Analysis Of The Impact Of Energy Listed Companies' Financing Structure On Operating Performance

The normal operation of an enterprise is inseparable from financing decisions and financing activities.The results of corporate financing decisions and financing activities are comprehensively reflected as capital structure.The energy industry is the pillar industry of the national economy and a capital-intensive industry.Its development is of great significance for promoting the process of industrialization in China.Both traditional energy enterprises and new energy enterprises have huge capital needs.Along with the development of energy-listed companies,the impact of the financing structure of energy companies on economic performance has been one of the important and hot research topics.The financing structure affects the operating performance of energy-listed companies.Therefore,based on the consideration of improving comprehensive performance,energy-listed companies should go where the financing should go.Whether financing is correct and how to finance it is a problem that we must seriously explore.To improve the performance of China’s energy-listed companies,it is necessary to break the existing institutional framework and change the financing structure.As an important part of the financial theory of energy listed companies,the financing structure studies how to rationally choose financing channels and how to promote the improvement of business performance to ensure the long-term healthy development of energy listed companies.Grasping the particularity of the market economy of China’s energy-based enterprises and the financing structure of energy-listed companies will lead to the conclusion that the most beneficial to the improvement of business performance.The article selects energy-listed companies as research objects and expects to make recommendations for the reform of state-owned energy enterprises.Therefore,based on the analysis of the causes of the financing structure of China’s energy industry and its impact on business performance,this paper deeply studies the traditional energy and new energy based on the empirical analysis of the financing structure and the impact of the financing structure on business performance.The impact of the financing structure and industry distinction on the company’s operating performance.On the basis of introducing the particularity of the financing structure of China’s energy listed companies,this paper uses modern financing structure theory to analyze the reasons for the formation of financing structure of energy listed companies in China,and sorts out the development trend of energy companies’ business performance in the past 12 years.Based on the analysis of the impact of financing structure on business performance,this paper constructs a multiple linear regression model with operating performance as the explanatory variable and asset-liability ratio,operating debt ratio,short-term debt ratio and long-term debt ratio as explanatory variables.Using the data of energy-listed companies from 2006 to 2017,the authenticity of the model was verified in turn.The article analyzes the factors affecting the performance of China’s energy listed companies through empirical analysis of various factors in the financing structure,and puts forward specific proposals for the improvement of financing structure and improvement of financing efficiency of energy listed companies in China.