中国上市公司资本结构与企业价值的相关性研究：来自中国医药制药业A股上市公司的经验数据

合理的资本结构有利于公司行为的规范以及公司价值的提高,有利于实现股东财富最大化的财务目标。以中国医药制造业上市公司为例,通过对资本结构与企业价值的关系的实证研究,得出如下结论：中国医药制造行业的负债水平相对较低,而短期负债所占比重太大;资本结构与企业价值之间并不存在显著的相关关系。最后提出建议：医药制造业上市公司应该增加债务融资,尤其应该增加长期债务比重。

The Correlation Between Capital Structure and Firm Value of China's Listed Company: Empirical Evidence from Chinese A-Share Listed Pharmaceutical Companies

Capital structure improves corporate governance,enhances enterprise value so as to maximize shareholders’ wealth.We analyze the relationship between enterprise value and capital structure empirically by using China’s listed companies in pharmacy industry in recent years.Some conclusions are reached that(a) listed pharmaceutical companies in China have a low leverage ratio,especially too little short-term liabilities and too many long-term liabilities;(b) the capital structure of listed pharmaceutical companies have not a significant positive correlation with enterprise value.Some advice is offered to increase liabilities financing in pharmaceutical companies,especially the long-term liabilities in order to make sound capital structure.