新兴医养结合产业是我国被明确写进政府工作报告，未来“五年计划”产业中 着重发展的产业之一。随着新生代科学技术的发展，新兴医养结合产业有了多元 化的发展形式，房地产、医药制造、医疗服务、健康服务、医养科技服务等行业 都有新兴医养结合企业的影子，不少已上市企业陆续宣布进入新兴医养结合产 业，新兴医养结合产业的大好发展形势吸引了不少企业。但新兴医养结合企业由 于是新兴产业，缺乏市场有效、科学的价值评估模式，在企业经营发展过程中， 不得不面对融资的问题，对部分后进入新兴医养的企业而言，可以选择上市融资， 或者以原有地产作抵押向银行进行抵押贷款，或者进行商业信用融资。在不同的 融资结构下，新兴医养结合企业经营绩效也呈现出不同的表现。 企业融资结构对企业经营绩效的影响在学术界已有不少研究，新兴医养结合 行业作为我国解决社会养老问题的重要行业，在初始阶段的发展过程中，如何有 效融资、选择适合的融资方式对提高企业经营绩效的目标，具有非常重要的意义。 文章以理论为基础分别从内源、股权、债务融资三个方面提出其与企业经营绩效 间的相关性假设，并建立研究模型。基于 122 家 A 股上市医养结合企业近 5 年 的数据利用SPSS软件进行描述性分析、相关性分析及回归分析检验本文的假设。 本文得出结论表明内源融资对企业经营绩效的影响最大，呈现正相关，而股 权融资、债权融资、银行短期借款融资对新兴医养结合企业的经营绩效影响为显 著负相关，通过实证还发现银行长期借款融资和商业信用融资对企业经营绩效没 有显著的影响。依据新兴医养结合企业自身实际情况，提出了适当调整融资结构， 提高内源融资比例等对策建议，以达到提高企业经营绩效的目的。 关键词：医养企业，融资结构，经营绩效，效率山东建筑大学硕士学位论文 II ABSTRACT The emerging medical and nursing industry is one of the industries that will be emphasized in the "five-year Plan" in the future, which has been clearly written into the government work report. With the development of the new generation of science and technology, the emerging medical and nursing industry has a diversified form of development, real estate, pharmaceutical manufacturing, medical services, health services, ecotourism services, medical and nursing science and technology services and other industries have the shadow of emerging medical and nursing enterprises, many listed enterprises have announced to enter into this industry. The excellent development situation of this industry has attracted many enterprises. But the emerging medical and nursing enterprise is a new industry, lack of market effective, scientific value and evaluation model, in the process of business development in China, we have to face the problem of financing, some of which can be listed for financing, or mortgage to the bank with the original real estate, or commercial credit financing. Under different financing structure, the management performance of emerging medical and nursing enterprises also presents different performance. The influence of enterprise financing structure on enterprise management performance has been studied in academic circles. As an important industry to solve the problem of social pension in China, how to use effective financing and choose appropriate financing methods to achieve the goal of improving enterprise management performance is of great significance in the initial stage of development. Based on the theory, this paper puts forward the hypothesis of the correlation between endogenous financing, equity financing and debt financing and establishes the research model. Based on the data of 122 A-share listed medical and nursing enterprises in recent 5 years, SPSS software was used to conduct descriptive analysis, correlation analysis and regression analysis to test the hypothesis of this paper. This paper concluded that endogenous financing effects on business performance the biggest, which presents positive correlation, and equity financing, debt financing,山东建筑大学硕士学位论文 III bank financing short-term borrowing affect emerging medical have combined with the enterprise operating performance is significantly negative correlation, long-term borrowing through empirical also found that the bank finance and commercial credit financing effects on business performance is not significant. According to the actual situation of the emerging medical care enterprises, this paper puts forward some countermeasures and suggestions, such as adjusting the financing structure appropriately and increasing the proportion of internal financing, so as to achieve the purpose of improving the business performance of enterprises. Key Words: medical care enterprise, financing structure, operating performance, efficiency山东建筑大学硕士学位论文 IV 目 录 摘要............................................................................................................I ABSTRACT...............................................................................................II 第 1 章 绪 论 1.1 研究背景...............................................................................................................1 1.2 研究意义...............................................................................................................2 1.3 国内外研究综述...................................................................................................3 1.3.1 国外研究综述..................................................................................................3 1.3.2 国内研究综述..................................................................................................6 1.3.3 研究述评..........................................................................................................7 1.4 研究内容与方法...................................................................................................8 1.4.1 研究内容..........................................................................................................8 1.4.2 研究方法..........................................................................................................9 1.5 研究创新点.........................................................................................................9 第 2 章 相关概念界定和理论基础 2.1 新兴医养产业概念界定.....................................................................................10 2.2 企业融资理论.....................................................................................................10 2.2.1 企业融资形式................................................................................................10 2.2.2 传统融资理论................................................................................................11 2.2.3 MM 融资理论.................................................................................................12 2.2.4 融资时机对业绩的影响................................................................................12 2.2.5 不同融资方式对业绩的影响........................................................................13 2.3 企业融资模式计量确定.....................................................................................13 2.3.1 融资成本确立................................................................................................13 2.3.2 融资偏好行为对企业经营的影响................................................................14 2.4 企业经营绩效计量模型.....................................................................................14 第 3 章 研究设计山东建筑大学硕士学位论文 V 3.1 研究方法.............................................................................................................15 3.2 研究假设.............................................................................................................15 3.3 研究样本选取.....................................................................................................16 3.4 研究变量选取及模型构建.................................................................................16 3.5 实证分析.............................................................................................................20 3.5.1 描述性统计分析.............................................................................................20 3.5.2 相关性分析.............................