能源企业资本结构影响因素研究  

The Research on Influencing Factors of Capital Structure of Energy Companies

作　　者：丁蕊[1] 张晶[1] 

机构地区：[1]江苏大学,江苏镇江212013

出　　处：《企业技术开发》2016年第5期116-117,123,共3页Technological Development of Enterprise

摘　　要：文章对能源行业上市公司2010-2014年的财务数据进行分析,研究公司资本结构的影响因素,找出最优资本结构,实现公司价值最大化。实证结果表明：能源行业资产负债率处于合理水平,但公司之间差异非常大;资产负债率与资产变现能力、盈利能力、第一大股东控股比例显著负相关,与公司规模显著正相关。In this paper, we mainly analyze industrial financial data from 2010-2014 in energy listed companies, and researchon influencing factors of capital structure to find the best capital structure with the aim maximizing the company value.Empirical results show thatiasset-liability ratio in energy industry is reasonable, but the difference in the companies is verylarge; asset-liability ratio is significantly negatively correlated with asset liquidity, profitability, and the holding ratio of thelargest shareholder, but it is significantly positively correlated with company size.

关 键 词：资本结构 影响因素 能源行业 

分 类 号：F275[经济管理—企业管理]