我国油气类上市公司资本结构与经营绩效关系的实证研究--基于因子分析-面板数据模型  

An Empirical Study on the Relationship Between Capital Structure and Operating Performance of Oil and Gas Listed Companies in China:Based on Factor Analysis-Panel Data Model

作　　者：李宏勋[1] 杨惠 苏宝珍 LI Hongxun;YANG Hui;SU Baozhen(School of Economics and Management,China University of Petroleum,Qingdao 266580,Shandong China)

机构地区：[1]中国石油大学(华东)经济管理学院,山东青岛266580

出　　处：《河南科学》2020年第2期302-310,共9页Henan Science

基　　金：国家社科基金项目(12BJY075);山东省社会科学规划研究项目(16CGLJ46)。

摘　　要：为分析我国油气类上市公司资本结构与经营绩效的关系,选取2012-2018年在沪深A股上市的40家油气类上市公司作为研究对象,从债权结构和股权结构两个层面选取解释变量,同时以因子分析法得出的经营绩效综合指标作为被解释变量,以总资产、营业利润增长率作为控制变量,运用面板数据进行回归分析.结果表明,资产负债率、流动负债比率、流通股比例与经营绩效负相关,前十大股东持股比例与经营绩效正相关.为确保我国油气类上市公司的经营绩效,应适当降低资产负债率,提高资金的使用效率,合理改善负债结构,保持债务结构的稳定性,优化股权结构.In order to analyze the relationship between the capital structure and business performance of China’s oil and gas listed companies,we select 40 oil and gas companies listed in Shanghai and Shenzhen A shares from 2012 to 2018 as the research object.The explanatory variables are selected from the two aspects of creditor’s rights structure and ownership structure.The comprehensive index of operating performance obtained by factor analysis is used as the explained variable,and the growth rate of total assets and operating profit is taken as the control variable.The panel data regression analysis shows that the asset-liability ratio,the ratio of current liability and the ratio of the outstanding shares are negatively related to the operating performance,while the proportion of the top ten shareholders is positively correlated with operating performance.It is suggested to appropriately reduce the asset-liability ratio,improve the efficiency of the use of funds,reasonably improve the debt structure,maintain the stability of the debt structure,and optimize the ownership structure,for ensuring the operating performance of oil and gas listed companies.

关 键 词：油气类上市公司 资本结构 经营绩效 因子分析 面板数据回归分析 

分 类 号：F275.5[经济管理—企业管理]