公
司作为研究对象，对我国医药上市公司资本结构的影响因素进行较为深入的研
究。
本文对我国医药上市公司资本结构存在低负债、负债结构不合理的问题作了
系统的分析，概述了资本结构理论的演化过程，对国内外相关研究成果作了回顾，
从中归纳出一些影响我国医药上市公司资本结构的因素。在此基础上，本文从公
司特征和公司经营绩效两个微观层面来研究本文的主题，并以此构建关于“公司
特征、公司经营绩效—资本结构”三大研究要素的理论分析框架。从公司规模、
盈利性、成长性、资产有形性、营运能力、流动性、税收效应、产品独特性等方
面选取17个指标作为解释变量，分析影响我国医药上市公司资本结构的主要因
素。最后运用因子分析和多元线性回归分析结合的方法，对影响我国医药上市公
司资本结构的因素进行了实证分析。
经过实证分析，本文将17个解释变量归纳为5个综合因子。实证发现，对
我国医药上市公司资本结构影响程度最高的是盈利性因子，其他依次为:成长性
及营运能力因子，应收账款周转率及非债务税盾因子，企业规模因子，资产有形
性、流动性及产品独特性因子，上述5个综合因子与资本结构的相关性依次为负
相关、正相关、负相关、正相关、正相关。
结合实证研究结果，本文从公司层面和政策层面两个方面，提出了我国医药
上市公司资本结构优化的对策和政策性建议，最后对本文的不足和需要进一步做
的研究做了介绍。
关键词:医药上市公司;资本结构;公司特征;公司经营绩效
1绪论················································································
1.1研究背景····································································
1.1.1现实背景····························································
1.1.2理论背景····························································
1.2研究目标及意义····································……’“”.””，=’””
1.3研究内容、框架与方法······························，··，············
1.4相关概念和范围的界定，·············································
1.4.1医药行业界定···············································……“
1.4.2资本结构界定···········································……’‘’‘”
1.4.3研究范围界定·····························，··············……’二’
2文献综述··········································································
2.1资本结构理论简述······················································
2.2行业因素对企业资本结构影响的理论研究回顾··········
2.3行业因素对企业资本结构影响的实证研究回顾··········
2.4有关我国生物医药行业资本结构研究的成果··············
2.5简要评述···························，·········，·················……，’’····
3理论框架及假设······················································……””
3.1理论分析框架············，·················································
3.2公司特征对资本结构的影响及假设·····························
3.3公司经营绩效对资本结构的影响及假设···················，··
3.4股权结构对资本结构的影响·······································
4研究设计·········································································
4.1研究变量度量·····························································
4.1.1资本结构度量······················································
4.1.2公司特征度量······················································
4.1.3公司经营绩效度量···············································
4.1.4虚拟时间变量度量············································..
摘要
资本结构的选择是企业财务决策中的核心问题，自20世纪50年代
Modigliani和Miller提出著名的MM理论以来，对这一问题的研究已持续了近
60年，并取得了一系列的研究成果。在众多有关资本结构的研究中不少研究表
明不同行业的资本结构有着显著的差异。然而对于具体某一行业资本结构的形成
及其影响因素的分析，目前理论界却缺乏研究。正处于高速发展阶段的我国医药
行业与其他行业相比有着显著的行业特点，鉴于此，本文选取医药行业的上市公
司作为研究对象，对我国医药上市公司资本结构的影响因素进行较为深入的研
究。
本文对我国医药上市公司资本结构存在低负债、负债结构不合理的问题作了
系统的分析，概述了资本结构理论的演化过程，对国内外相关研究成果作了回顾，
从中归纳出一些影响我国医药上市公司资本结构的因素。在此基础上，本文从公
司特征和公司经营绩效两个微观层面来研究本文的主题，并以此构建关于“公司
特征、公司经营绩效—资本结构”三大研究要素的理论分析框架。从公司规模、
盈利性、成长性、资产有形性、营运能力、流动性、税收效应、产品独特性等方
面选取17个指标作为解释变量，分析影响我国医药上市公司资本结构的主要因
素。最后运用因子分析和多元线性回归分析结合的方法，对影响我国医药上市公
司资本结构的因素进行了实证分析。
经过实证分析，本文将17个解释变量归纳为5个综合因子。实证发现，对
我国医药上市公司资本结构影响程度最高的是盈利性因子，其他依次为:成长性
及营运能力因子，应收账款周转率及非债务税盾因子，企业规模因子，资产有形
性、流动性及产品独特性因子，上述5个综合因子与资本结构的相关性依次为负
相关、正相关、负相关、正相关、正相关。
结合实证研究结果，本文从公司层面和政策层面两个方面，提出了我国医药
上市公司资本结构优化的对策和政策性建议，最后对本文的不足和需要进一步做
的研究做了介绍。
关键词:医药上市公司;资本结构;公司特征;公司经营绩效
1绪论················································································
1.1研究背景····································································
1.1.1现实背景····························································
1.1.2理论背景····························································
1.2研究目标及意义····································……’“”.””，=’””
1.3研究内容、框架与方法······························，··，············
1.4相关概念和范围的界定，·············································
1.4.1医药行业界定···············································……“
1.4.2资本结构界定···········································……’‘’‘”
1.4.3研究范围界定·····························，··············……’二’
2文献综述··········································································
2.1资本结构理论简述······················································
2.2行业因素对企业资本结构影响的理论研究回顾··········
2.3行业因素对企业资本结构影响的实证研究回顾··········
2.4有关我国生物医药行业资本结构研究的成果··············
2.5简要评述···························，·········，·················……，’’····
3理论框架及假设······················································……””
3.1理论分析框架············，·················································
3.2公司特征对资本结构的影响及假设·····························
3.3公司经营绩效对资本结构的影响及假设···················，··
3.4股权结构对资本结构的影响·······································
4研究设计·········································································
4.1研究变量度量·····························································
4.1.1资本结构度量······················································
4.1.2公司特征度量······················································
4.1.3公司经营绩效度量···············································
4.1.4虚拟时间变量度量············································..
