医药上市企业资本结构、股权结构对经营绩效影响研究  

Research of Capital Structure and Ownership Structure of Pharmaceutical listed Company to Performance Effects

作　　者：聂丽[1] 吴焕[1] 

机构地区：[1]新乡医学院管理学院,河南新乡453003

出　　处：《技术与创新管理》2016年第5期558-561,共4页Technology and Innovation Management

基　　金：新乡医学院科研培育基金(2013QN202)

摘　　要：对沪深股市36家医药上市公司2013—2014年资本结构、股权结构与经营绩效之间关系进行研究,提出调整资本结构以提高经营绩效的建议,对合理配置资源,提高医药企业价值具有重要意义。采用SPSS软件,在对变量进行描述性统计的基础上,进行相关分析和多元线性回归。描述性统计得出:流动比率较高,医药企业短期偿债能力整体较强;资产负债率较高。相关分析得出:流动比率、公司前10大股东持股比率、公司规模与公司经营绩效正相关;多元线性回归得出:流动比率越高,公司经营绩效越好;资产负债越低,公司经营绩效越好。提出调整债权与股权比例,适当降低负债;提高股权集中度,降低代理成本;提高资金利用效率,扩大医药企业规模。Objective ：Taking 36 pharmaceutical manufacturing companies listed in Shenzhen and Shanghai stock exchanges as samples from 2013 to 2014 ,this paper analyzes correlation between capital structure and business performance, and pro- vides some suggestions to improve the performance. It is of great significance to allocate resources and improve the value of pharmaceutical companies. Methods：Based on the descriptive statistics of variables,the correlation analysis and multiple linear regression were used through SPSS software. The results ：It can be obtained from descriptive statistics that current ratio is high, short-term solvency of pharmaceutical companies is strong and assets Liabilities ratio is high. It can be obtained from correlation analysis that Liquidity ratio, the shareholding ratio of the ten major shareholders in the company, and the size of the company are positively related to performance of Pharmaceutical. Results of Multiple linear regressions are that：The higher the current ratio, the better operating performance;the lower the balance, the better corporate performance. Conclusion：the article puts forward to adjust the proportion of debt and equity, appropriate to reduce the debt;improve the ownership concentration degree and reduces agency cost;raise capital to use efficiency, enlarge the scale that pharmaceutical enterprises.

关 键 词：资本结构 股权结构 经营绩效 医药上市企业 

分 类 号：R197[医药卫生—卫生事业管理]