我国电力行业上市公司融资结构与绩效的实证研究

发布时间：2018-04-28 16:07

本文选题：上市公司 + 电力行业　；参考：《长沙理工大学》2013年硕士论文

【摘要】：关于上市公司融资结构与绩效相关性的研究是国内外学术界进行公司金融研究的热点问题之一，目的就在于优化上市公司的融资结构，进而促进上市公司经营绩效的提高。本文介绍了西方融资结构理论中几种主流的理论观点，包括古典融资结构理论、MM定理、权衡理论、代理理论、信号传递理论、优序融资理论，选择了我国电力行业上市公司2007-2011年的相关数据进行实证分析，运用统计分析方法分析了样本公司融资结构的发展现状，说明了其存在的一些特点，然后选取净资产收益率、每股收益、营业利润率、利息保障倍数、营业收入增长率、托宾Q值作为衡量公司绩效的指标来进行因子分析，最后利用因子分析的结果结合融资结构指标采用面板数据模型对电力行业上市公司的融资结构与经营绩效的相关性进行实证分析，得出了以下几点主要结论：第一，经营绩效与资产负债率有显著的负线性相关关系，与流动负债占总资产之比呈显著的负线性相关关系，与长期负债占总资产之比呈显著的负线性相关关系；第二，，从实证结果的系数绝对值上看，流动负债占总资产之比的回归系数大于长期负债占总资产之比的回归系数；第三，经营绩效与内源融资率呈显著的正线性相关关系，与股权融资率呈较为微弱的正线性相关关系，与债权融资率呈显著的负线性相关关系；第四，经营绩效与前五大股东持股比例平方和关系不显著。在实证结果的基础上，本文提出了以下几点政策建议：降低资产负债率，提高债券筹资比例，合理安排负债结构。
[Abstract]:The research on the correlation between financing structure and performance of listed companies is one of the hot issues in the research of corporate finance at home and abroad. The purpose is to optimize the financing structure of listed companies and to promote the improvement of operating performance of listed companies. This paper introduces several mainstream theories in western financing structure theory, including classical financing structure theory and MM theorem, tradeoff theory, agency theory, signal transmission theory, priority financing theory, etc. This paper selects the relevant data of the listed companies in China's electric power industry from 2007 to 2011 to carry on the empirical analysis, analyzes the development status of the sample company's financing structure by using the statistical analysis method, explains some characteristics of its existence, and then selects the net assets return rate. Earnings per share, operating profit margin, interest guarantee multiple, revenue growth rate and Tobin Q are used as indicators to measure the company's performance. Finally, using the results of factor analysis combined with financing structure indicators to use panel data model to analyze the correlation between financing structure and operating performance of listed companies in electric power industry. The main conclusions are as follows: first, There is a significant negative linear correlation between operating performance and asset-liability ratio, a significant negative linear correlation with the ratio of current liabilities to total assets, and a significant negative linear correlation with the ratio of long-term liabilities to total assets. From the absolute value of the empirical results, the regression coefficient of the ratio of current liabilities to total assets is greater than that of long-term liabilities to total assets. Thirdly, there is a significant positive linear correlation between operating performance and endogenous financing ratio. There is a weak positive linear correlation with the equity financing rate and a significant negative linear correlation with the debt financing rate. Fourth, there is no significant relationship between the operating performance and the square sum of the shareholding ratio of the top five shareholders. Based on the empirical results, this paper puts forward the following policy suggestions: to reduce the ratio of assets and liabilities, to increase the proportion of bond financing, and to arrange the structure of debt reasonably.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.61

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