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本文针对电力行业上市公司资本结构的特征,利用该行业2009-2012年44家上市公司的截面数据,通过建立面板数据模型,对电力行业上市公司资本结构的影响因素进行了实证研究。研究的结果表明:公司规模、公司成长性、资产结构、产生内部资源能力与资本结构显著正相关,股权集中度、非债务税盾、盈利能力、资产流动性、经营风险与资本结构显著负相关。
In this paper, according to the characteristics of capital structure of listed companies in electric power industry, this paper uses the cross-sectional data of 44 listed companies from 2009 to 2012 in this industry to establish a panel data model to empirically study the influencing factors of capital structure of listed companies in electric power industry. The results show that there is a significant positive correlation between company size, company growth, asset structure, internal resource generation and capital structure. There is a significant negative correlation between ownership concentration, non-debt tax shield, profitability, asset liquidity, business risk and capital structure .