我国电力行业上市公司资本结构与公司绩效相关性的实证研究

发布时间：2018-01-02 19:04

本文关键词：我国电力行业上市公司资本结构与公司绩效相关性的实证研究　出处：《北京化工大学》2013年硕士论文　论文类型：学位论文

【摘要】：自从Modigliani和Miller提出经典的MM理论以来，各国学者针对公司的资本结构展开了大量的研究。西方学者对此研究较早并取得了一些研究成果，他们认为公司的资本结构和绩效之间确实存在一定的相关性，这些结果对国外公司的治理和发展也提供了一定的帮助。不过，我国目前还不存在国外那么成熟的资本市场，公司的治理结构也并不完善，国外的研究成果并不一定符合中国公司的发展状况，同时，国内学者在理论研究上还存在大量分歧。因此，对资本结构与公司绩效的相关性进行研究具有积极的现实意义。电力行业是我国国民经济发展中一个十分重要的基础性产业，各级政府都十分重视电力行业的发展，同时也受到国家政策的大力扶持。电力上市公司是整个电力行业中发展规模较大，业绩较好的公司，具有很强的代表性，成为资本市场重点关注的对象。同其他支柱型产业一样，电力行业也属于资金密集型行业，需要大量的资金来维持行业的发展。这些资金除了一部分来自于公司内部融资外，很大一部分来自于外部筹集的资金，尤其是债务融资。其资本结构是否合理将会对公司的绩效产生直接影响。因此，对电力行业上市公司的资本结构和公司绩效的相关性进行研究，不仅对电力行业上市公司的融资决策有很好的参考价值，同时也有利于整个电力行业的发展。本文选取我国沪深两市电力行业的上市公司为研究对象，，以2009年至2011年三年的公司年报为参考数据，通过对该行业自身的资本结构特征和绩效进行分析，建立多元线性回归模型，以Eviews6.0统计软件为研究工具，通过广义最小二乘法进行实证研究，找到对电力行业上市公司资本结构与公司绩效相关性影响显著的因素，最后根据实证研究的结果提出相应的建议和对策。
[Abstract]:Since Modigliani and Miller put forward the classical MM theory. Scholars from all over the world have carried out a lot of research on the capital structure of the company. Western scholars have made some achievements in this research earlier, they think there is a certain correlation between the capital structure and performance of the company. These results also provide some help to the governance and development of foreign companies. However, at present, China does not have such a mature capital market, and the corporate governance structure is not perfect. Foreign research results are not necessarily in line with the development of Chinese companies, at the same time, there are a lot of differences in theoretical research among domestic scholars. It has positive practical significance to study the correlation between capital structure and corporate performance. The electric power industry is a very important basic industry in the development of our national economy. Governments at all levels attach great importance to the development of the electric power industry. At the same time, it is also strongly supported by national policies. The listed power companies are the companies with large scale of development and good performance in the whole power industry, which are highly representative. Like other pillar industries, the power industry is also capital-intensive. A large amount of capital is needed to sustain the industry. In addition to some internal financing, a large part of these funds come from external sources of financing. Especially debt financing. Whether the capital structure is reasonable or not will have a direct impact on the performance of the company. Therefore, the relationship between the capital structure and corporate performance of listed companies in the power industry is studied. It not only has a good reference value for the financing decision of listed companies in power industry, but also conducive to the development of the whole power industry. This paper selects the listed companies in the power industry of Shanghai and Shenzhen stock market as the research object. Taking the annual report from 2009 to 2011 as the reference data, through the analysis of the capital structure characteristics and performance of the industry itself, a multivariate linear regression model is established. With the Eviews6.0 statistical software as the research tool, through the generalized least square method to empirical research, find out the power industry listed companies capital structure and corporate performance correlation significant factors. Finally, according to the results of empirical research, the corresponding suggestions and countermeasures are put forward.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.61

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