電力上市公司資本結(jié)構(gòu)與經(jīng)營(yíng)業(yè)績(jī)相關(guān)性實(shí)證研究.pdf

1、華北電力大學(xué)（北京）碩士學(xué)位論文電力上市公司資本結(jié)構(gòu)與經(jīng)營(yíng)業(yè)績(jī)相關(guān)性實(shí)證研究姓名：王學(xué)亮申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：技術(shù)經(jīng)濟(jì)及管理指導(dǎo)教師：李濤20041228華北電力大學(xué)碩十學(xué)位論文摘要根據(jù)資本結(jié)構(gòu)理論，當(dāng)公司資產(chǎn)收益率高于債務(wù)資本成本時(shí)適當(dāng)增加負(fù)債可以提高其經(jīng)營(yíng)業(yè)績(jī)，而當(dāng)資產(chǎn)收益率低于債務(wù)資本成本時(shí)則應(yīng)該減少負(fù)債以降低損失。所以，如果公司在有意識(shí)的進(jìn)行負(fù)債經(jīng)營(yíng)的話，負(fù)債比率與經(jīng)營(yíng)業(yè)績(jī)應(yīng)該呈正相關(guān)關(guān)系。本文以電力上市公司為樣本，對(duì)其資本結(jié)

2、構(gòu)與經(jīng)營(yíng)業(yè)績(jī)的相關(guān)性進(jìn)行了實(shí)證分析，發(fā)現(xiàn)電力上市公司資本結(jié)構(gòu)與經(jīng)營(yíng)業(yè)績(jī)之間的相關(guān)性并不明顯，證明了我國(guó)電力上市公司并未有意識(shí)的通過(guò)負(fù)債經(jīng)營(yíng)來(lái)提高經(jīng)營(yíng)業(yè)績(jī)。并對(duì)實(shí)證中發(fā)現(xiàn)的問(wèn)題提出了對(duì)策建議。關(guān)鍵詞:資本結(jié)構(gòu)，經(jīng)營(yíng)業(yè)績(jī)，實(shí)證ABSTRACTAccordingtothecapitalstructuretheorywhencompanysassetsearningratioishigherthanthedebtcapitalcostprope

3、rtoincreaseindebttoraiseitsbusinessperformancewhencompanysassetsearningratioislowerthanthedebtcapitalcostpropertodecreaseindebttoreducelosses.Soifcompanyconscioustodebtmanagingdebtrateandbusinessperformanceshouldpresentt

4、hepositivecorrelation.Thistextchooseselectriclistedcompanyassamplesanalyzingthedependencebetweencapitalstructureandbusinessperformancebyempiricalstudyandfindingthatthecorrelationbetweencapitalstructureandbusinessperforma

5、nceisunobvious.Itprovesthatthelistedcompanyhasnotbeenconscioustoimprovethebusinessperformancethroughmanagingindebt.Andhasputforwardthecountermeasureandsuggestiontothequestionthatisfoundintheanalysis.WangXueliang(technolo