基于面板数据的中国医药制造行业资本结构影响因素实证分析

本文以1998—2002年在上海、深圳证券交易所上市的医药制造行业公司为样本,运用面板数据模型,对决定我国医药制造行业上市公司资本结构的主要因素,进行实证分析。实证结果表明:非观测的个体异质性因素显著;在行业销售模式发生重大变革的前提下,债务特别是短期债务,为销售费用的融资提供了有力的资本支持;具有高增长期权的制约公司债务筹集能力较强;非债务税盾不能构成利息税盾的替代;成长性、规模、资产担保价值和产生内部资源的能力,对中国医药制造行业上市公司资本结构的影响不大。

An Examination of Capital Structure in P.R.China Pharmaceutical Industry Based on Panel Data

This paper using panel data investigates empirically how some main factors determine tie capital structure of pharmaceutical firms publicly listed in P.R.China from 1998 to 2002.The empirical results reveal that unobserved heterogeneity is significant;under the condition that industrial marketing pattern has transformed enormously,selling expenditures are supported by debt,especially short-term debt;firms with larger growth options have stronger debt raising capacity.Non-debt tax shields are not substitute for tax shields.Growth rate,size,collateral value and the capacity to generate internal resources,does not have any great impact on capitalization choices of Chinese pharmaceutical firms.