摘要
我国上市公司的资本结构普遍不合理,并没有充分发挥债务融资的财务杠杆效应。本文以我国电力行业四家上市公司作为实证样本,基于其财务杠杆效应的利用现状,通过多元回归分析揭示了净资产收益率与负债权益比、债务利息率、息税前利润率等影响因素的相关性及显著性,从而为电力行业上市公司财务杠杆效应的有效利用提供理论指导与实务借鉴。
The capital structure of listed companies in China is gene.rally unreasonable, and they don＇t give full play to the financial leverage effect of debt financing. Basing on the financial leverage effect of the use of status quo, and taking four of China＇s electric power industry as a empirical sample, this paper, through multiple regression analysis, reveals the relevance and significance between return on equity and debt equity ratio, debt interest rate, pre-tax profit margin etc. It tries to provide the listed companies of electric power industry with theoretical guidance and practical reference of the effective use of financial leverage.
出处
《财务与金融》
北大核心
2010年第4期28-32,共5页
Accounting and Finance
