| Since the reform and opening up, China has made remarkable achievements in the past thirty years, the national economy and the living standards of residents have achieved a significant leap. Especially the infrastructure which is closely related to people’s livelihood has been the key field that state increase investment intensity and focus on the construction. Among them, the power industry is particularly prominent.Compared with the past, Not only industrial but also residential electricity has a substantial increase. Electricity market boom has greatly stimulated the expansion of the size of the electric power industry. The demand for power enterprises to the capital also become a new problem facing the business and development of enterprises.Under the traditional system, relying on financial grants, loans from state-owned banks( "bogaidai"), the source of funds for the electric power enterprise has been policy advantage, but under the new situation, with the advance of market economy,the establishment of capital market, the deepening of the reform of state-owned enterprises, electric power enterprise operating and development philosophy, must be gradually to keep up with the pace of modern corporate governance. In particular,with the increasing competition in the power group, as a good asset of the listing Corporation, there is the need to force through the external capital market mechanism to promote the company’s internal governance. In this paper, we select the financial report of 52 A shares of 2011-2014 shares as the research sample, with the assets liability ratio, equity ratio and other financial indicators as independent variables,company performance variables, company size as control variables, factor analysis,regression analysis as the main research methods, and study the impact of different capital structure on the company performance, and try to optimize the capital structure of Electric power listed Corporation. |
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