Empirical Analysis on the Factors Affecting Capital Structure of Listed Power Companies in China

摘要

Capital structure has become an important decision-making variable for power enterprises who are strictly regulated. Through factor analysis and regression analysis, various factors affecting the capital structure of listed power companies are empirically tested. The results show that corporate growth, collateral value ratio of asset and equity concentration ratio have significant positive correlation with capital structure. Enterprise scale is also important but only shows a significant positive correlation with interest-bearing property debt rate. Meanwhile the liability and tax rate show negative correlation with capital structure. The tax reform during 2007-2008 might be the reason for such anomaly.