智慧医疗行业是一个新兴行业，是科技发展，AI 时代的产物。作为与民生息息相关 的产业，这个行业的发展关乎个每一个人。但是智慧医疗行业的特点是自负盈亏，投入 大，周期长的特点，所以就对于智慧医疗行业的融资结构进行分析，来研究融资结构对 企业经营绩效的影响。再实际研究过程中，选取了具有代表性的上市公司作为研究对象。 并且选取智慧医疗行业上市公司 2015-2019 年五年的数据作为研究变量。 本文先对相关概念进行解释说明，融资结构、经营绩效。同时分析研究了国内外的 发展趋势，为做实证分析提供有力的理论支持。然后对智慧医疗行上市公司的现状进行 分析，分别刨析了智慧医疗行业上市公司的融资结构，内源融资、债权融资、股权融资。 并针对每一个融资情况进行分析概括。针对经营绩效选取了成长能力、盈利能力和收益 质量、偿债能力、营运能力进行细分和研究。对整体有把握。 针对智慧医疗行业上市公司的实证研究，选取总资产收益率、净资产收益率、每股 收益、流动比率、速动比率、资产负债率、营业收入增长率、总资产增长率、净利润增 长率、总资产周转率、流动资产周转率和固定资产周转率，通过因子分析法探究 2015-2019 年智慧医疗行业上市公司经营绩效的影响因素，并根据综合得分构建经营绩效指标。选 取商业信用融资率、短期借款融资率、长期借款融资率、债权融资率、股权融资率和内 源融资率。控制变量选取资本总额、股权集中度、公司平均年龄。利用回归分析得出结 论。商业信用融资率、股权融资率、内源融资率与经营绩效成正相关；短期借款、公司 平均年龄与经营绩效成负相关；长期借款融资率、债券融资率、股权集中度与经营绩效 不显著。最后根据本文结论分别给出自身和外部如何改进结论，并且展示本文的不足之 处。 关键词：智慧医疗，融资结构，经营绩效 1山东建筑大学硕士学位论文 ABSTRACT Intelligent medical industry is an emerging industry, which is the product of the development of science and technology and the era of AI. As an industry closely related to people's livelihood, the development of this industry concerns everyone. However, the characteristics of smart medical industry are self financing, large investment and long cycle. Therefore, this paper analyzes the financing structure of smart medical industry to study the impact of financing structure on business performance. In the actual research process, the representative listed companies are selected as the research object. The data of Listed Companies in smart medical industry from 2015 to 2019 are selected as the research variables. This paper first explains the relevant concepts, financing structure, business performance. At the same time, it analyzes and studies the development trend at home and abroad, providing strong theoretical support for empirical analysis. Then, it analyzes the status quo of Listed Companies in smart medical industry, analyzes the financing structure, internal financing, debt financing and equity financing of Listed Companies in smart medical industry. And each financing situation is analyzed and summarized. According to the business performance, it selects growth ability, profitability and income quality, solvency and operation ability to subdivide and research. Be sure of the whole. Based on the empirical study of Listed Companies in the smart medical industry, this paper selects the rate of return on total assets, return on net assets, earnings per share, current ratio, quick ratio, asset liability ratio, operating income growth rate, total asset growth rate, net profit growth rate, total asset turnover rate, current asset turnover rate and fixed asset turnover rate to explore the 2015-2019 smart medicine by factor analysis The influencing factors of business performance of Listed Companies in the medical industry, and the operating performance indicators are constructed according to the comprehensive score. Select commercial credit financing 2山东建筑大学硕士学位论文 rate, short-term loan financing rate, long-term loan financing rate, debt financing rate, equity financing rate and endogenous financing rate. The control variables include total capital, equity concentration and average age of the company. The conclusion is drawn by linear analysis. Commercial credit financing rate, equity financing rate and endogenous financing rate are positively correlated with business performance; short-term loans and average age of the company are negatively correlated with business performance; long-term loan financing rate, bond financing rate, equity concentration ratio and business performance are not significant. Finally, according to the conclusion of this paper, reasonable suggestions are given. Key Words: Medical treatment, Financing structure, Business performance 3山东建筑大学硕士学位论文 目 录 摘要............................................................................................................I ABSTRACT...................................................................................................................II 第 1 章 绪 论..............................................................................................6 1.1 研究背景..........................................................................................................6 1.2 研究意义...........................................................................................................7 1.3 论文框架与研究方法......................................................................................8 1.4 研究思路与创新...............................................................................................9 第 2 章 文献综述....................................................................................... 6 2.1 相关概念...........................................................................................................6 2.1.1 融资结构...............................................................................................6 2.1.2 经营绩效...............................................................................................7 2.1.3 智慧医疗行业界定...............................................................................7 2.2 国内外研究现状...............................................................................................8 2.2.1 国外研究现状.......................................................................................8 2.2.2 国内研究现状.......................................................................................9 2.2.3 研究评述.............................................................................................15 第 3 章 智慧医疗行业上市公司及其现状.............................................17 3.1 样本选择.........................................................................................................17 3.2 融资结构现状分析.........................................................................................18 3.2.1 智慧医疗行业上市公司融资结构整体分析.....................................18 3.2.2 智慧医疗行业上市公司内部融资结构分析.....................................20 3.2.3 智慧医疗行业上市公司股权融资结构分析.....................................22 3.2.4 智慧医疗行业上市公司债权融资结构分析.......................................19 3.3 智慧医疗行业上市公司经营绩效现状分析................................................26 3.3.1 智慧医疗行业上市公司盈利能力....................................................26 3.3.2 智慧医疗行业上市公司偿债能力.....................................................29 3.3.3 智慧医疗行业上市公司营运能力.....................................................31 4山东建筑大学硕士学位论文 3.3.4 智慧医疗行业上市公司成长能力.....................................................33 第 4 章 智慧医疗行业上市公司公司融资结构对经营绩效实证分析35 4.1 变量设置.........................................................................................................35 4.1.1 解释变量的选取、度量及研究假设的提出....................................35 4.1.2 被解释变量的选取和度量...................................................................37 4.1.3 控制变量.............................................................................................43 4.2 智慧医疗行业上市公司融资结构对经营绩效研究....................................44 4.2.1 模型建立.............................................................................................44 4.2.2 描述性统计.........................................................................................45 4.2.3 相关分析............................................................................................47 4.2.4 回归结果分析....................................................................................44 第 5 章 结论和建议..............................................................................................53 5.1 结论.................................................................................................................53 5.2 建议.................................................................................................................53 5.3 展望.................................................................................................................54