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能源产业是我国加快培育和发展的战略性新兴产业之一,对转变经济发展方式具有举足轻重的作用。我国已拥有传统能源企业群,并有一大批能源企业成为上市公司。优化它们的资本结构和提高融资能力,将为传统能源企业开发新能源提供必要的资金支持。本文分析企业内部财务因素对企业资本结构的影响,探讨传统能源企业优化资本结构的路径问题。本文以2004到2009年传统能源产业上市公司为样本,对资本结构与企业规模、盈利能力、成长性、非负债税盾和资产担保价值等因素进行实证分析,发现盈利能力与资本结构显著负相关,而企业规模、成长性、非负债税盾和资产担保价值与资本结构选择弱相关,并提出相应的思考建议。
The energy industry is one of the strategic emerging industries for accelerating the cultivation and development of our country and plays an important role in transforming the mode of economic development. China already has a traditional energy enterprise group, and a large number of energy companies to become listed companies. Optimizing their capital structure and improving their financing capabilities will provide the necessary financial support for traditional energy companies to develop new energy sources. This article analyzes the impact of internal financial factors on the corporate capital structure, and discusses the path of traditional energy enterprises to optimize the capital structure. This paper takes the traditional energy industry listed companies from 2004 to 2009 as a sample to make an empirical analysis of the capital structure and firm size, profitability, growth, non-debt tax shield and asset guarantee value and found that there is a significant negative correlation between profitability and capital structure , While the scale of enterprises, growth, non-debt tax shield and the value of asset guarantees weakly related to the choice of capital structure, and put forward corresponding thinking and suggestions.