许建 姚琴 李荣荣

摘 要：近年来，我国医药制造行业的经营绩效增长速度出现下降，医药制造企业面临转型升级的挑战，以最优的资本结构支持企业发展是提升企业经营绩效的重要途径。以往的研究多是针对其他行业进行分析，行业因素导致研究结论存在较大差异；并且往往选择单一指标代表某一变量，存在指标代表性不足的问题。以沪深两市上市的A股医药制造上市公司为研究对象，选取2011年至2015年五年内的84家医药制造上市公司的财务数据作为样本；从偿债能力、盈利能力、营运能力以及发展能力4个方面来进行衡量公司的综合经营绩效，选取产权比率、长期负债比率、长期资本负债率和资产负债率四个指标表示企业的资本结构，采用因子分析和回归分析方法，研究医药制造上市公司的资本结构对经营绩效的影响。研究表明，在医药行业资产负债率0.3，净资产收益率10%情况下，资本结构与经营绩效负相关，说明降低资产负债率能够提高公司绩效。

关键词：绩效；资本结构；因子分析；回归分析；医药制造行业

中图分类号：F 275.3

文献标识码：A 文章编号：1672-7312（2018）05-0543-06

Abstract：In recent years，the growth of business performance in the pharmaceutical manufacturing industry in China has declined，and the pharmaceutical manufacturing enterprises are facing the challenge of transformation and upgrading.To support the development of enterprises with the optimal capital structure is an important way to improve the business performance of the enterprises.Most of the previous studies are aimed at the analysis of other industries.Industry factors lead to large differences in research conclusions，and often choose a single index to represent a variable，and there is a lack of representative indicators.Taking A shares of pharmaceutical manufacturing companies listed in Shanghai and Shenzhen as samples form 2011 to 2015，this paper analyzes the relationship between Capital structure and Operating performance，Using factor analysis and regression analysis.The research results show，In the asset liability ratio of 0.3，net assets yield of 0.1，Steady profit growth under the premise，that the capital structure and operating performance are negatively correlated，and which shows that the reduction of the asset liability ratio can improve the performance of the company，Leading to the result of this paper and the MM theory to form a contradiction.

Key words：performance；capital structure；factor analysis；regression analysis；the pharmaceutical manufacturing industry

0 引 言

醫药制造业是关系国计民生的基础战略行业，在国家政策大力扶持下，我国医药制造业经历了快速发展到增长降速的一个发展历程。从“八五”期间开始，医药制造业开始快速增长，期间年均增长率达到22%，在“十一五”期间，其中2007年利润总额增长率达到56%，到“十二五”期间，医药制造业增长开始下降，2014年利润总额增长率下降到11.7%.当前，医药制造企业面临着转型升级的挑战。……