医药上市公司资本结构与绩效实证研究

The Empirical Study on the Relationship between Capital Structure and Performance of Listed Pharmaceutical Companies in China

文章以2012—2016年沪深两市55家医药上市公司为研究样本,对我国医药行业上市公司资本结构与绩效之间的关系进行了实证研究。研究结果表明:在我国医药行业,公司绩效随着资产负债率的提高而降低;而流动负债率与公司绩效呈显著正相关,公司绩效随着流动负债率的提高而提升;股权制衡与股权集中有利于公司经营;另外,研究表明作为控制变量的营业收入增长率与公司绩效呈显著正相关,总资产增长率与公司绩效不存在线性相关关系。

There are 275 sample data of the pharmaceutical listed companies from 2012 to 2016 selected in the article,and the relationship between capital structure and corporate performance is analyzed empirically. The results show that the correlation between asset-liability ratio and corporate performance is significantly negative while the correlation between current liabilities ratio and corporate performance is significant; the correlation between the top ten shareholders ownership and corporate performance is significant; the correlation between equity balance degree and corporate performance is also significant.