Research On The Impact Of Heterogeneous Debt Financing On Enterprise Growth Of CONBA

The pharmaceutical industry is related to the national economy and the people’s livelihood.It is a key development area of "made in China 2025" and strategic emerging industries,and an important foundation for the construction of a healthy China.The outline of the 14 th five year plan puts the construction of healthy China at the height of "improving national quality and promoting people’s all-round development",which indicates a great opportunity for the growth and development of pharmaceutical enterprises.The pharmaceutical industry has the characteristics of high risk,high investment and long cycle.Under the multiple background of global stock market recession and COVID-19’s global spread,how to make use of debt funds to help enterprises develop healthfully in the long run is an important issue worth discussing.Taking CONBA as the research object and aiming at improving enterprise growth from the perspective of heterogeneous debt,this paper studies the relationship between heterogeneous debt financing and enterprise growth.Firstly,this paper analyzes the current situation of CONBA’s debt financing from three aspects: scale,source and term,and evaluates its enterprise growth vertically and horizontally.Secondly,based on the empirical data of 110 listed companies in Shanghai and Shenzhen A-share pharmaceutical manufacturing industry from 2012 to 2020,this paper empirically tests the impact of heterogeneous debt financing on enterprise growth.The empirical results show that the increase of debt financing scale is not conducive to the improvement of the growth of pharmaceutical manufacturing enterprises;Among the heterogeneous sources of debt,operational debt can promote the growth of enterprises,while financial debt inhibits the growth of enterprises;In term heterogeneous debt,short-term financial liabilities are not conducive to the improvement of enterprise growth,and long-term financial liabilities can promote the improvement of enterprise growth.Then,guided by the empirical conclusions of the industry,this paper compares and analyzes the impact of CONBA’s heterogeneous debt financing on enterprise growth,and finds that CONBA’s heterogeneous debt financing has some problems that hinder the improvement of enterprise growth,such as high debt level,imbalance of debt source structure,mismatch of asset liability maturity and so on.Finally,based on the perspective of heterogeneous debt,this paper puts forward countermeasures and suggestions to reduce the debt financing level,adjust the debt source structure and optimize the term allocation of assets and liabilities,in order to improve CONBA’s enterprise growth.The research results enrich the research on the relationship between heterogeneous debt financing and enterprise growth,and provide reference for pharmaceutical manufacturing enterprises to plan heterogeneous debt financing and improve enterprise growth.The thesis has 16 figures,28 tables,82 references.