87頁
摘要
資本結構的選擇是企業(yè)財務決策中的核心問題，自20世紀50年代
Modigliani和Miller提出著名的MM理論以來，對這一問題的研究已持續(xù)了近
60年，并取得了一系列的研究成果。在眾多有關資本結構的研究中不少研究表
明不同行業(yè)的資本結構有著顯著的差異。然而對于具體某一行業(yè)資本結構的形成
及其影響因素的分析，目前理論界卻缺乏研究。正處于高速發(fā)展階段的我國醫(yī)藥
行業(yè)與其他行業(yè)相比有著顯著的行業(yè)特點，鑒于此，本文選取醫(yī)藥行業(yè)的上市公
司作為研究對象，對我國醫(yī)藥上市公司資本結構的影響因素進行較為深入的研
究。
本文對我國醫(yī)藥上市公司資本結構存在低負債、負債結構不合理的問題作了
系統的分析，概述了資本結構理論的演化過程，對國內外相關研究成果作了回顧，
從中歸納出一些影響我國醫(yī)藥上市公司資本結構的因素。在此基礎上，本文從公
司特征和公司經營績效兩個微觀層面來研究本文的主題，并以此構建關于“公司
特征、公司經營績效—資本結構”三大研究要素的理論分析框架。從公司規(guī)模、
盈利性、成長性、資產有形性、營運能力、流動性、稅收效應、產品獨特性等方
面選取17個指標作為解釋變量，分析影響我國醫(yī)藥上市公司資本結構的主要因
素。最后運用因子分析和多元線性回歸分析結合的方法，對影響我國醫(yī)藥上市公
司資本結構的因素進行了實證分析。
經過實證分析，本文將17個解釋變量歸納為5個綜合因子。實證發(fā)現，對
我國醫(yī)藥上市公司資本結構影響程度最高的是盈利性因子，其他依次為:成長性
及營運能力因子，應收賬款周轉率及非債務稅盾因子，企業(yè)規(guī)模因子，資產有形
性、流動性及產品獨特性因子，上述5個綜合因子與資本結構的相關性依次為負
相關、正相關、負相關、正相關、正相關。
結合實證研究結果，本文從公司層面和政策層面兩個方面，提出了我國醫(yī)藥
上市公司資本結構優(yōu)化的對策和政策性建議，最后對本文的不足和需要進一步做
的研究做了介紹。
關鍵詞:醫(yī)藥上市公司;資本結構;公司特征;公司經營績效
1緒論················································································
1.1研究背景····································································
1.1.1現實背景····························································
1.1.2理論背景····························································
1.2研究目標及意義····································……’“”.””，=’””
1.3研究內容、框架與方法······························，··，············
1.4相關概念和范圍的界定，·············································
1.4.1醫(yī)藥行業(yè)界定···············································……“
1.4.2資本結構界定···········································……’‘’‘”
1.4.3研究范圍界定·····························，··············……’二’
2文獻綜述··········································································
2.1資本結構理論簡述······················································
2.2行業(yè)因素對企業(yè)資本結構影響的理論研究回顧··········
2.3行業(yè)因素對企業(yè)資本結構影響的實證研究回顧··········
2.4有關我國生物醫(yī)藥行業(yè)資本結構研究的成果··············
2.5簡要評述···························，·········，·················……，’’····
3理論框架及假設······················································……””
3.1理論分析框架············，·················································
3.2公司特征對資本結構的影響及假設·····························
3.3公司經營績效對資本結構的影響及假設···················，··
3.4股權結構對資本結構的影響·······································
4研究設計·········································································
4.1研究變量度量·····························································
4.1.1資本結構度量······················································
4.1.2公司特征度量······················································
4.1.3公司經營績效度量···············································
4.1.4虛擬時間變量度量············································..