本文關鍵詞： 電力行業(yè) 資本結構 發(fā)展能力 競爭優(yōu)勢　出處：《吉林財經大學》2014年碩士論文　論文類型：學位論文

【摘要】：電力行業(yè)是我國經濟發(fā)展中最重要的能源產業(yè),是國家經濟發(fā)展中的重點和先行行業(yè),為我國人民生活水平提供了保障。隨著全球經濟一體化的高速發(fā)展的宏觀條件下，中國已經成為世界第二大經濟體，市場經濟體制的改革觀念日漸被人民所重視。我國電力行業(yè)的需求也隨著經濟的發(fā)展和對電力企業(yè)市場化變革正發(fā)生較大的轉變。電力體制改革以來,中國的電力行業(yè)發(fā)展迅速，完成了由高消耗、高污染的工業(yè)發(fā)展模式邁向了大電網和高自動化的新階段。隨著我國電力行業(yè)的改革，政府的支持力度的逐年遞減，企業(yè)對資金需求的大幅度的提高，促使上市公司進行必要的大規(guī)模債務融資，導致企業(yè)資產負債率提高，此現(xiàn)象與我國電力行業(yè)提倡的可持續(xù)發(fā)展戰(zhàn)略相背離。 合理的資本結構對上市公司的最大價值化目標和金融安全有著必然聯(lián)系，這關系到企業(yè)的可持續(xù)發(fā)展和行業(yè)的競爭優(yōu)勢。資本結構的科學化不但能規(guī)避負債所帶來的風險，也能利用財務杠桿提高每股收益，使企業(yè)處于較低層次的金融風險，并能高效地實現(xiàn)企業(yè)價值最大化。研究企業(yè)的發(fā)展能力不僅能科學和正確地反映出企業(yè)的發(fā)展?jié)摿屯顿Y者看重的投資價值，更能夠讓企業(yè)真切地認識到自身資本結構的不合理之處，從而可以提高該企業(yè)在行業(yè)內的競爭優(yōu)勢，進而提升我國電力行業(yè)在世界市場經濟中的競爭優(yōu)勢。 關于電力行業(yè)的資本結構與盈利能力的研究較多，而有關我國電力行業(yè)上市公司資本結構與發(fā)展能力的理論研究較少，本文彌補了有關電力行業(yè)資本結構和發(fā)展能力研究的空白，具有理論意義和現(xiàn)實意義。本文以我國電力行業(yè)上市公司為研究對象，以其發(fā)展能力為研究出發(fā)點，進行資本結構和發(fā)展能力的實證分析研究。 本文的研究是以我國電力行業(yè)上市公司為基礎，以我國電力行業(yè)在滬深兩市上市的公司為研究對象，首先通過描述性統(tǒng)計分析方法對資本結構和發(fā)展能力進行初步的行業(yè)分析，繼而對其資本結構與發(fā)展能力的關系進行實證研究，，以探究我國電力行業(yè)上市公司資本結構是否有效地影響企業(yè)的長期發(fā)展，從資本結構的角度來調整我國電力行業(yè)上市公司的融資決策，促使企業(yè)自身能科學地籌集企業(yè)所需資本，做出相應的高效決策，從而提升長期發(fā)展能力，實現(xiàn)可持續(xù)發(fā)展。本文首先對資本結構和發(fā)展能力的定義和相關理論進行論述,同時也為本研究提供可靠的理論依據(jù)。其次通過比較我國國內和國外電力行業(yè)上市公司融資的現(xiàn)狀,剖析了上市公司的資本結構,并對我國電力行業(yè)上市公司資本結構對發(fā)展能力的影響作了總體分析。再次,以滬深兩市上市的電力行業(yè)51家公司為研究對象,分析樣本的資本結構和發(fā)展能力,并構造多元線性回歸分析模型,進而對我國電力行業(yè)51家上市公司的資本結構對發(fā)展能力的影響進行實證分析。最后,通過在對我國電力行業(yè)51家上市公司資本結構與發(fā)展能力的實證分析,提出了優(yōu)化我國電力行業(yè)上市公司資本結構來提升公司發(fā)展能力的對策和建議。
[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.

【學位授予單位】：吉林財經大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F406.7;F426.61

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