The Empirical Research Of Earning Power And Influence Factors Of China's Power Industry Listed Companies

Earning Power is the important performance of core competence to listed companies, it's also the focus of investors and managers. Power industry occupies an important position in China's economic development, the State Council issued the document No.9 in 2015 marks that China started a new round of electricity reform. Studying on the earning power of China's power industry listed companies and analyzing its influence factors have great significance at this stage.The thesis selects 144 groups of panel data as the research sample from 48 listed companies in China's power industry during 2012 to 2014, based on to analysis China's power industry development present situation and earning power present situation, combined with theoretical analysis to build China's power industry listed companies' earning power multi-index evaluation system and influence factor variables system. First of all, by the use of Factor Analysis Method to extracts "Investment Earning Power ", "Sales Earning Power", and “Earning Power Quality" these three common factors to calculate the annual earning power scores and ranking of China's power industry listed companies from 2012 to 2014, this method get rid of the disadvantage that use single index to measure earning power of listed companies is far from comprehensive. The thesis innovative use Panel Data Factor Analysis Method to get the recent three years' earning power overall ranking of China's power industry listed companies, pointed out the phenomenon and the problems existing in earning power of China's power industry listed companies at this stage. Such as quite a lot of companies' earning power are not stable between different years, power industry market competition is increasingly intensified, the earning power of clean energy power listed companies are fluctuating increase. Secondly, the thesis makes an empirical research using panel data fixed effects model, draw the conclusion that the scale of China's power industry listed companies, capital structure, operation capacity and growth capacity have a significant impact on its earning power. Finally, we putting forward practical policy suggestions according to the results of theoretical analysis and empirical research, hope to provide a reference to enhance the earning power of China's power industry listed companies.