石油石化上市公司资本结构影响因素实证研究

An Empirical Study of Influencing Factors of Capital Structure of China's Petroleum and Petrochemical Listed Companies

目前石油石化行业上市公司资本结构存在的问题是部分资产负债率和股权集中度过高。选取2010—2012年的数据作为样本,采用因子分析方法和多元逐步回归法进行实证研究,实证结果表明,现金流量因子F1和成长能力因子F4与资产负债率负相关;公司规模因子F2与资产负债率正相关。依据实证分析结果,优化石油石化上市公司资本结构应注重石油石化公司的现金流量能力、规模和企业的成长性。

Currently capital structure problems of petroleum and petrochemical listed companies involve high of asset-liability ratio and ownership concentration in some companies. The 2010-2012 data are selected as a sample and factor analysis and multiple stepwise re-gression analysis are used with empirical results showing that cash flow capacity factor F1 and growth factor F4 are negatively related to asset-liability ratio and size factor F2 and asset-liability ratio are related. Based on the result of empirical analysis, attention should be paid to cash flow capacity and size and growth of petroleum and petrochemical companies so as to optimize these companies＆#39; capital structure.