| Bio-pharmaceutical industry is a new high technology industry in rapid development.Many countries,especially euramerican developed countries have attached great importance to its development.Bio-pharmaceutical industry is a combination of technology-intensive and capital-intensive industry.It is characterized of high technical requirement and high investment risk. Bio-pharmaceutical companies are all in great demand for funds.As a consequence,how to solve the financing problem has become a hot topic in this industry.This paper is based on the unique features of bio-pharmaceutical company,refers to scholars at home and abroad for financing research,uses a statistical regression analysis method to detailed study the financing risk of bio-pharmaceutical companies in our country.Finally,the author makes his own proposals on financing strategies in bio-pharmaceutical companies.Business,government and financial institutions all have the responsibility and obligation to improve the financing structure of bio-pharmaceutical companies,so as to promote China’s economic development,social progress,and constantly improve the level of people’s life and health.Based on theoretical and empirical analysis following conclusions have been made : quick ratio,net assets returns ratio of bio-pharmaceutical listed companies have significant negative correlation with financing risk;asset-liability ratio positively correlated with financing risk;R&D expenditure and financing risk is positively correlated, but not significantly. In order to prevent the financing risk of bio-pharmaceutical industry,according to the empirical results,this paper puts forward the following suggestions:companies should reasonably optimize financing structure,improve the financial risk early-warning system; in addition,increase government investment in bio-pharmaceutical industry,introduce venture investment,further improve the capital market can also better prevent financing risk in bio-pharmaceutical industry. |
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