本文關(guān)鍵詞：我國電力行業(yè)上市公司資本結(jié)構(gòu)與公司績效相關(guān)性的實(shí)證研究　出處：《北京化工大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 電力行業(yè) 上市公司 資本結(jié)構(gòu) 績效 相關(guān)性

【摘要】：自從Modigliani和Miller提出經(jīng)典的MM理論以來，各國學(xué)者針對公司的資本結(jié)構(gòu)展開了大量的研究。西方學(xué)者對此研究較早并取得了一些研究成果，他們認(rèn)為公司的資本結(jié)構(gòu)和績效之間確實(shí)存在一定的相關(guān)性，這些結(jié)果對國外公司的治理和發(fā)展也提供了一定的幫助。不過，我國目前還不存在國外那么成熟的資本市場，公司的治理結(jié)構(gòu)也并不完善，國外的研究成果并不一定符合中國公司的發(fā)展?fàn)顩r，同時(shí)，國內(nèi)學(xué)者在理論研究上還存在大量分歧。因此，對資本結(jié)構(gòu)與公司績效的相關(guān)性進(jìn)行研究具有積極的現(xiàn)實(shí)意義。 電力行業(yè)是我國國民經(jīng)濟(jì)發(fā)展中一個(gè)十分重要的基礎(chǔ)性產(chǎn)業(yè)，各級政府都十分重視電力行業(yè)的發(fā)展，同時(shí)也受到國家政策的大力扶持。電力上市公司是整個(gè)電力行業(yè)中發(fā)展規(guī)模較大，業(yè)績較好的公司，具有很強(qiáng)的代表性，成為資本市場重點(diǎn)關(guān)注的對象。同其他支柱型產(chǎn)業(yè)一樣，電力行業(yè)也屬于資金密集型行業(yè)，需要大量的資金來維持行業(yè)的發(fā)展。這些資金除了一部分來自于公司內(nèi)部融資外，很大一部分來自于外部籌集的資金，尤其是債務(wù)融資。其資本結(jié)構(gòu)是否合理將會(huì)對公司的績效產(chǎn)生直接影響。因此，對電力行業(yè)上市公司的資本結(jié)構(gòu)和公司績效的相關(guān)性進(jìn)行研究，不僅對電力行業(yè)上市公司的融資決策有很好的參考價(jià)值，同時(shí)也有利于整個(gè)電力行業(yè)的發(fā)展。本文選取我國滬深兩市電力行業(yè)的上市公司為研究對象，，以2009年至2011年三年的公司年報(bào)為參考數(shù)據(jù)，通過對該行業(yè)自身的資本結(jié)構(gòu)特征和績效進(jìn)行分析，建立多元線性回歸模型，以Eviews6.0統(tǒng)計(jì)軟件為研究工具，通過廣義最小二乘法進(jìn)行實(shí)證研究，找到對電力行業(yè)上市公司資本結(jié)構(gòu)與公司績效相關(guān)性影響顯著的因素，最后根據(jù)實(shí)證研究的結(jié)果提出相應(yīng)的建議和對策。
[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.
【學(xué)位授予單位】：北京化工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.61

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 胡國柳,董屹;上市公司股權(quán)結(jié)構(gòu)與資本結(jié)構(gòu)選擇的實(shí)證分析[J];財(cái)經(jīng)科學(xué);2005年05期

2 魏文;司yN梅;;電力上市公司資本結(jié)構(gòu)實(shí)證研究——以華能國際為例[J];財(cái)會(huì)通訊;2010年32期

3 邢慧;馬海青;;基于因子分析法的電力行業(yè)上市公司經(jīng)營績效評價(jià)[J];財(cái)會(huì)通訊;2011年23期

4 沈靜;房曼;;能源企業(yè)資本結(jié)構(gòu)與公司績效的相關(guān)性研究[J];財(cái)會(huì)月刊;2012年08期

5 陳維云,張宗益;對資本結(jié)構(gòu)財(cái)務(wù)影響因素的實(shí)證研究[J];財(cái)經(jīng)理論與實(shí)踐;2002年01期

6 李有根,趙西萍,李懷祖;上市公司的董事會(huì)構(gòu)成和公司績效研究[J];中國工業(yè)經(jīng)濟(jì);2001年05期

7 王娟,楊鳳林;中國上市公司資本結(jié)構(gòu)影響因素的最新研究[J];國際金融研究;2002年08期

8 于東智;董事會(huì)行為、治理效率與公司績效──基于中國上市公司的實(shí)證分析[J];管理世界;2001年02期

9 袁國良,鄭江淮,胡志乾;我國上市公司融資偏好和融資能力的實(shí)證研究[J];管理世界;1999年03期

10 汪強(qiáng);吳世農(nóng);;公司治理是如何影響資本結(jié)構(gòu)的——基于我國上市公司的實(shí)證研究[J];經(jīng)濟(jì)管理;2007年12期

相關(guān)博士學(xué)位論文 前1條

1 林偉;中國上市公司資本結(jié)構(gòu)優(yōu)化的理論和實(shí)證研究[D];浙江大學(xué);2006年

本文編號：1370518