摘要
文章对能源行业上市公司2010-2014年的财务数据进行分析,研究公司资本结构的影响因素,找出最优资本结构,实现公司价值最大化。实证结果表明：能源行业资产负债率处于合理水平,但公司之间差异非常大;资产负债率与资产变现能力、盈利能力、第一大股东控股比例显著负相关,与公司规模显著正相关。
In this paper, we mainly analyze industrial financial data from 2010-2014 in energy listed companies, and researchon influencing factors of capital structure to find the best capital structure with the aim maximizing the company value.Empirical results show thatiasset-liability ratio in energy industry is reasonable, but the difference in the companies is verylarge; asset-liability ratio is significantly negatively correlated with asset liquidity, profitability, and the holding ratio of thelargest shareholder, but it is significantly positively correlated with company size.
出处
《企业技术开发》
2016年第5期116-117,123,共3页
Technological Development of Enterprise
关键词
资本结构
影响因素
能源行业
Capital Structure
Influence Factors
Energy Industry
