公用事业上市公司资本结构和企业价值的实证分析

AN EMPIRICAL ANALYSIS OF CAPITAL STRUCTURE AND BUSINESS VALUE OF LISTED COMPANIES IN PUBLIC INDUSTRY

公用事业是现代化城市的重要基础设施,这要求公用事业企业必须以合理的价格、优良的质量、较为充足的数量向社会稳定安全地提供产品,为经济社会发展提供共同条件,从而促进社会总体经济效率的提高及社会福利的增加。对该行业企业价值进行研究可以在一定程度上发现其问题并得出相应的对策。在此选取公用事业中最具有代表性的电力、蒸汽、热水的生产和供应业作为样本研究对象,对该行业进行研究,既可以解决企业价值与资本结构在与国计民生相关行业的理论关系又可以对此进行具体分析研究,使其企业价值达到最大的同时为国家人民做出重大贡献,从而从根本上解决水电资源短缺的问题。

The public industry is an important infrastructure for any modem city. That means that enterprises in this industry should supply safe products to the society at reasonable price, and in good quality and sufficient quantity. It offers the same conditions for social and economic development, thus improving the total efficiency and social welfare of the society as a whole. In the present research, the production and supply of power, steam and hot water, the three representative sectors of the industry, were used for analysis. These samples can represent the relationship between business value and capital structure. From this analysis, we can derive the maximum value and the optimal capital structure of the enterprise, which will help to solve the problem of electricity and water shortage.