87頁(yè)
摘要
資本結(jié)構(gòu)的選擇是企業(yè)財(cái)務(wù)決策中的核心問(wèn)題，自20世紀(jì)50年代
Modigliani和Miller提出著名的MM理論以來(lái)，對(duì)這一問(wèn)題的研究已持續(xù)了近
60年，并取得了一系列的研究成果。在眾多有關(guān)資本結(jié)構(gòu)的研究中不少研究表
明不同行業(yè)的資本結(jié)構(gòu)有著顯著的差異。然而對(duì)于具體某一行業(yè)資本結(jié)構(gòu)的形成
及其影響因素的分析，目前理論界卻缺乏研究。正處于高速發(fā)展階段的我國(guó)醫(yī)藥
行業(yè)與其他行業(yè)相比有著顯著的行業(yè)特點(diǎn)，鑒于此，本文選取醫(yī)藥行業(yè)的上市公
司作為研究對(duì)象，對(duì)我國(guó)醫(yī)藥上市公司資本結(jié)構(gòu)的影響因素進(jìn)行較為深入的研
究。
本文對(duì)我國(guó)醫(yī)藥上市公司資本結(jié)構(gòu)存在低負(fù)債、負(fù)債結(jié)構(gòu)不合理的問(wèn)題作了
系統(tǒng)的分析，概述了資本結(jié)構(gòu)理論的演化過(guò)程，對(duì)國(guó)內(nèi)外相關(guān)研究成果作了回顧，
從中歸納出一些影響我國(guó)醫(yī)藥上市公司資本結(jié)構(gòu)的因素。在此基礎(chǔ)上，本文從公
司特征和公司經(jīng)營(yíng)績(jī)效兩個(gè)微觀層面來(lái)研究本文的主題，并以此構(gòu)建關(guān)于“公司
特征、公司經(jīng)營(yíng)績(jī)效—資本結(jié)構(gòu)”三大研究要素的理論分析框架。從公司規(guī)模、
盈利性、成長(zhǎng)性、資產(chǎn)有形性、營(yíng)運(yùn)能力、流動(dòng)性、稅收效應(yīng)、產(chǎn)品獨(dú)特性等方
面選取17個(gè)指標(biāo)作為解釋變量，分析影響我國(guó)醫(yī)藥上市公司資本結(jié)構(gòu)的主要因
素。最后運(yùn)用因子分析和多元線性回歸分析結(jié)合的方法，對(duì)影響我國(guó)醫(yī)藥上市公
司資本結(jié)構(gòu)的因素進(jìn)行了實(shí)證分析。
經(jīng)過(guò)實(shí)證分析，本文將17個(gè)解釋變量歸納為5個(gè)綜合因子。實(shí)證發(fā)現(xiàn)，對(duì)
我國(guó)醫(yī)藥上市公司資本結(jié)構(gòu)影響程度最高的是盈利性因子，其他依次為:成長(zhǎng)性
及營(yíng)運(yùn)能力因子，應(yīng)收賬款周轉(zhuǎn)率及非債務(wù)稅盾因子，企業(yè)規(guī)模因子，資產(chǎn)有形
性、流動(dòng)性及產(chǎn)品獨(dú)特性因子，上述5個(gè)綜合因子與資本結(jié)構(gòu)的相關(guān)性依次為負(fù)
相關(guān)、正相關(guān)、負(fù)相關(guān)、正相關(guān)、正相關(guān)。
結(jié)合實(shí)證研究結(jié)果，本文從公司層面和政策層面兩個(gè)方面，提出了我國(guó)醫(yī)藥
上市公司資本結(jié)構(gòu)優(yōu)化的對(duì)策和政策性建議，最后對(duì)本文的不足和需要進(jìn)一步做
的研究做了介紹。
關(guān)鍵詞:醫(yī)藥上市公司;資本結(jié)構(gòu);公司特征;公司經(jīng)營(yíng)績(jī)效
1緒論················································································
1.1研究背景····································································
1.1.1現(xiàn)實(shí)背景····························································
1.1.2理論背景····························································
1.2研究目標(biāo)及意義····································……’“”.””，=’””
1.3研究?jī)?nèi)容、框架與方法······························，··，············
1.4相關(guān)概念和范圍的界定，·············································
1.4.1醫(yī)藥行業(yè)界定···············································……“
1.4.2資本結(jié)構(gòu)界定···········································……’‘’‘”
1.4.3研究范圍界定·····························，··············……’二’
2文獻(xiàn)綜述··········································································
2.1資本結(jié)構(gòu)理論簡(jiǎn)述······················································
2.2行業(yè)因素對(duì)企業(yè)資本結(jié)構(gòu)影響的理論研究回顧··········
2.3行業(yè)因素對(duì)企業(yè)資本結(jié)構(gòu)影響的實(shí)證研究回顧··········
2.4有關(guān)我國(guó)生物醫(yī)藥行業(yè)資本結(jié)構(gòu)研究的成果··············
2.5簡(jiǎn)要評(píng)述···························，·········，·················……，’’····
3理論框架及假設(shè)······················································……””
3.1理論分析框架············，·················································
3.2公司特征對(duì)資本結(jié)構(gòu)的影響及假設(shè)·····························
3.3公司經(jīng)營(yíng)績(jī)效對(duì)資本結(jié)構(gòu)的影響及假設(shè)···················，··
3.4股權(quán)結(jié)構(gòu)對(duì)資本結(jié)構(gòu)的影響·······································
4研究設(shè)計(jì)·········································································
4.1研究變量度量·····························································
4.1.1資本結(jié)構(gòu)度量······················································
4.1.2公司特征度量······················································
4.1.3公司經(jīng)營(yíng)績(jī)效度量···············································
4.1.4虛擬時(shí)間變量度量············································..