Study on the Sustainable Development of Chinese Energy Industry based on the Influencing Factors of Capital Structure

摘要

Based on the characteristics of the energy industry, this paper dissects the capital structure status of Chinese energy companies, and then points out the existing problems. The 8-year's financial data of PetroChina, Sinopec and CNOOC, which are all listed in Stock Exchange of Hong Kong, are selected for empirical analysis, and concluded that, profitability, company size, collateral value of assets and liquidity ratio of assets are negatively correlated to corporate asset-liability ratio, but the growth is positively correlated to it. Finally, this paper provides advices on developing economies of scale, financing, investing and improving corporate financial risk control mechanism.