| 摘要: |
| 目前石油石化行业上市公司资本结构存在的问题是部分资产负债率和股权集中度过高。选取2010—2012年的数据作为样本,采用因子分析方法和多元逐步回归法进行实证研究,实证结果表明,现金流量因子F1和成长能力因子F4与资产负债率负相关;公司规模因子F2与资产负债率正相关。依据实证分析结果,优化石油石化上市公司资本结构应注重石油石化公司的现金流量能力、规模和企业的成长性。 |
| 关键词: 石油石化上市公司 资本结构 影响因素 |
| DOI： |
| 分类号:F275.1 |
| 基金项目:国家社科基金一般项目(12BJY076);黑龙江省哲学社会科学规划项目(11E125);黑龙江省“十二五”教育科学研究规划课题(HGJXH B2110149,HGJXH C110175);黑龙江省教育厅教育教学“十二五”规划课题(GBC1212014) |
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| An Empirical Study of Influencing Factors of Capital Structure of China 's Petroleum and Petrochemical Listed Companies |
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ZHANG Yanming, FU Huixia, FENG Xinzhu, SUN Yanbin
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(Oil Economy and Management Institute, Northeast Petroleum University, Daqing, Heilongjiang 163318, China)
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| Abstract: |
| Currently capital structure problems of petroleum and petrochemical listed companies involve high of asset-liability ratio and ownership concentration in some companies. The 2010-2012 data are selected as a sample and factor analysis and multiple stepwise regression analysis are used with empirical results showing that cash flow capacity factor F1 and growth factor F4 are negatively related to asset-liability ratio and size factor F2 and asset-liability ratio are related. Based on the result of empirical analysis, attention should be paid to cash flow capacity and size and growth of petroleum and petrochemical companies so as to optimize these companies capital structure. |
| Key words: petroleum and petrochemical listed companies capital structure influencing factors |
