【摘要】：作為七大戰(zhàn)略性新興產(chǎn)業(yè)之一，生物制藥產(chǎn)業(yè)的國民經(jīng)濟(jì)支柱性產(chǎn)業(yè)地位和國際戰(zhàn)略性新興產(chǎn)業(yè)地位日益凸顯。近年來一批生物制藥上市公司利用資本市場的有力支持，迅速崛起，不僅形成了備受矚目的生物制藥板塊，而且有力推動了中國生物制藥產(chǎn)業(yè)的發(fā)展，未來生物制藥上市公司具有更加廣闊的發(fā)展前景。也使得該產(chǎn)業(yè)成為最活躍、進(jìn)展最快的領(lǐng)域，被公認(rèn)為21世紀(jì)最有前途的產(chǎn)業(yè)之一。我國生物醫(yī)藥行業(yè)的研究和開發(fā)起步較晚，很多制度都不完善，尤其在資金治理結(jié)構(gòu)方面，存在著很大的隱患，造成市場風(fēng)險大。倘若這些公司能對其所處行業(yè)的特征有充分的研究，能對經(jīng)營風(fēng)險予以加強(qiáng)，能對財務(wù)困境征兆予以足夠的重視并采取預(yù)警機(jī)制來加以控制，勢必將大大減少其陷入財務(wù)困境的可能性。因此,如何有效地運(yùn)用杠桿效應(yīng),并且如何規(guī)避財務(wù)風(fēng)險和經(jīng)營風(fēng)險,獲得杠桿效益,從而實現(xiàn)企業(yè)價值最大化是本論文的主要研究目標(biāo)。 本文總體上分為五個部分，第一部分為緒論，概括介紹了本文的選題背景和意義，，以及關(guān)于杠桿效應(yīng)理論的國內(nèi)外文獻(xiàn)綜述，并簡述了本文的主要內(nèi)容、研究方法和創(chuàng)新點等問題。第二部分杠桿效應(yīng)理論概述，就其產(chǎn)生根源和計量方法進(jìn)行分析。第三部分影響杠桿效應(yīng)因素分析，分別對影響經(jīng)營杠桿、財務(wù)杠桿和總杠桿的因素進(jìn)行一一闡述。第四部分是本文的實證部分，選取生物制藥上市公司2009、2010、2011三年財務(wù)數(shù)據(jù)作為樣本，在分析杠桿均衡原理和財務(wù)定理的基礎(chǔ)上，篩選出利用杠桿均衡原理進(jìn)行風(fēng)險管理的企業(yè)，對篩選的樣本進(jìn)行配對，選取入選及其配對公司的財務(wù)指標(biāo)為本實證的樣本數(shù)據(jù)。建立評價利用杠桿均衡原理進(jìn)行風(fēng)險控制的財務(wù)評價模型，定量的判定上市公司是否杠桿均衡原理進(jìn)行風(fēng)險控制。第五部分對前文的分析做出概括總結(jié)，主要是根據(jù)第五章的研究結(jié)果的小結(jié)；點明文章的局限性。
[Abstract]:As one of the seven strategic emerging industries, biopharmaceutical industry plays an important role in national economy and international strategic emerging industries. In recent years, a number of listed biopharmaceutical companies have taken advantage of the strong support of the capital market and have risen rapidly. Not only has the biopharmaceutical sector received much attention, but it has also been able to promote the development of the Chinese biopharmaceutical industry. Biopharmaceutical listed companies in the future have a broader development prospects. It also makes the industry one of the most active and developing fields, and is recognized as one of the most promising industries in the 21st century. The research and development of biopharmaceutical industry in our country started late, and many systems are not perfect, especially in the aspect of fund management structure, there are great hidden dangers, resulting in great market risks. If these companies can fully study the characteristics of their industries, they can strengthen the operational risks, pay sufficient attention to the signs of financial distress and adopt early warning mechanisms to control them. It is bound to greatly reduce its likelihood of financial distress. Therefore, how to use leverage effect effectively, how to avoid financial risk and management risk, how to obtain leverage benefit, and how to realize the maximization of enterprise value is the main research goal of this paper. This paper is divided into five parts as a whole. The first part is the introduction, which introduces the background and significance of the topic, and the domestic and foreign literature review on the leverage effect theory, and briefly describes the main content of this paper. Research methods and innovation points and so on. The second part summarizes the theory of leverage effect and analyzes its origin and measurement method. The third part analyzes the influencing factors of leverage, including the factors of management leverage, financial leverage and total leverage. The fourth part is the empirical part of this paper, which selects the financial data of biopharmaceutical listed companies in 2009 / 2010 / 2011 as a sample. On the basis of analyzing the principle of leverage equilibrium and financial theorem, the enterprises that use the principle of leverage equilibrium to carry out risk management are selected. The selected samples are matched and the financial indexes of the selected and matched companies are selected as the sample data of this empirical study. The financial evaluation model of risk control based on leverage equilibrium principle is established to quantitatively determine whether the listed company has leverage equilibrium principle to carry out risk control. The fifth part makes a summary of the previous analysis, mainly according to the conclusion of the fifth chapter, and points out the limitations of the article.
【學(xué)位授予單位】：沈陽理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.72

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