华北电力大学学报(社会科学版)

资本结构决策是企业融资决策的核心问题,它直接决定企业融资方式的选择及各种融资方式所占的比重。随着中国资本市场和电力企业改革的发展,资本结构对电力上市公司的影响变得越来越重要,因此我们有必要对电力上市公司的资本结构进行研究。本文首先介绍了西方理论中所提到的资本结构的影响因素,接着对这些影响因素进行实证检验和分析,最后得出了一些与西方理论有区别的结论。

The decision of the capital structure is a key question of enterprise's financing decision,as it determines the choice of the financing way of enterprises and the proportion that various financing ways account for directly.With the development of Chinese capital market and the reform of the electric enterprise,the impact of the capital structure on electric listed companies becomes more and more important,so it is necessary for us to carry on research to the capital structure of the electric listed companies.This text has introduced the influence factor of the capital structure mentioned in the Western theory at first,then carry on empirical test and analysis to these influence factor,finally come to some conclusion different with Western theory.