本文選題：上市公司 + 電力行業(yè)�。� 參考：《華北電力大學(xué)》2014年碩士論文

【摘要】：長期以來,作為現(xiàn)代財(cái)務(wù)學(xué)的重要內(nèi)容,資本結(jié)構(gòu)一直是國內(nèi)外學(xué)者研究的熱點(diǎn)問題。資本結(jié)構(gòu)通過影響企業(yè)資本成本和財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)而影響企業(yè)的治理結(jié)構(gòu)和整體價(jià)值,因而對地區(qū)乃至國家總體經(jīng)濟(jì)和社會發(fā)展產(chǎn)生重要影響。所以,優(yōu)化資本結(jié)構(gòu)可以降低企業(yè)資本成本,控制財(cái)務(wù)風(fēng)險(xiǎn),增加公司價(jià)值,從而促進(jìn)經(jīng)濟(jì)增長和社會穩(wěn)定。然而,目前國內(nèi)對于上市公司資本結(jié)構(gòu)的研究般是對公司的債務(wù)和股權(quán)兩個(gè)方面分別展開,忽視了債務(wù)和股權(quán)之間的相互影響,易形成較為片面的結(jié)論。而對公司經(jīng)營績效的研究大多集中于傳統(tǒng)的會計(jì)收益指標(biāo)、托賓Q值和EVA指標(biāo),但它們均不是衡量公司績效的優(yōu)良指標(biāo)。會計(jì)收益指標(biāo)只代表企業(yè)過去的經(jīng)營成果,且容易被歪曲操縱；在當(dāng)前中國資本市場為弱式有效的環(huán)境下,很難準(zhǔn)確計(jì)算企業(yè)的托賓Q值；而EVA值作為絕對值指標(biāo),可比性差且不能反映資源的投入產(chǎn)出關(guān)系。 因此,本文首先界定了資本結(jié)構(gòu)與公司經(jīng)營績效的內(nèi)涵,選取了EVA回報(bào)率作為電力行業(yè)上市公司經(jīng)營績效的替代指標(biāo)進(jìn)行研究,以便更準(zhǔn)確地反映公司的績效和價(jià)值創(chuàng)造能力；然后從電力行業(yè)上市公司的資本結(jié)構(gòu)現(xiàn)狀展開研究,分析了當(dāng)前資本結(jié)構(gòu)的成因；隨后選取了負(fù)債結(jié)構(gòu)指標(biāo)、股權(quán)結(jié)構(gòu)指標(biāo)以及其他可能影響公司經(jīng)營績效的指標(biāo)進(jìn)行因子分析,得到代表電力行業(yè)上市公司債務(wù)融資結(jié)構(gòu)、股本結(jié)構(gòu)、股權(quán)集中度、盈利能力、長期資產(chǎn)經(jīng)營管理能力、流動(dòng)資產(chǎn)經(jīng)營管理能力的六個(gè)因子,將其作為自變量對EVA回報(bào)率進(jìn)行多元回歸分析。通過實(shí)證研究發(fā)現(xiàn),在債務(wù)結(jié)構(gòu)方面,長期負(fù)債率與公司經(jīng)營績效正相關(guān)、短期有息負(fù)債率與公司經(jīng)營績效負(fù)相關(guān)；股權(quán)結(jié)構(gòu)方面,股權(quán)集中度與公司績效具有正相關(guān)關(guān)系,流通股比例與公司經(jīng)營績效正相關(guān)、國有股比例與公司經(jīng)營績效負(fù)相關(guān)。根據(jù)研究結(jié)果,本文最后提出了相應(yīng)的對策建議以優(yōu)化電力行業(yè)上市公司的資本結(jié)構(gòu)、提高公司績效。
[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.
【學(xué)位授予單位】：華北電力大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F406.7;F426.61

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本文編號：1924460