医药企业资产专用性与资本结构选择——来自沪深两市医药上市公司的经验证据  

Asset Specificity and Capital Structure Choice of Medical Enterprise:Empirical Evidence from Medical Listed Company in Shanghai and Shenzhen Stock Exchanges

作　　者：孟越[1] 安维东[1] 

机构地区：[1]沈阳理工大学经济管理学院,辽宁沈阳110159

出　　处：《首都经济贸易大学学报》2012年第2期83-88,共6页Journal of Capital University of Economics and Business

基　　金：国家自然基金项目<社会资本视角下上市公司终极股东控制与剥夺问题研究>(71072072);辽宁省社会科学基金计划项且<基于可持续发展理论的辽宁装备制造企业技术创新能力评价方法研究>

摘　　要：本文依据交易成本经济学理论,以沪深两市医药上市公司2006～2010年财务数据为研究样本,建立面板数据模型,分别运用了最小二乘法、固定效应模型和随机效应模型等方法探讨医药企业资产专用性与资本结构选择关系。实证结果表明医药上市公司资产专用性程度与资本结构呈负相关。As a representative of the High - Tech Industry, the medical industry has distinct characteristics of specific investment. Based on the transaction cost economics theory, This paper chooses medical listed companies＇ financial data during 2006 and 2010 in shanghai and shenzhen stock exchanges as a study sample, establish panel data model, analyze the relationship of medical enterprise asset specificity and capital structure choice by the least square method, fixed effects model and random effects model. The empirical results show that medicine listed company asset specificity was negatively correlated with capital structure.

关 键 词：资产专用性 资本结构 医药上市公司 面板数据 

分 类 号：F275[经济管理—企业管理]