搜索
:10021566(2006)02-023208:20041203:(:70272033)1112(11,,430074;21,,350001):19982002,,,:;,,;;;,:;;;:C83:AAnExaminationofCapitalStructureinP.R.ChinaPharmaceuticalIndustryBasedonPanelDataWANGZong2jun1,DENGXiao2lan1,LIHong2xia1,LUOJie2wei2(11SchoolofManagement,HuazhongUniversityofScience&Technology,Wuhan430074,P.R.China;21FujianProvincialHospital,Fuzhou350001,P.R.China)Abstract:ThispaperusingpaneldatainvestigatesempiricallyhowsomemainfactorsdeterminetiecapitalstructureofpharmaceuticalfirmspubliclylistedinP.R.Chinafrom1998to2002.Theempiricalresultsrevealthatunobservedheterogeneityissignificant;undertheconditionthatindustrialmarketingpatternhastransformedenormously,sellingexpendituresaresupportedbydebt,especiallyshort-termdebt;firmswithlargergrowthoptionshavestrongerdebtraisingcapacity.Non-debttaxshieldsarenotsubstitutefortaxshields.Growthrate,size,collateralvalueandthecapacitytogenerateinternalresources,doesnothaveanygreatimpactoncapitalizationchoicesofChinesepharma2ceuticalfirms.Keywords:capitalstructure,data,fixedeffects,pharmaceuticalindustry0,WTO,,,,,20063252ApplicationofStatisticsandManagementMar.,2006Vol.25No.2,,,,,,,R&D,,,,,,,111111111,,OTC,,,,,,(),[1],,,,,[1],,11112,,,R&D,,,,,,,[2]332,:,,,,,,11113,,,[2],,,,,,[3],,11114,,,,,,,,,,[4],11115,,,,,,[3],,11116,,,,,[5],,,11117,112:Yit=+Xit+ui+it,i=1,2,,N;t=1,2,,T(11211)i,t;;k1(k);Xit1k;vit43225220063=ui+it:ui,;it,fi=+ui,(11211):Yit=fi+Xit+it(11212)ui,X;,ui,,X71:1(D1)/(D2)/(D3)/(SEL)/-(GOP)/-(GRW)(-)/+/-(SZE)+(CVA)/+(CGR)/-(NDT)/-2()2001,:C8,C81(C8101C8105C8110C8115)C85(C8501C8599)C8115C8599,C8101C8105C8110C8501C8599711998-2002,Stata812,LSDVGLS,HausmanX,232,3,,532,:,,,2(1998-2002)D1D2D3SELGOPGRWSZECVACGRNDT01433534010464838013869899011586392010419655013221959201722780131299260104064210100291280121544030108132720120482580116844240147588701800600301741907011248145010678386010805429010300211-0102413090102999230100206940-01941082819116517010998336-015039284-0190351841162408601840062116240862112082501284085751244819221715930178071801201982012286165=28431998-2002199819992000200120024146586871D1014005439014310565014192218014309508014683555D201055449601041881601049567010386119010493087D3013450943013891749013694592013923389014189653SEL011086715011304738011487788011893784011843563GOP01036808301042594901042348901039160701046909GRW01902158011485119012345102011935068012889593SZE2014248120158732201714252018267120189004CVA0132482401311889401283820501308376601335127CGR010205469010316105010504186010358187010547311NDT-010080348010032626010021329010103860100248786322522006334D1D2D3011900349012092586-010192134SEL012448921333010155075012291439333GOP01762592333-010509503018130055333GRW010022234010006127010016249SZE010073387-01008934010162447CVA010373404010611989-010220832CGR011693366010628217011067255NDT013934896333010335851013603076333Fstatistic518133301354125333R2011649010117017612Ftestthatallui=01012533331463336166333Breusch&PaganLagrangianmultipliertest21116533368115333141109333Hausman431243332012233340150333:333,3330101,01050113111ui0FH0ui=uj=0,H0fi=fj=(Pi,j;ij),(pooledleastsquares)[6]2Breusch&Pagan:H0:corr(vit,vis)=0,ts(vit=ui+it)corr(vit,vis0,,,OLS,tF,3Hausman:(GLS-LSDV)-1(GLS-LSDV),-1GLSLSDV,H0Hausman,,[6]4:Stata812ui0F1,0101,;Breusch&Pagan2,0101,,OLS[6],[7];0101Hausman3,,,F0101,0101,732,:,Ft,,(ui0),,R&D312,,,,,,,,1,15186%,,,,,WTO,,,4-10,,500-600,,,,,,,:,,,,,,4,,,,,,,,,,,,,:,,,,,,,t,,,832252200634WTO,:1),,,,,;2),,;3),,[][1]Titman,S.andWesselsR.Thedeterminantsofcapitalstructurechoice[J].TheJournalofFinance,1988,43No.1:1-19.[2]Myers,S.C.Determinantsofcorporateborrowing[J].JournalofFinanceEconomics,1977,5:147-75.[3]Jensen,M.C.,Meckling,W.H.Theoryofthefirm:managerialbehavioragencycostandownershipstructure[J].JournalofFinanceEconomics,1976,3.[4]Scherr,F.C.,Surgrue,T.F.andWard,J.Financingthesmallfirmstart-up:determinantsofthedebtuse[J].JournalofSmallBusinessFinance,1993,8:17-36.[5]Myers,S,C.,Majluf,N.S.Corporatefinancingandinvestorsdonpthave[J].JournalofFinancialEconomics,1984,13:77-107.[6]Greene,W.H,Econometricanalysis[M].5thed.UpperSaddleRiver:PrenticeHall,2003.[7].(1)[M].:,2003.932,: