医药制造业上市公司资本结构对财务健康度的影响研究

Listed Companies in the Pharmaceutical Manufacturing Industry Research on the Impact of Capital Structure on Financial Health

摘要: 医药制造业作为国民经济重要支柱产业，该行业近年来快速发展，但也面临资本结构不合理、债务负担过重等财务风险问题，部分医药企业因财务困境甚至面临退市风险。对此，本研究采用因子分析法和多元线性回归分析方法，以2014~2023年医药制造业上市公司的财务数据为样本，构建综合经营绩效指标，探讨资本结构对财务健康度的影响。研究发现，医药制造业上市公司资本结构特点显著，资产负债率整体偏高，且前十大股东持股比例相对集中。同时，财务健康度在观察期间内呈现出波动性。结论表明，优化资本结构、提升财务健康度对医药制造业上市公司的可持续发展至关重要。本研究结论为优化医药制造业上市公司资本结构、提升财务健康度提供了理论依据和实践指导，对促进行业健康发展具有重要意义。

Abstract: As an important pillar industry of the national economy, the pharmaceutical manufacturing industry has experienced rapid development in recent years. However, it also faces financial risks such as irrational capital structure and excessive debt burdens. Some pharmaceutical companies even face the risk of delisting due to financial distress. In response to these issues, this study employs factor analysis and multiple linear regression analysis methods, using financial data from pharmaceutical manufacturing listed companies from 2014 to 2023 as samples, to construct a comprehensive business performance indicator and explore the impact of capital structure on financial health. The study finds that the capital structure of listed companies in the pharmaceutical manufacturing industry has significant characteristics, with overall high debt-to-asset ratios and a relatively concentrated shareholding of the top ten shareholders. Meanwhile, financial health demonstrates volatility during the observation period. The conclusions indicate that optimizing capital structure and improving financial health are crucial for the sustainable development of listed companies in the pharmaceutical manufacturing industry. The findings of this study provide theoretical and practical guidance for optimizing the capital structure and enhancing financial health of listed companies in the pharmaceutical manufacturing industry, which is of great significance for promoting the healthy development of the industry.