医改背景下我国医药制造行业资本结构影响因素实证分析

An Examination of Capital Structure in China Pharmaceutical Industry

2001年以来,我国医疗制度改革进入实质性阶段,医药制造公司的产业环境由此发生了变化,医药制造企业面临的竞争压力加剧,进而也对医药制造行业的经营模式产生了巨大影响,其影响力势必波及医药制造公司融资行为及资本结构。在此背景下,以2002年在上海、深圳证券交易所上市的72家医药制造行业公司为样本,对决定我国医药制造行业上市公司资本结构的主要因素进行实证分析,结果表明:在行业销售模式变革的前提下,销售费用所需的资金主要依靠长期资本的支持;增长期权对债务融资能力具有显著的正效应;规模大的制药公司债务融资能力较强;资产担保价值是长期债务融资的重要影响因素;经营性现金流量可作为短期债务的一种替代;成长性对中国制药行业上市公司资本结构的影响不大。

Since 2001,the reformation of medical care system in China has step into a crucial phrase,which caused the increasing market competition in China pharmaceutical industry. These led some changes to the industrial environment of Chinese pharmaceutical firms and had a great influence on business pattern of these firms . And the influence would spread to the financial actions and capital structure decisions of these firms.This paper investigates empirically how some main factors determine the capital structure of pharmaceutical firms publicy listed in China.The empirical results reveal that growth options have most significant impact on debt raising capacity . ln the case of the transformation of marketing pattern,selling expenditures are mainly financed by long term capitals. Larger firms appear to have stronger debt raising capacity. Collateral value plays an important role on long term debt raise and operating cash flow is a substitute for short term debt. Growth rate,however,does not have any great impact on capitalization choices of Chinese pharmaceutical firms.