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| 精华制药资本结构对企业价值的影响关系研究 摘 要 在财务成本管理方面，企业的资本结构一直是研究的热点领域。不同的资本结构关系有着不同的风险和成本。权益资本的比重越大，财务风险就越小，但是企业的筹资成本就越大，债务资本则反之。合理的资本结构有利于企业降低筹资成本，充分利用风险和财务杠杆作用，提升企业价值。而我国的上市公司存在着股权融资倾向，资本结构中，债务比率较低。企业在经营过程中，资本结构的管理理念不高，没有上升到战略的高度，不能很好的规划资本结构，财务杠杆作用没有得到有效的利用，并可能影响到企业的经营业绩和企业价值。 鉴于此，本文对精华制药的资本结构与企业价值之间关系进行了简单的梳理，并分析了影响其资本结构的各种因素。通过实证分析，本文得出了精华制药公司资本结构与企业价值没有显著相关关系的结论，并提出了导致这一现象的可能原因。最后，本文结合数据分析和实证结果，并提出了优化资本结构的建议。 关键词；资本结构；企业价值；对比分析 ABSTRACT In the aspect of financial cost management, the capital structure of enterprises has always been a hot research area. Different capital structure relationships have different risks and costs. The greater the proportion of equity capital, the smaller the financial risk, but the larger the financing cost of the enterprise, the opposite is the debt capital. Rational capital structure is conducive to reduce the cost of raising funds, make full use of risk and financial leverage, enhance the value of enterprises. However, listed companies in China have the tendency of equity financing and low debt ratio. In the process of operation, the management concept of capital structure is not high, does not rise to the strategic height, can not plan the capital structure well, financial leverage has not been effectively used, and may affect the business performance and enterprise value. In view of this, this article has carried on the simple combing to the essence pharmacy capital structure and the enterprise value relations, and has analyzed each kind of factor which affects its capital structure. Through empirical analysis, this paper draws the conclusion that there is no significant correlation between capital structure and enterprise value, and puts forward the possible reasons leading to this phenomenon. Finally, this paper combines the data analysis and empirical results, and put forward suggestions to optimize the capital structure. Key words:Capital structure, Enterprise value, Comparative analysis |
