医药公司资本结构与经营绩效关系实证研究

发布时间：2018-12-23 10:34

【摘要】：目的:对沪深股市36家医药上市公司2010~2012年资本结构与经营绩效之间关系进行研究,分析造成公司相对效率较低的原因,并提出调整资本结构以提高经营绩效的建议。方法:文献分析法、数据包络法。结果:36家医药上市公司中,总体有效的6家,技术有效的11家,规模有效的6家,对无效率DMU进行松弛变量分析,有13家医药上市公司非流动资产投入过多,占总数的61.9%。结论:医药上市公司资本结构与经营绩效存在负相关关系,针对大部分公司负债总额和非流动负债总额均投入过多,通过促进公司控股权市场健康发展,适度放松医药上市公司股权融资限制,设计合理的公司高管激励机制;调整债务与股权资本比例,规范债务融资约束机制等措施提高企业绩效。
[Abstract]:Objective: to study the relationship between capital structure and operating performance of 36 pharmaceutical listed companies in Shanghai and Shenzhen stock markets from 2010 to 2012, to analyze the causes of the relatively low efficiency of the companies, and to put forward some suggestions on how to adjust the capital structure to improve the operating performance. Methods: literature analysis, data envelopment method. Results: of the 36 listed pharmaceutical companies, 6 were effective, 11 were technically effective, 6 were effective in scale, and 13 were overinvested in non-current assets of DMU. 61.9% of the total. Conclusion: there is a negative correlation between the capital structure and the operating performance of the listed pharmaceutical companies. In view of the excessive investment in the total debt and non-current liabilities of most of the companies, the healthy development of the controlling equity market can be achieved by promoting the healthy development of the company's controlling equity market. Moderate relaxation of listed pharmaceutical companies equity financing restrictions, the design of a reasonable incentive mechanism for corporate executives; Measures such as adjusting the ratio of debt to equity capital, standardizing the debt financing constraint mechanism, and so on, will improve the performance of enterprises.
【作者单位】：新乡医学院管理学院;
【基金】：河南省教育厅规划项目“城镇化背景下我国健康投资的增长效应及城乡差异研究”(编号:2014-gh-040) 新乡医学院科研培育基金“农村医疗机构废弃物管理与优化”(编号:2013QN202)
【分类号】：F275;F426.72

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