A Study Of The Impact Of Capital Structure Of Listed Coympanies In Energy Industry On Business Performance

With the development of company-owned enterprises and the deepening of the company system,the capital structure of listed companies affects the company’s operating performance and the economic development of the entire country(region),and a reasonable capital structure is conducive to improving the company’s operating performance.In recent years,with the non-renewability of traditional energy sources and global climate issues,the new energy industry has become an emerging strategic industry and an inevitable development trend.The development of China’s new energy industry has experienced explosive growth to a low ebb,which has repeatedly recovered.It has stepped into a steady progression.However,at the same time,financing difficulties and irrational capital structure have restricted the further development of many new energy companies.Since the new energy industry still needs a lot of capital and technology support,how to help new energy companies to establish a reasonable capital structure has important practical significance for improving the performance of the new energy industry and solving the problem of financing difficulties in the new energy industry.The research of this papar will also contribute to the long-term development of the new energy industry.This paper first combs and returns the theory of capital structure and business performance,and then compares the capital structure and operation status of traditional energy and new energy industries.The empirical analysis of this paper takes the traditional energy industry and the listed companies in the new energy industry as samples,and uses the least squares multiple linear regression model and robust test to examine the capital structure of the two industries from three aspects: equity financing,debt financing and internal financing.According to the empirical conclusions,from the three aspects of equity structure,debt structure and internal financing,the author puts forward some suggestions on optimizing the capital structure of energy enterprises to achieve performance improvement.This paper mainly draws four main conclusions.First,the controlling shareholder attribute has a significant impact on the performance of new energy companies,mainly private enterprises.Non-state-owned new energy companies have better performance than state-owned new energy companies.Second,the shareholding ratio of major shareholders has a significant negative impact on traditional energy companies.Third,the level of debt has a positive impact on the performance of new energy companies.Increasing the proportion of debt financing at a reasonable level can effectively improve the profitability of enterprises,while the current asset-liability ratio is negatively correlated with the performance of all energy companies,indicating that the higher the proportion of short-term debt financing,the more likely it will hinder the improvement of corporate performance.Fourth,the improvement of internal financing rate can significantly improve the operating performance of all energy companies.