我国电力行业上市公司债务结构和绩效关系研究.docVIP

我国电力行业上市公司债务结构和绩效关系研究 　　[摘 要]电力行业作为国民经济的支柱产业，其营利能力直接影响到国家经济实力。所以分析电力行业的债务结构有利于提高该行业的价值。从债务总水平结构、债务期限结构和债务工具结构三方面研究债务融资结构与企业绩效的关系，结果发现债务总水平、短期债务比例、银行借款比例、商业信用借款比例与企业绩效负相关，而企业债券融资与绩效无显著相关关系。据此提出采取加大企业的内源融资力度、找到企业长短期债务的平衡点、减少政府对商业银行的干预度、控制商业信用贷款比例和发展企业债务市场等措施，提高电力行业上市公司绩效。 　　[关键词]债务结构；绩效；实证分析 　　[中图分类号]F129 [文献标识码]A [文章编号]1671-8372（2016）01-0071-05 　　Study on the relationship between debt structure and performance among listed 　　companies of power industry 　　XIE Qiu-ling， ZHAO Xiao-ke， LI Yuan 　　（Finance Department， Qingdao University of Science and Technology， Qingdao 266061， China） 　　Abstract：The electric power industry as the pillar industry of national economy， its profitability affects the national economic strength directly. Thus the analysis for the debts structure of the power industry is helpful to improve their enterprise value. This article analyzes the relationship between debt financing structure and corporate performance from three aspects： total level of debt structure， maturity structure of debit and the structure of debt instruments. The results indicate that the total level of debt， the short-term debt ratio， the bank loan proportion and the proportion of commercial credit borrowing are negatively related to the performance of enterprise， while debt financing does not have marked relation with performance. Some measures to improve the business performance of the power industry are put forward， including increasing the strength of the enterprise endogenous financing， finding out the balance of both short-term and long-term debt， reducing the intervention degree of government to commercial bank， controlling the commercial credit loan proportion and developing the market of enterprise bond. 　　Key words：debt structure； performance； empirical analysis 　　一、引言 　　随着我国资本市场的不断发展，企业采取何种融资方式显得至关重要。近年来，国内外学者在企业融资方式对绩效的影响方面进行了大量实证研究， Ronald W（1983）依据财务杠杆理论提出了债务比例和企业绩效呈线性正相关的观点；Brick， Ravid（1985）研究了债务期限结构与企业绩效的关系，认为当税率较高时宜增加长期负债的比例，而当税率较低时短期负债比例的增加才对企业绩效的提