财务与金融
財務與金融
재무여금융
ACCOUNTING AND FINANCE
2014年
6期
83-88
,共6页
资本结构%财务绩效%资金密集型企业
資本結構%財務績效%資金密集型企業
자본결구%재무적효%자금밀집형기업
Capital Structure%Financial Performance%Funds Concentrated Company
资金密集型企业具有资本有机构成高,单位劳动力占用资金多,产品成本中物化劳动消耗所占比例大等特征。通过对30家电力上市公司2010到2012年的资本结构与公司财务绩效的实证研究发现,资金密集型企业的资产负债率在一定限度内,与其财务绩效正相关,超过这一限度,则与其财务绩效负相关,流动负债比率与其财务绩效正相关,国有股比例与其财务绩效负相关,股权集中度与其财务绩效不存在正相关关系,企业经营规模与其财务绩效正相关。为此,资金密集型企业必须创新融资方式,拓宽融资渠道,保持适度的债务融资比例,适当提高流动负债比例,适当降低国有股比例。只有这样,才能提高企业的财务绩效,促进企业持续稳定发展。
資金密集型企業具有資本有機構成高,單位勞動力佔用資金多,產品成本中物化勞動消耗所佔比例大等特徵。通過對30傢電力上市公司2010到2012年的資本結構與公司財務績效的實證研究髮現,資金密集型企業的資產負債率在一定限度內,與其財務績效正相關,超過這一限度,則與其財務績效負相關,流動負債比率與其財務績效正相關,國有股比例與其財務績效負相關,股權集中度與其財務績效不存在正相關關繫,企業經營規模與其財務績效正相關。為此,資金密集型企業必鬚創新融資方式,拓寬融資渠道,保持適度的債務融資比例,適噹提高流動負債比例,適噹降低國有股比例。隻有這樣,纔能提高企業的財務績效,促進企業持續穩定髮展。
자금밀집형기업구유자본유궤구성고,단위노동력점용자금다,산품성본중물화노동소모소점비례대등특정。통과대30가전력상시공사2010도2012년적자본결구여공사재무적효적실증연구발현,자금밀집형기업적자산부채솔재일정한도내,여기재무적효정상관,초과저일한도,칙여기재무적효부상관,류동부채비솔여기재무적효정상관,국유고비례여기재무적효부상관,고권집중도여기재무적효불존재정상관관계,기업경영규모여기재무적효정상관。위차,자금밀집형기업필수창신융자방식,탁관융자거도,보지괄도적채무융자비례,괄당제고류동부채비례,괄당강저국유고비례。지유저양,재능제고기업적재무적효,촉진기업지속은정발전。
The characteristics of funds concentrated company are high capital organic composition, more funds unit labor occupies, and high materialized labor consumption of product costs. Empirical research on capital structure and financial performance of 30 listed electric companies from 2010 to 2012 shows that asset-liability ratio within certain limits of funds concentrated company has positive correlation with financial performance. Beyond this limit, they have negative correlation. Current liabilities ratio has positive correlation with financial performance. The proportion of the state-owned stock has negative correlation with financial performance. Ownership concentration and financial performance have no positive correlation. Business scale has positive correlation with financial performance. Therefore, funds concentrated company should innovate financing method, extend financing channel, maintain an appropriate proportion of debt financing, appropriately raise the proportion of current liabilities and reduce the proportion of the state-owned stock. Only in this way can we improve the financial performance, and promote sustained and stable development of the company.