我国电力行业上市公司资本结构影响绩效的实证分析

Positive Analysis of Capital Structure of Listed Company Affecting Performance of Electric Power System in China

构建能够反映我国电力上市公司资本结构特征的指标体系,然后用因子分析方法将这些指标综合成彼此互不相关的少数几个主因子。在此基础上,用主因子对代表公司绩效的托宾Q值作多元回归分析。最后,根据所建模型分析资本结构中影响公司绩效的主要因素,以及这些因素与公司绩效之间的关系,为电力行业上市公司优化其资本结构和提高公司绩效提供决策依据。

This article establishes an index system that comprehensively reflects capital structure characteristics of listed companies in electric power system in China. These indexes are synthesized into a few principal factors using factor analysis. These principal factors as independent variables, and Tobin Q representing company performance as dependent variables, are used in a regression analysis. With the established model, key factors affecting company performance in terms of capital structure and the relation between these factors and the company performance are studied. The model can supply a decision basis for the listed companies in electric power system to optimize their capital structure to improve performance.