中國電力上市公司資本結(jié)構(gòu)研究
本文選題:電力行業(yè) + 上市公司; 參考:《遼寧大學(xué)》2012年碩士論文
【摘要】:在西方發(fā)達(dá)資本主義國家,資本結(jié)構(gòu)理論已經(jīng)發(fā)展的相當(dāng)成熟,這將為本文研究電力上市公司資本結(jié)構(gòu)問題給予理論上的支持。但是,西方國家的資本結(jié)構(gòu)理論建立在發(fā)達(dá)的商品經(jīng)濟基礎(chǔ)上,它是以公司法人治理結(jié)構(gòu)健全、資本市場較為發(fā)達(dá)、融資渠道方式多樣作為前提條件。然而,在中國,,西方國家的資本結(jié)構(gòu)理論缺乏正常發(fā)揮作用的基礎(chǔ),基本不具備上述前提條件,西方資本結(jié)構(gòu)理論是不是符合國內(nèi)的實際情況,還需我們做進(jìn)一步的驗證與研究。 目前,國內(nèi)學(xué)者關(guān)于資本結(jié)構(gòu)的研究工作,絕大部分以上市公司整體為研究對象,各研究的結(jié)論不盡相同,因此我們需要運用多種分析方法并采集相關(guān)數(shù)據(jù)驗證與研究本文的觀點。此外,在當(dāng)前國內(nèi)研究中,我國學(xué)者很少采取以電力行業(yè)上市公司為研究對象的資本結(jié)構(gòu)研究。 考慮到電力行業(yè)在國民經(jīng)濟中所處地位的特殊性和重要性,本文在國內(nèi)外學(xué)者研究的基礎(chǔ)上,選取滬深兩市的電力行業(yè)上市公司為研究對象,通過對其資本結(jié)構(gòu)特征的分析及資本結(jié)構(gòu)決定因素、資本結(jié)構(gòu)與公司經(jīng)營績效的實證研究,試圖總結(jié)我國電力行業(yè)上市公司資本結(jié)構(gòu)的成因,并探討最佳資本結(jié)構(gòu)的存在區(qū)間,對比資本結(jié)構(gòu)現(xiàn)狀提出優(yōu)化資本結(jié)構(gòu)、改善電力上市公司經(jīng)營績效的對策和建議。
[Abstract]:In the western developed capitalist countries, the theory of capital structure has been developed quite mature, which will give theoretical support for the study of the capital structure of the listed power companies in this paper.However, the capital structure theory of the western countries is based on the developed commodity economy. It is based on the sound corporate governance structure, the more developed capital market, and the variety of financing channels.However, in China, the capital structure theory in the western countries lacks the basis for normal functioning, and basically does not meet the above preconditions. Is the western capital structure theory in line with the actual domestic situation?We still need to do further verification and research.At present, most of the domestic scholars' research work on capital structure takes the listed companies as a whole as the research object, and the conclusions of each study are not the same.Therefore, we need to use a variety of analytical methods and collect relevant data to verify and study the point of view of this paper.In addition, in the current domestic research, Chinese scholars seldom take the capital structure research of listed companies in power industry as the research object.Considering the particularity and importance of the electric power industry's position in the national economy, this paper selects the listed companies of the power industry in Shanghai and Shenzhen stock markets as the research objects on the basis of the research by domestic and foreign scholars.Based on the analysis of the capital structure characteristics and the determinants of capital structure, the empirical study of capital structure and corporate performance, this paper attempts to summarize the causes of capital structure of listed companies in power industry of our country, and to discuss the existence interval of the best capital structure.Compared with the present situation of capital structure, the paper puts forward the countermeasures and suggestions to optimize the capital structure and improve the operating performance of power listed companies.
【學(xué)位授予單位】:遼寧大學(xué)
【學(xué)位級別】:碩士
【學(xué)位授予年份】:2012
【分類號】:F832.51;F426.61;F224
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