我国电力行业上市公司资本结构与发展能力研究

发布时间：2018-01-28 03:37

本文关键词： 电力行业资本结构发展能力竞争优势　出处：《吉林财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：电力行业是我国经济发展中最重要的能源产业,是国家经济发展中的重点和先行行业,为我国人民生活水平提供了保障。随着全球经济一体化的高速发展的宏观条件下，中国已经成为世界第二大经济体，市场经济体制的改革观念日渐被人民所重视。我国电力行业的需求也随着经济的发展和对电力企业市场化变革正发生较大的转变。电力体制改革以来,中国的电力行业发展迅速，完成了由高消耗、高污染的工业发展模式迈向了大电网和高自动化的新阶段。随着我国电力行业的改革，政府的支持力度的逐年递减，企业对资金需求的大幅度的提高，促使上市公司进行必要的大规模债务融资，导致企业资产负债率提高，此现象与我国电力行业提倡的可持续发展战略相背离。合理的资本结构对上市公司的最大价值化目标和金融安全有着必然联系，这关系到企业的可持续发展和行业的竞争优势。资本结构的科学化不但能规避负债所带来的风险，也能利用财务杠杆提高每股收益，使企业处于较低层次的金融风险，并能高效地实现企业价值最大化。研究企业的发展能力不仅能科学和正确地反映出企业的发展潜力和投资者看重的投资价值，更能够让企业真切地认识到自身资本结构的不合理之处，从而可以提高该企业在行业内的竞争优势，进而提升我国电力行业在世界市场经济中的竞争优势。关于电力行业的资本结构与盈利能力的研究较多，而有关我国电力行业上市公司资本结构与发展能力的理论研究较少，本文弥补了有关电力行业资本结构和发展能力研究的空白，具有理论意义和现实意义。本文以我国电力行业上市公司为研究对象，以其发展能力为研究出发点，进行资本结构和发展能力的实证分析研究。本文的研究是以我国电力行业上市公司为基础，以我国电力行业在沪深两市上市的公司为研究对象，首先通过描述性统计分析方法对资本结构和发展能力进行初步的行业分析，继而对其资本结构与发展能力的关系进行实证研究，，以探究我国电力行业上市公司资本结构是否有效地影响企业的长期发展，从资本结构的角度来调整我国电力行业上市公司的融资决策，促使企业自身能科学地筹集企业所需资本，做出相应的高效决策，从而提升长期发展能力，实现可持续发展。本文首先对资本结构和发展能力的定义和相关理论进行论述,同时也为本研究提供可靠的理论依据。其次通过比较我国国内和国外电力行业上市公司融资的现状,剖析了上市公司的资本结构,并对我国电力行业上市公司资本结构对发展能力的影响作了总体分析。再次,以沪深两市上市的电力行业51家公司为研究对象,分析样本的资本结构和发展能力,并构造多元线性回归分析模型,进而对我国电力行业51家上市公司的资本结构对发展能力的影响进行实证分析。最后,通过在对我国电力行业51家上市公司资本结构与发展能力的实证分析,提出了优化我国电力行业上市公司资本结构来提升公司发展能力的对策和建议。
[Abstract]:The power industry is the most important in the economic development of our country's energy industry, is a key and leading industry in national economic development, provide a guarantee for the people's living standard in our country. With the macro conditions of the rapid development of global economic integration under the China has become the world's second largest economy, market economy system reform concept is gradually the people's attention. China's electric power industry demand with the development of economy and the electric power enterprise market reform is great change. Since the power system reform, the rapid development of electric power industry China, completed by the high consumption, high pollution industry development mode to the large power and high automation with the new stage. The reform of China's electric power industry, the government's support of the enterprise greatly decreased year by year, the demand for capital increase, promote the listed company debt financing is necessary in large scale This results in a deviation from the sustainable development strategy advocated by the electric power industry in China.
Reasonable capital structure is inevitably related to the listed companies to maximize the value goal and financial security, which is related to the sustainable development of enterprises and the competitive advantage of the industry. The capital structure of science not only can avoid the risk of debt caused by the earnings per share can improve the use of financial leverage, so that enterprises in the lower level of financial the risk, and can effectively realize the maximization of enterprise value. The development ability of enterprises can not only scientifically and correctly reflect the development potential of enterprises and investors value the investment value, can allow enterprises to truly recognize the unreasonable capital structure, which can improve the enterprise competitive advantage in the industry then, to enhance China's electric power industry in the world market economy competitive advantage.
More research on the capital structure and profitability of the power industry, the power industry of our country listed company capital structure and the development ability of the theory study less, this paper makes up the blank about the capital structure of power industry and development research, has theoretical significance and practical significance. In this paper, China's electric power industry listed company as the research object with the development of the ability, as the starting point of research, empirical analysis of capital structure and development ability.
This paper is based on the research of China's electric power industry listed companies based in China's electric power industry listed in Shanghai and Shenzhen two companies as the research object, firstly through descriptive statistics analysis on the capital structure and the development ability of the preliminary analysis, empirical research and the relationship of capital structure and development ability, in the long-term whether the development of the capital structure of China's electric power industry listed companies effectively influence enterprises, to adjust China's electric power industry listed companies from the perspective of capital structure and the financing decision, promote the enterprise itself scientifically to raise the required capital in enterprise, make effective decisions accordingly, so as to enhance the ability of long-term development, realize the sustainable development in this paper. The definition of capital structure and development ability and related theories are discussed, and also provide a reliable theoretical basis for this study. By comparing the second China's domestic and foreign listed companies in electric power industry financing present situation, analyzes the capital structure of listed companies, and to our country electric power industry capital structure of listed companies on the development of the effect of the overall analysis. Thirdly, the electric power industry in Shanghai and Shenzhen two city listed 51 companies as the research object, analyzing the capital structure of sample and the ability of development, and construct the multivariate linear regression analysis model, the empirical analysis of capital structure of China's power industry 51 listed companies on the development ability. Finally, through the empirical analysis in the capital structure and the development of China's electric power industry 51 listed companies, put forward the optimization of China's electric power industry the capital structure of listed companies countermeasures and suggestions to enhance the company's development capacity.

【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.61

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