CAJ | 학술논문

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。
목전석유석화행업상시공사자본결구존재적문제시부분자산부채솔화고권집중도과고。선취2010-2012년적수거작위양본，채용인자분석방법화다원축보회귀법진행실증연구，실증결과표명，현금류량인자F1화성장능력인자F4여자산부채솔부상관；공사규모인자F2여자산부채솔정상관。의거실증분석결과，우화석유석화상시공사자본결구응주중석유석화공사적현금류량능력、규모화기업적성장성。
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 re-gression 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.