我国电力行业上市公司资本结构与公司绩效相关性的实证研究

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1、摘要THEEMPIRICALRESEARCHFORTHEINFLUENCEFACToRSoFCAPITALSTRUCTUREoFCHINESELISTEDELECTRICITYPo硼RCoMPANIESABSTRACTSinceModiglianiandMillerputforwardclassicalMMtheory,manyscholarshavedonealotofresearchaboutcompany’Scapitalstructure．Westemscholarsobtainedsomeachievementsinthepastyears．Theyb

2、elievetherereallyexistsrelevancebetweencapitalstructureandcompanyperformanceandtheseresultssupplysomehelptocompanygovemmentanddevelopment．However,ourcountrydoesn’thavematurecapitalmarketandgoodcompanygovernmentstructurelikeforeigncountries．Sotheforeignresearchresultsmaynotfitforthede

3、velopmentofChinesecompanies．Meanwhile，domesticscholarshavedifferentviewpointsintheoryresearch．Therefore，doingresearchfortherelevancebetweencapitalstructureandcompanyperformancehaspositiverealitysignification．r’州‘·‘●‘J·●一·一1heelectricpowerindustry1Saveryimportantbasic1ndustryInthedeve

4、lopmentofnationaleconomy．Governmentsofallgradesattachimportancetoitsdevelopmentandmanypoliciesaredrawnuptosupportelectricpowerindustry．ListedelectricpowercompanieshavelargescalesIII北京化工大学硕士学位论文andgoodprofits．Hencetheybecomeimpoaantattentiontargetsandhavegoodrepresentationofcapitalmar

5、ket．Likeotherpillarindustries，theelectricpowerindustryisalsoafundingconcentratedindustrywhichneedsalotoffundstomaintainitsdevelopment．Someofthefundscomefrominternalfundsofthecompanies，whilemostfundscomefromexternaldebt．Whethertheircapitalstructuresarereasonableornotwillbringdirectinf

6、luencetocompanyperformance．Therefore，doingresearchfortherelevancebetweencapitalstructureandperformanceoflistedelectricpowercompaniesnotonlyhasgoodreferencevaluefortheirdecisionsofstrategicbutalsodoesgoodtothedevelopmentofthewholeelectricpowerindustry．TheauthorchoosesA—shareslistedele

7、ctricpowercompaniesasresearchobjectivesandbasesonannualreportdatafromtheyear2009to2011．Accordingtotheelectricpowerindustryowncapitalstructurecharacteristicandperformance，buildmultivariablelinearregressionmodelandapplyEviews6．0softwaretoanalyzeselectedcross．sectiondata．ThenthroughGLSt

8、oconductempi