Study On The Financing Structure Of Listed Pharmaceutical Companies

The paper studied the financing structure of listed pharmaceutical companies. Based on the overview of researches on domestic and international financing structure, the paper selected 38 listed pharmaceutical companies as the research sample.Firstly, the paper studied their present situation and pointed out four characteristics by descriptive statistics analysis. The first characteristic was that external financing was the main financing way of listed pharmaceutical companies. This was in line with existing research results; the second was that the proportion of debt financing was only about 20% and the debt were mainly short-term debt, lack of long-term debt and corporate bonds; the third was that listed pharmaceutical companies had a relatively large percentage of commercial credit financing, up to 10%; the forth was that the proportion of retained earnings financing was rising. Then, the paper insisted that the proportion of equity financing was higher; asset-liability ratio was low and declining; debt financing structure was irrational were the three main problems of the financing structure of listed pharmaceutical companies.Then, the paper tried to find out the factors influencing the financing structure of listed pharmaceutical companies by empirical analysis. The results of empirical analysis indicated that profitability and operating capabilities was significantly related to the financing structure. The stronger the profitability and operating capacity were, the more reasonable the financial order was; next, the key point was to optimize the financing environment outside in order to change the present situation of financing structure; Otherwise, listed pharmaceutical companies can improve their net profit growth to increase the proportion of long-term debt financing and then optimized their structure of debt financing.Finally, based on the theoretical and empirical research, the paper proposed countermeasures and suggestions from two aspects. The one was the optimization of external financing environment. The other one was the improvement from the companies'level.