电力行业资本结构与盈利能力关系的实证分析
|
摘要
电力行业是国内经济发展的基础产业,它与人们的日常生活息息相关;因此,探讨它的资本结构与盈利能力相关性是很有必要的。本文以电力行业的58家上市公司为对象进行实证,选取2013—2015年3年的财务数据,运用因子分析在衡量盈利能力的七项指标中提取一个综合指标,然后用资产负债率、盈利能力综合指标进行一元线性回归分析,得出二者间的相关性。结果表明:电力行业上市公司的资本结构与盈利能力表现为显著的负相关关系。最后,以电力行业的现状为基础提出一些合理化建议。
The power industry is the basic industry of domestic economic development, which is closely related to people's daily life. Therefore, it is necessary to explore the relationship between capital structure and profitability. This paper takes 58 listed companies in power industry as the object of empirical analysis, and selects financial data of 2013-2015 for three years, first using the factor analysis in SPSS 22.0 to extract a comprehensive index of the seven indicators of profitability. And then the linear regression analysis is carried out with the comprehensive index of profitability and the asset liability ratio, drawing the correlation between the two. The results of the final linear regression analysis show that the capital structure and profitability of listed companies in the power industry are significantly negative. Finally, some rational proposals are put forward based on the current situation of the power industry.
The power industry is the basic industry of domestic economic development, which is closely related to people's daily life. Therefore, it is necessary to explore the relationship between capital structure and profitability. This paper takes 58 listed companies in power industry as the object of empirical analysis, and selects financial data of 2013-2015 for three years, first using the factor analysis in SPSS 22.0 to extract a comprehensive index of the seven indicators of profitability. And then the linear regression analysis is carried out with the comprehensive index of profitability and the asset liability ratio, drawing the correlation between the two. The results of the final linear regression analysis show that the capital structure and profitability of listed companies in the power industry are significantly negative. Finally, some rational proposals are put forward based on the current situation of the power industry.
引文
[1]Allan J Taub.Determinants of the Firm’s Capita Structure[J].Review of Economics and Statistics,2001(14):23-33.
[2]Ioannis Lazaridis.Problems in the Theory of Optima Capital Structure[J].Journal of Financial and Quantitative Allalysis,2006,240-256.
[3]Chikashi Tsuji.Corporate Profitability and Capita Structure:The Case of the Machinery Industry Firms o the Tokyo Stock Exchange[J].International Journal o Business Administration,2013,4(3):14-21.
[4]Anshu Handoo,Kapil Sharma.A study on determinants of capital structure in India[J].IIMB Management Review,2014,(26):170-182.
[5]洪锡熙,沈艺峰.我国上市公司资本结构影响因素的实证分析[J].厦门大学学报:哲学社会科学版,2000(03)114-120.
[6]李宝仁,王振蓉.我国上市公司盈利能力与资本结构的实证分析[J].数量经济技术经济研究,2003(04):150-153.
[7]陈倩.电力行业上市公司资本结构与盈利能力关系的研究[D].上海:上海交通大学,2012.
[8]余艳庆.电力行业资本结构与盈利能力关系的实证研究[D].华北电力大学,2015.
[9]陈高庆.上市公司资本结构与盈利能力关系的实证分析[D].天津:天津财经大学,2014.
[10]江文程.企业资本结构与盈利能力的关系研究:基于不同行业视角的实证分析[J].北方工业大学学报,2016(02)76-80.
[2]Ioannis Lazaridis.Problems in the Theory of Optima Capital Structure[J].Journal of Financial and Quantitative Allalysis,2006,240-256.
[3]Chikashi Tsuji.Corporate Profitability and Capita Structure:The Case of the Machinery Industry Firms o the Tokyo Stock Exchange[J].International Journal o Business Administration,2013,4(3):14-21.
[4]Anshu Handoo,Kapil Sharma.A study on determinants of capital structure in India[J].IIMB Management Review,2014,(26):170-182.
[5]洪锡熙,沈艺峰.我国上市公司资本结构影响因素的实证分析[J].厦门大学学报:哲学社会科学版,2000(03)114-120.
[6]李宝仁,王振蓉.我国上市公司盈利能力与资本结构的实证分析[J].数量经济技术经济研究,2003(04):150-153.
[7]陈倩.电力行业上市公司资本结构与盈利能力关系的研究[D].上海:上海交通大学,2012.
[8]余艳庆.电力行业资本结构与盈利能力关系的实证研究[D].华北电力大学,2015.
[9]陈高庆.上市公司资本结构与盈利能力关系的实证分析[D].天津:天津财经大学,2014.
[10]江文程.企业资本结构与盈利能力的关系研究:基于不同行业视角的实证分析[J].北方工业大学学报,2016(02)76-80.