中小企业板医药生物行业上市公司融资结构分析

中小企业板医药生物行业上市公司融资结构分析

目录

一、中小板医药生物行业上市公司融资结构特征

(3)

二、中小板医药生物行业上市公司融资结构原因分析

(6)

三、优化中小板生物医药行业上市公司融资结构的建议。

(9)

【摘要】2004年5月，经国务院批准，中国证监会批复同意深圳证券交易所在主板市场内设立中小企业板块。自成立以来，中小板发展迅速，截止至2011年6月，中小板已有588家，总市值和流通市值分别为3,692,430（百万元）和

1,747,250（百万元）。由此可见，我国作为中小板服务对象的中小企业在融资活动中直接融资所占比重在迅速上升，企业资本的形成和扩张已经越来越依赖于资本市场特别是证券市场。中小企业板上市公司是一种在规模上介于一般中小企业和主板上市公司之间的一类公司，规模上的差异决定了其融资和一般中小企业及主板上市公司必然有差异，本文着眼于中小企业板上市公司的融资结构，并以中小企业板中的医药生物行业为例，对该行业上市公司2010年年报数据为样本进行研究。截止至2011年6月，中小企业板医药生物行业共有30家上市公司，其中两家为2011年上市，没有2010年年报数据，因此，剔除这两家上市公司，研究其余28家上市公司2010年年报数据，同时与深圳证券交易所A股主板医药生物行业39家上市公司2010年年报数据作对比，分析其融资结构，发现中小板生物医药行业上市公司融资结构具有“股权融资比例高，存在较强的股权融资偏好”“债权融资比例较低，融资结构失衡”“内源融资比例基本相同”的特征。从融资结构出发，本文从资本市场等多方面分析形成该融资结构的原因，并提出优化建议。

【关键词】融资结构中小企业板股权融资债券市场

【Abstract】In May,2004,after approving by State Department, China Securities Regulatory Commission replied and agreed to Shenzhen Stock Exchange’s setting SME Board in Main Board Market. Since its inception, the SME Board has developed quickly. By June,2010, SME Board has been haven 558 listed companies, and its total market value is 3,692,430 million Yuan, also the circulation market value is 1,747,250 million Yuan. This shows that the SMEs, which the SME Board severs, has raise its ratio of direct financing dramatically in financing activities, meanwhile, the formation and expansion of enterprise capital is becoming more and more relying on Capital Market, especially Stock Market. The listed companies of SME Board is companies of which the scale is between unlisted SME and listed companies of Main Board Market, which determines that SME’s

financing differs from the others. This paper concerns about the financing structure of SME, and sets Biopharmaceutical industry of SME Board as an example, discusses its listed companies’s 2010 annual report. By June,2010, the Biopharmaceutical industry of SME Board has been haven 30 listed companies, 2 of which was listed in January and March,2010, without 2010 annual report. Therefore, delete these 2 listed companies, study the other 28 ones, and compare with 39 2010 annual report of the Biopharmaceutical industry’s listed companies, which from the Shenzhen Stock Exchange’s A-share Main Board Market, discuss its financing structure, finding that the Biopharmaceutical industry of SME Board has the following features: the ration of equity financing is high, showing strong preference for equity financing; the ration of debt financing is low and the financing structure is imbalance; the ration of internal financing is similiarn to Main Board Market ones. From financing structure, this paper discusses the reason of the financing structure’s formation from different aspects, like capital market, and gives several advices to optimize the structure.

[Key Words] Financing Structure, SME Board, Equity Financing, Bond Market

一、中小板医药生物行业上市公司融资结构特征

参考国内学界研究融资结构通常采用的方法，本文对相关指标的统计口径作出以下界定。首先，外源融资包括留存收益（未分配利润+盈余公积）和累计折旧。其次，外源融资分为股权融资、债券融资和其他融资。股权融资包括流通股本和资本公积；债券融资以短期借款、长期借款、债券融资、商业信用为主，其中商业信用包括应付账款、预收账款和应付票据；其他融资包括政府补助等。（一）医药生物行业上市公司融资结构总特征。

表 1 2010年中小板医药生物行业上市公司融资结构