我国医药上市公司资本结构与经营绩效关系的实证研究  

Empirical Research on the Relationship between Capital Structure and Performance of Pharmaceutical Listed Companies in China

作　　者：张一南[1] 

机构地区：[1]浙江财经学院工商管理学院,浙江杭州310018

出　　处：《商业经济》2010年第22期76-79,共4页Business & Economy

摘　　要：以在深圳和上海两交易所上市的62家医药制造上市公司为样本,将2005—2007年作为考察期,以资产负债率作为资本结构衡量指标,以净资产收益率为公司经营绩效衡量指标,分析资本结构与经营绩效之间的关系。研究表明,我国医药制造上市公司的资本结构保持着较低的负债水平,资本结构对经营绩效有着显著为负的影响。为进一步优化我国医药制造上市公司资本结构,应有条件地放松上市公司股权融资限制;优化市场,推进上市公司重组;加强医药制造行业自身建设。Taking 62 pharmaceutical manufacturing companies listed in Shenzhen and Shanghai stock exchanges as samples from 2005 to2007,this paper analyzes the relationship between capital structure and business performance,measuring the former by asset-liability ratio and the latter by return on equity.The research shows that the capital structure of listed pharmaceutical manufacturing companies lies in lower liability ratio and has a significant negative effect on business performance.Hence,we should optimize their capital struc-ture through releasing limitation on equity financing of listed companies conditionally,optimizing market to reorganizing listed compa-nies,and enhancing self-construction.

关 键 词：医药制造 上市公司 资本结构 经营绩效 

分 类 号：F270.3[经济管理—企业管理]