电力上市公司债务融资对公司绩效影响的实证研究

Empirically Research about the Impact of Debt Financing on Corporate Performance of Electric Power Listed Company

采用我国电力上市公司的经验数据,实证检验了电力上市公司债务期限与来源对公司绩效的影响。研究结果发现,债务期限长短对电力上市公司经营绩效的影响并无显著差异,短期负债和长期负债均与公司绩效呈显著负相关关系;债务来源不同对公司绩效的影响有所差别,银行贷款、商业信用均与公司绩效负相关,而应付债券与公司绩效正相关。该研究丰富了电力上市公司的债务融资期限安排与债务筹资方式的选择,为电力上市公司提升经营绩效提供了参考依据。

Using the data of electric power listed company in our country, it empirically tested the influ- ence of debt period and types to corporate performance in this paper. Results showed that there was no significant difference about the influence of debt period to corporate performance, and both short-term liabilities and long-term liabilities have a significantly negative correlation relationship with corporate performance. However, debt types have a different impact on corporate performance, in particular, bank loan and commercial credit have a negative correlation with corporate performance ,while bonds payable has a positive correlation with corporate performance. The research enriched the arrangement of debt period and the choice of debt types of listed company of China electric power, besides, it also provided a reference for performance improvement of electric power listed company.