An Empirical Analysis on the Capital Structure and Its Influencing Factors of the Listed Companies-Take China's Thermal Power Industry as an Example

摘要

In 2015, "Electricity Reform No. 9" announced that the reform of China's power companies entered a new phase. Under the new power reform, capital integration involving the reorganization measures taken in response to overcapacity on the supply side, or the capital needs involved in power grid planning and construction, needs to be established in understanding the current capital structure characteristics of the power industry and its influencing factors. China is dominated by thermal power generation. Therefore, this study selected 29 annual reports of listed companies in the thermal power industry from 2014 to 2016 as research samples and constructed a multiple linear regression model to analyze the current status of capital structure of listed companies in China's thermal power industry and its influencing factors. The research shows that: (1) The capital structure of thermal power industry in China presents the characteristics of "high asset-liability ratio but the trend is overall downward, external financing dominated by debt financing, and supplemented by internal financing led by depreciation financing". (2) Operational ability and short-term solvency are negatively related to the capital structure of thermal power industry. (3) The growth capacity and asset residual guarantee value are positively related to the capital structure of thermal power industry. (4) The company's scale, profitability, and non-debt tax shield have no significant effect on the capital structure of thermal power industry. Finally, on the basis of the research conclusions, this paper puts forward proposals for the supply-side reform and power grid planning and construction of thermal power industry from the perspective of capital structure.