医药企业资产专用性与资本结构选择——来自沪深两市医药上市公司的经验证据

本文依据交易成本经济学理论,以沪深两市医药上市公司2006～2010年财务数据为研究样本,建立面板数据模型,分别运用了最小二乘法、固定效应模型和随机效应模型等方法探讨医药企业资产专用性与资本结构选择关系。实证结果表明医药上市公司资产专用性程度与资本结构呈负相关。

Asset Specificity and Capital Structure Choice of Medical Enterprise:Empirical Evidence from Medical Listed Company in Shanghai and Shenzhen Stock Exchanges

As a representative of the High - Tech Industry,the medical industry has distinct characteristics of specific investment Based on the transaction cost economics theory,This paper chooses medical listed companies’ financial data during 2006 and 2010 in shanghai and shenzhen stock exchanges as a study sample,establish panel data model,analyze the relationship of medical enterprise asset specificity and capital structure choice by the least square method,fixed effects model and random effects model.The empirical results show that medicine listed company asset specificity was negatively correlated with capital structure.