【作者】 陈倩；

【导师】 王惠；

【作者基本信息】 上海交通大学 ， 会计， 2012， 硕士

【摘要】 随着我国社会经济的发展，上市公司已成为我国经济改革和发展进程中的重要组成部分，上市公司的发展成为公司所在地社会经济发展的重要推动力量之一。研究证明企业的盈利能力与其资产结构之间存在一定的相互关联。因此，研究电力行业上市公司资本结构与盈利能力之间的关系对国内电力行业上市公司的进一步发展具有重要的理论和实践意义。首先，本文通过对比国内外有关上市公司资本结构与盈利能力关系的研究综述描述了本文的研究背景和研究意义，概括介绍本文的研究内容和研究方法。其次，本文介绍了资本结构的概念界定、基本理论背景以及国内外目前对企业资本结构和盈利能力方面的评价指标。再次，本文对我国电力行业上市公司资本结构与盈利能力进行一个细分研究。在这一部分里作者主要通过对电力行业上市公司的发展现状以及电力行业上市公司资本结构和盈利能力相关性等问题进行全面分析，为下方的实证分析提供基础支持。接下来是本文的核心部分，主要通过一些变量选取方法对电力行业上市公司的资本结构与盈利能力评价指标进行确定，并利用SPSS软件对所采集到的数据利用回归分析等方法进行整理分析。研究证实：第一，资产负债率与每股收益、流动比率、存货周转率、净利润增长率成反比；与净资产收益率、主营业务利润率、主营业务收入增长率成正比。第二，每股现金净流量和每股净资产对资产负债率指标的影响较大，在做融资决策时需着重考虑，同时，应注意负债的抵税作用。最后，本文对上一部分分析结果进行细致分析，并针对分析结果所显示出来的问题对优化电力行业上市公司资本结构、提升电力行业上市公司的盈利能力提出合理性对策建议。更多还原

【Abstract】 With the social and economic development in China, listed companieshas become an important component of China’s economic reform anddevelopment process, and the development of listed companies has becomean important driving force in the local socio-economic development. Studieshave shown that there is a relationship between the capital structure and theprofitability.Therefore, the further development of the relationship betweenthe capital structure of listed companies of the electricity industry and itsprofitability of listed companies on the domestic power industry has animportant theoretical and practical significance. Firstly, by comparing the relationship between capital structure andprofitability of listed companies at home and abroad research describes theresearch background of this paper, theoretical and practical significance.Andthere is an overview of this research content and research methods.Secondly, this paper introduces the concept of capital structure, the basictheoretical background and the evaluation of the corporate capital structureand profitability at home and abroad.Thirdly, the author makes a study on the capital structure andprofitability of listed companies on China’s power industry. In this section,the author conducts a comprehensive analysis on the electric power industrydevelopment status of the listed companies as well as the correlation betweenlisted companies’ capital structure and profitability of the power industry,which provides a support for the following empirical analysis.Next is the core part of the paper.The evaluation of capital structure andprofitability of listed companies in the power industry is determine through anumber of variable selection methods.And the collected data has beenanalyzed using SPSS software using regression analysis.The study confirmedthat the asset-liability ratio is inversely proportional to earnings per share,current ratio, inventory turnover, and net profit growth rate,and proportionalto the rate of return on net assets, the main business profit margins,and the growth rate of main business income.Each share of net cash flow and netassets per share greater impact on asste-liability ratio indicators doingfinancing decision.So we need to focus on them.At the same time,we shouldnoted the tax credit role of the liabilities.Finally, the author conducts a detailed analysis on the part of the results,and makes reasonable suggestions for listed companies of the power industryto optimize the capital structure and enhance the capacity.更多还原