医药公司资本结构与经营绩效关系实证研究

Empirical Analysis between Capital Structure and Performance of Pharmaceutical Companies

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。

Objective Taking 36 pharmaceutical manufacturing companies listed in Shenzhen and Shanghai stock exchanges as samples from 2010 to 2012,this paper analyzes the relationship between capital structure and business performance,to analyze the reason of the lower efficiency companies and provide some suggestions for improving Performance.Methods The literature Research,DEA.Results The DEA results of data suggested that in 36 listed companies there were 6 comprehensive effective companies,11 incompletely effective companies,6 technique effective companies,on the void ratio DMU slack variable analysis,there are 13 Pharmaceutical listing corporation non-current assets invested too much,accounted for 61.9% of the total.Conclusions Pharmaceutical listing Corporation capital structure and operation performance are negatively related,most companies total liabilities and total noncurrent liabilities are paid too much for the pharmaceutical industry,actively cultivating Market for Corporate Control,moderately relaxing pharmaceutical listing Corporation equity financing constraints,designing reasonable of executive incentive mechanism,adjusting debt and equity capital ratio and regulating binding mechanism of debt financing are necessary.