电力行业上市公司资本结构对经营绩效影响研究

发布时间：2018-05-23 11:02

本文选题：上市公司 + 电力行业　；参考：《华北电力大学》2014年硕士论文

【摘要】：长期以来,作为现代财务学的重要内容,资本结构一直是国内外学者研究的热点问题。资本结构通过影响企业资本成本和财务风险进而影响企业的治理结构和整体价值,因而对地区乃至国家总体经济和社会发展产生重要影响。所以,优化资本结构可以降低企业资本成本,控制财务风险,增加公司价值,从而促进经济增长和社会稳定。然而,目前国内对于上市公司资本结构的研究般是对公司的债务和股权两个方面分别展开,忽视了债务和股权之间的相互影响,易形成较为片面的结论。而对公司经营绩效的研究大多集中于传统的会计收益指标、托宾Q值和EVA指标,但它们均不是衡量公司绩效的优良指标。会计收益指标只代表企业过去的经营成果,且容易被歪曲操纵；在当前中国资本市场为弱式有效的环境下,很难准确计算企业的托宾Q值；而EVA值作为绝对值指标,可比性差且不能反映资源的投入产出关系。因此,本文首先界定了资本结构与公司经营绩效的内涵,选取了EVA回报率作为电力行业上市公司经营绩效的替代指标进行研究,以便更准确地反映公司的绩效和价值创造能力；然后从电力行业上市公司的资本结构现状展开研究,分析了当前资本结构的成因；随后选取了负债结构指标、股权结构指标以及其他可能影响公司经营绩效的指标进行因子分析,得到代表电力行业上市公司债务融资结构、股本结构、股权集中度、盈利能力、长期资产经营管理能力、流动资产经营管理能力的六个因子,将其作为自变量对EVA回报率进行多元回归分析。通过实证研究发现,在债务结构方面,长期负债率与公司经营绩效正相关、短期有息负债率与公司经营绩效负相关；股权结构方面,股权集中度与公司绩效具有正相关关系,流通股比例与公司经营绩效正相关、国有股比例与公司经营绩效负相关。根据研究结果,本文最后提出了相应的对策建议以优化电力行业上市公司的资本结构、提高公司绩效。
[Abstract]:For a long time, as an important part of modern finance, capital structure has been a hot topic for scholars at home and abroad. The capital structure affects the corporate governance structure and the overall value by influencing the capital cost and financial risk of the enterprise, thus exerting an important influence on the overall economic and social development of the region and even the country. Therefore, optimizing the capital structure can reduce the cost of capital, control the financial risk, increase the value of the company, and promote the economic growth and social stability. However, at present, the research on the capital structure of listed companies is mainly about debt and equity, ignoring the mutual influence between debt and equity, and it is easy to form a one-sided conclusion. However, most of the researches on corporate performance are focused on the traditional accounting income index, Tobin Q value and EVA index, but they are not good indicators to measure the company performance. The accounting income index only represents the past business achievement of the enterprise, and is easy to be distorted and manipulated. In the current weak and efficient environment of China's capital market, it is difficult to accurately calculate the Tobin Q value of the enterprise, while the EVA value is taken as the absolute value index. Poor comparability and can not reflect the input-output relationship of resources. Therefore, this paper firstly defines the connotation of capital structure and corporate performance, and selects the EVA rate of return as an alternative index to the performance of listed companies in power industry, so as to more accurately reflect the performance and value creation ability of the company. Then from the current situation of capital structure of listed companies in the electric power industry, the paper analyzes the causes of the current capital structure, and then selects the debt structure index. The index of equity structure and other indexes that may affect the performance of the company are analyzed, and the debt financing structure, equity concentration, profitability, long-term assets management ability of listed companies in the power industry are obtained. The six factors of current assets management ability are used as independent variables to analyze the return rate of EVA. The empirical study shows that in debt structure, long-term debt ratio is positively correlated with company performance, short-term interest-bearing debt ratio is negatively correlated with company performance, and ownership concentration has a positive correlation with corporate performance in terms of equity structure. The proportion of circulating shares is positively correlated with the company's operating performance, while the proportion of state-owned shares is negatively correlated with the company's operating performance. According to the research results, this paper puts forward the corresponding countermeasures and suggestions to optimize the capital structure and improve the performance of listed companies in power industry.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.61

【参考文献】