我国医药上市公司资本结构调整速度研究

摘要

我国医药上市公司资本结构调整速度非常缓慢，与其他行业、其他国家有着比较大的差异。产品独特性是其主要的影响因素，公司规模、净资产收益率、股权结构等指标对其影响也比较显著。我国医药上市公司资本结构调整动力与调整能力不相匹配，这主要与医药产业创新、银行利润导向、国有医药独大、国有企业治理、我国企业债市场不发达等因素有关。%The adjustment speed of capital structure of our country＇ s pharmaceutical listed companies is extremely slow, and compared with other industries and other countries, it indicates obvious gap. Products peculiarity is main influencing factor, and com- pany scale, net assets income rate, and equity structure are of relatively obvious influence. As for our country＇ s pharma- ceutical listed companies, capital structure adjustment motive power does not match adjustmer~t capacity, which are mainly reXated with pharmaceutical industry, bank profit orientation, state- owned pharmaceuticals dominance, state- owned cor- porate governance, and underdeveloped our country＇s corporate bonds.