電力上市公司資本結(jié)構(gòu)與經(jīng)營業(yè)績相關(guān)性實證研究.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)營業(yè)績相關(guān)性實證研究姓名：王學(xué)亮申請學(xué)位級別：碩士專業(yè)：技術(shù)經(jīng)濟及管理指導(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)資本成本時適當(dāng)增加負(fù)債可以提高其經(jīng)營業(yè)績，而當(dāng)資產(chǎn)收益率低于債務(wù)資本成本時則應(yīng)該減少負(fù)債以降低損失。所以，如果公司在有意識的進(jìn)行負(fù)債經(jīng)營的話，負(fù)債比率與經(jīng)營業(yè)績應(yīng)該呈正相關(guān)關(guān)系。本文以電力上市公司為樣本，對其資本結(jié)

2、構(gòu)與經(jīng)營業(yè)績的相關(guān)性進(jìn)行了實證分析，發(fā)現(xiàn)電力上市公司資本結(jié)構(gòu)與經(jīng)營業(yè)績之間的相關(guān)性并不明顯，證明了我國電力上市公司并未有意識的通過負(fù)債經(jīng)營來提高經(jīng)營業(yè)績。并對實證中發(fā)現(xiàn)的問題提出了對策建議。關(guān)鍵詞:資本結(jié)構(gòu)，經(jīng)營業(yè)績，實證ABSTRACTAccordingtothecapitalstructuretheorywhencompanysassetsearningratioishigherthanthedebtcapitalcostprope

3、rtoincreaseindebttoraiseitsbusinessperformancewhencompanysassetsearningratioislowerthanthedebtcapitalcostpropertodecreaseindebttoreducelosses.Soifcompanyconscioustodebtmanagingdebtrateandbusinessperformanceshouldpresentt

4、hepositivecorrelation.Thistextchooseselectriclistedcompanyassamplesanalyzingthedependencebetweencapitalstructureandbusinessperformancebyempiricalstudyandfindingthatthecorrelationbetweencapitalstructureandbusinessperforma

5、nceisunobvious.Itprovesthatthelistedcompanyhasnotbeenconscioustoimprovethebusinessperformancethroughmanagingindebt.Andhasputforwardthecountermeasureandsuggestiontothequestionthatisfoundintheanalysis.WangXueliang(technolo