公用事业上市公司盈利能力与资本结构的实证分析

近年来,国家逐渐放松对公用事业的管制,一改以往国家直接投资、建设、经营的模式,开始鼓励民间投资,使我国公用事业的产业环境发生了巨大变化,进而对其融资策略及资本结构决策行为产生影响。企业的资本结构与其盈利能力之间有什么关系?以2006年深沪两市公用事业上市公司为样本,选取了影响企业盈利能力的主要指标,利用主成分法对其进行综合评价,并与影响企业资本结构的主要指标资产负债率进行相关分析与回归分析,试图寻求公用事业企业资本结构的最优解,为我国公用事业企业资本结构的优化提出建议。

Empirical Analysis of Profitability and Capital Structure in Public Utility Listed Companies

In recent years,the government gradually relaxed the control of the public utility.The state started to encourage private investment,while it invested,constructed,operated directly in the past.Because of this,China's utility industry environment has undergone tremendous changes and it also affected the capital structure and financing strategy.Whether enterprise's capital structure has an impact on the profitability? The paper cities the data of listed companies from Shenzhen and Shanghai Stock Exchange in 2006,selects four indicators reflected the profitability of the business,uses the Principal Component Analysis to obtain the scores,and has a regression analysis between profitability and the capital structure.By this way,we try to find the optimal solution to capital structure of the public utility,so that making some related suggestions.