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随着资本市场的不断发展,资本结构的重要性日益显现,不仅影响一个企业的财务状况及公司治理,且对行业和地区的总体发展有一定程度的影响。资本结构与公司价值的关系成为学术界探讨的焦点,而二者是正相关还是负相关尚没有统一定论。本文选取生物医药行业上市公司为研究对象,选取连续五年的财务数据,用描述统计法,多元回归分析法在理论研究的基础上进行实证分析,探究资本结构与绩效的关系。
With the continuous development of the capital market, the importance of the capital structure is becoming increasingly apparent. It not only affects the financial status and corporate governance of an enterprise, but also affects the overall development of the industry and the region to a certain extent. The relationship between capital structure and company value has become the focus of academic discussion. Whether the two are positively or negatively correlated has not been determined yet. This paper selects the listed companies in the biopharmaceutical industry as the research object, selects the financial data for five consecutive years, uses the description statistics method and the multivariate regression analysis method to make empirical analysis on the basis of theoretical research, and explores the relationship between capital structure and performance.