养老产业上市公司融资方式对其盈利水平影响的实证研究

An Empirical Study on the Impact of Financing Methods of Listed Companies in the Sanatoria Industry on Their Profit Levels

为研究融资方式对养老产业上市公司盈利的影响效果与机制,基于2016-2017年养老服务上市公司公开季度数据,运用计量模型进行实证分析。研究发现:银行借款率、商业信用率与其盈利水平具有显著的负相关性,而提高股权融资率、债券融资率、内源融资率,有利于促进养老业务盈利水平的提升;考虑业务类别差异后,医养结合类企业在股权融资多时能够带来更多的盈利,传统养老类在内源融资上比医养结合类对其盈利水平的解释力更强。因此,养老产业上市公司企业提高直接融资比例,尤其股权融资比例,有利于促进养老产业的发展。

To study the effect and mechanism of the financing method on the profitability of the listed companies in the pension industry,using econometric model for empirical analysis based on the public quarterly data of the listed companies of the aged care service in 2016-2017.The study found that bank borrowing rate,commercial credit rate have a significant negative correlation with its profit level, while raising the equity financing rate,bond financing rate,and endogenous financing rate,and it is conducive to promoting the improvement of the profitability of the old-age business.After considering the difference in business categories,the combination of medical and nursing enterprises have more profits when there is more equity financing.The traditional endogenous financing is more powerful in explaining the profit level than the combination of medical and nursing.Therefore,the listed companies in the pension industry increase the proportion of direct financing,especially the proportion of equity financing,which is conducive to the development of the sanatoria industry.