摘要：企业在发展过程中，就必须投入、保持和再投入一定的资金，而企业生产经营过程中的资金来源主要分为负债与资本两类。资本结构与适度负债的问题一直被广泛地关注着。外国学者们通过理论与实践，研究成果普遍认为负债融资对提高企业绩效有很重要的作用，并且国外的负债融资结构已较为成熟，但是中国的资本市场相对落后，负债融资滞后于股权融资，国内学者在这方面的研究远落后于国外。本文首先进行相关理论的阐述，接着以我国电力上市公司为案例，选取2010年至2014年电力行业的相关数据，从负债整体水平、负债期限结构、负债来源结构三个方面进行描述性分析，然后通过建立实证模型展开负债融资对企业绩效影响的研究，最后根据结论提出建议。50008

毕业论文关键词：资本结构；负债融资；绩效；电力行业

Study on the effect of debt financing on the performance of electric power industry

Abstract:Enterprises in the development process, it is necessary to invest, maintain and then put into a certain capital, and the capital source of enterprise production and management process is pided into two categories of liabilities and capital. The issue of capital structure and appropriate debt has been widely concerned. Foreign scholars through the theory and the practice, research results generally believe that debt financing has a very important effect to improve the enterprise's performance, and foreign debt financing structure has been mature, but China's capital market is relatively backward, the debt financing lag in equity financing, domestic scholars in this research is far behind foreign countries. Firstly, in this paper, the exposition of the relevant theory, to our country electric power listed company as the case, select the relevant data of the power industry from 2010 to 2014, from three aspects of the overall debt level, debt maturity structure, debt structure descriptive analysis, then through establishing empirical model of debt financing of enterprise performance research, and finally put forward some suggestions according to the conclusion.

Key words: capital structure；debt financing；performance；electric power industry

目    录

摘要 I

Abstract II

目录 III

一、引言 1

（一）研究背景和现实意义 1

（二）研究思路及方法 1

二、文献综述 3

（一）国内外研究成果 3

（二）简评 3

三、相关理论研究 4

（一）负债融资影响企业绩效的理论基础 4

（二）负债融资影响企业绩效的分析 5

四、电力行业融资现状及成因分析 6

（一）电力行业的负债融资现状 6

（二）电力行业负债融资现状的成因及分析 11

五、电力行业负债融资影响绩效的实证研究 13

（一）研究假设 13

（二）回归分析 13

六、研究结论与对策建议 17

（一）结论 17

（二）政策性建议 18