我国电力行业上市公司资本结构影响因素的实证研究

针对我国电力行业上市公司资本结构的特征,利用2002—2009年20家上市公司的平衡面板数据,建立面板数据模型,从公司层面对影响我国电力行业上市公司资本结构的因素进行了实证研究。结果显示:公司成长性、资产有形性和规模与公司的资本结构显著正相关;盈利能力、非负债税盾和公司内部产生资源的能力与公司的资本结构显著负相关。

Empirical Study on Determinants of Capital Structure of Listed Companies in Electric Power Industry of China

According to the characteristics of capital structures of listed companies in electric power industry of China,this paper empirically studies the determinants of capital structures of companies in electric power industry through building the balanced panel model based on the data of 20 listed companies in electric power industry during 2002-2009.The result shows as follows：capital structure has positive correlation with the growth ability,the tangibility of assets and the corporation scale,and negatively relates to the profit ability,the non-debt tax shield and the capacity to generate internal resources.