我国医药产业融资模式、问题与对策——基于全国57家医药上市企业的分析

Financing Modes,Problems and Solutions of China's Pharmaceutical Industry An Analysis of 57 listed pharmaceutical companies

资金匮乏已成为制约我国医药产业发展壮大的一个重要因素。本文基于对我国57家医药上市公司融资状况的分析发现,2007年我国医药企业的平均融资总额在23亿元左右。从融资结构来看,股权融资已成为医药企业融资的重要方式;从融资期限来看,医药企业以短期债务融资为主。在对医药产业融资存在问题进行分析的基础上,我们认为应该通过以下方面来促进我国医药产业的融资发展:建立多元化的融资渠道,降低企业融资成本;改变医药企业的短期融资倾向,鼓励发行中长期公司债券;通过产权市场来促进医药企业融资;加大对基础研究方面的投入,设立医药风险投资机构和风险投资基金。

Insufficient Capital has been a major factor affecting the development of China＇s pharmaceutical industry. This paper analyzed the 57 listed pharmaceutical companies in China and found that average financing capital is about 2.3 billion P, MB yuan. In terms of financing modes, equity is a major financing mode. In terms of financing period, short-term financing is a major one. After analyzing the problems in China＇s pharmaceutical industry, we propose the following solutions to develop China＇s pharmaceutical industry： establish multi-level financing channels and reduce the financing costs; reverse the propensity for short-term financing and encourage the issue of middle and long-term bonds; make use of property market to promote pharmaceutical financing; invest more capital on basic researches and establish venture company and venture capital.