资金密集型企业资本结构与财务绩效的相关性研究——以电力企业为例

资金密集型企业具有资本有机构成高，单位劳动力占用资金多，产品成本中物化劳动消耗所占比例大等特征。通过对30家电力上市公司2010到2012年的资本结构与公司财务绩效的实证研究发现，资金密集型企业的资产负债率在一定限度内，与其财务绩效正相关，超过这一限度，则与其财务绩效负相关，流动负债比率与其财务绩效正相关，国有股比例与其财务绩效负相关，股权集中度与其财务绩效不存在正相关关系，企业经营规模与其财务绩效正相关。为此，资金密集型企业必须创新融资方式，拓宽融资渠道，保持适度的债务融资比例，适当提高流动负债比例，适当降低国有股比例。只有这样，才能提高企业的财务绩效，促进企业持续稳定发展。

Research on the Correlation between Capital Structure and Financial Performance of Funds Concentrated Company---Empirical Analysis of the Electric Industry

The characteristics of funds concentrated company are high capital organic composition, more funds unit labor occupies, and high materialized labor consumption of product costs. Empirical research on capital structure and financial performance of 30 listed electric companies from 2010 to 2012 shows that asset-liability ratio within certain limits of funds concentrated company has positive correlation with financial performance. Beyond this limit, they have negative correlation. Current liabilities ratio has positive correlation with financial performance. The proportion of the state-owned stock has negative correlation with financial performance. Ownership concentration and financial performance have no positive correlation. Business scale has positive correlation with financial performance. Therefore, funds concentrated company should innovate financing method, extend financing channel, maintain an appropriate proportion of debt financing, appropriately raise the proportion of current liabilities and reduce the proportion of the state-owned stock. Only in this way can we improve the financial performance, and promote sustained and stable development of the company.