我国制药行业上市公司资本结构的实证分析  

An Empirical Investigation of Capital structure of Listed Companies in Chinese Pharmaceutical Industry

作　　者：邓晓岚[1] 王宗军[1] 骆杰伟[2] 夏天[1] 

机构地区：[1]华中科技大学管理学院,湖北武汉430074 [2]福建省立医院,福建福州350001

出　　处：《财贸研究》2005年第2期97-103,共7页Finance and Trade Research

基　　金：国家自然科学基金资助项目(项目号: 70272033)

摘　　要：2001年以来,医疗制度改革、GMP达标、加入WTO及OTC市场竞争的加剧等,使我国制药企业的产业环境发生了巨大变化,进而对制药企业的融资策略及资本结构决策行为也构成影响。在此背景下,本文以2002年深沪两市制药行业上市公司为样本,对影响我国制药行业上市公司资本结构的主要因素进行了实证分析,结果表明:增长期权对债务筹集能力显著正相关;销售费用融资主要来源于长期资本;规模对公司债务筹资能力具有正效应;公司的资产担保价值与长期负债比率正相关;产生内部资源的能力与短期债务间存在相互替代性;成长性、经营风险、非债务税盾和投资对资本结构的影响不大。Since 2001, the reformation of medical care system in China, the realization of GMP, the entrance into WTO and the more intense competition in OTC market have had a great influence on industrial environment of the pharmaceutical industry. And the influence would surely spread to the financial actions and capital structure decisions of Chinese pharmaceutical firms. This paper investigates empirically how some main factors determine the capital structure of pharmaceutical firms publicly listed in Chinese exchanges. The empirical results reveal that growth options are intensively positive related to debt raising capacity. The finance of sale expenditures mainly depends on longterm capitals. Firms with larger size are more capable of debt financing. Collateral value is positively correlative with longterm debt raise and the capacity to generate resoures can be a substitute for shortterm debt. Growth rate, nontax shields, business risk and investment, however, do not have any great impact on capital structures.

关 键 词：公司资本结构 制药行业 实证分析 医疗制度改革 资产担保价值 制药企业 2001年 加入WTO 2002年 市场竞争 产业环境 决策行为 融资策略 上市公司 增长期权 长期资本 销售费用 筹资能力 公司债务 负债比率 短期债务 内部资源 

分 类 号：F830.9[经济管理—金融学] F426.7