会计学院知识库

  公司的资本结构优化是一个公司非常重要的财务管理活动，涉及公司重要的投融资活动，且通过影响企业的资本成本以及财务杠杆效应等从而直接或间接的影响公司的营运能力、盈利能力、偿债能力以及公司的发展能力。上市公司的融资方式对于其资本结构的合理性有重要的影响，从而直接或间接的影响到公司的价值最大化目标的实现。医药行业公司需要大量的资金投入其研发活动中，因此合理的融资结构对医药制造业尤为重要。2021年，由于疫情的持续影响，行业发生变革，医药制造业竞争力加剧，集中大量的原材料采购，国家医保产品的价格大幅度降低，导致医药制造业公司的毛利率受到影响，医药制造业的原材料以及其他的各项成本价格持续上升，对公司的业绩产生影响。

  本文选择了恒瑞医药公司作为案例，以优序融资理论为基础，做公司资本结构优化研究。首先总结回顾了资本结构优化相关理论以及文献，然后分析了恒瑞医药公司的经营状况以及其资本结构现状，并选取了同为医药制造业的几家公司作为对比，对恒瑞医药的融资情况进行分析，并提出了公司在总资本结构、债权资本结构以及股权资本结构中存在的问题。基于这些问题，运用资本结构静态模型可以计算出恒瑞医药公司最优资本结构情况。由于公司的内外部环境处于变化状态，因此选取了影响公司资本结构的内外部因素构建指标体系，利用熵值法计算出各指标对公司资本结构调整影响的权重，最后结合静态与动态模型进行分析，依据融资优序理论设计公司资本结构优化的方案，最后提出方案实施的保障措施。

  The optimization of the company's capital structure is a very important financial management activity of the company, involving important investment and financing activities of the company, and directly or indirectly affects the company's operating ability, profitability, solvency and development ability by affecting the company's capital cost and financial leverage effect. The financing methods of listed companies have an important impact on the rationality of their capital structure, which directly or indirectly affects the realization of the goal of maximizing the value of the company. Companies in the pharmaceutical industry need a large amount of capital to invest in their R&D activities, so a reasonable financing structure is particularly important for the pharmaceutical manufacturing industry. In 2021, due to the continuous impact of the epidemic, the industry will change, the competitiveness of the pharmaceutical manufacturing industry will increase, a large number of raw materials will be purchased, and the price of national medical insurance products will be significantly reduced, which will affect the gross profit margin of pharmaceutical manufacturing companies, and the raw materials and other cost prices of pharmaceutical manufacturing will continue to rise, which will have an impact on the company's performance.

  In this paper, Hengrui Pharmaceutical Co., Ltd. is selected as a case to study the optimization of the company's capital structure based on the pecking order financing theory. First, it summarizes and reviews the relevant theories and literature on capital structure optimization, then analyzes the operation status and capital structure status of Hengrui Pharmaceutical Co., Ltd., selects several companies in the same pharmaceutical manufacturing industry as a comparison, analyzes the financing situation of Hengrui Pharmaceutical, and puts forward the problems in the total capital structure, debt capital structure and equity capital structure of the company. Based on these problems, we use the static model of capital structure to analyze the asset liability ratio of Hengrui Pharmaceutical Company's optimal capital structure. Because the internal and external environment of the company is in a changing state, the internal and external factors that affect the company's capital structure are selected to build an indicator system, and the weight of each indicator on the adjustment of the company's capital structure is calculated using the entropy method. Finally, the static and dynamic models are used to analyze, and the plan for optimizing the company's capital structure is designed according to the financing priority theory. Finally, the safeguard measures for the implementation of the plan are proposed.