能源行业上市公司融资结构与公司绩效关系的实证研究
An Empirical Study on the Relationship between Financing Structure and Corporate Performance of Listed Companies in Energy Industry

上市公司的融资结构与其经营绩效密切相关，本文利用2010~2020年能源行业A股89家上市公司的面板数据，通过GMM模型，探究能源行业上市公司的融资结构对公司经营绩效的影响。结果表明：1) 对于高等绩效类上市公司而言，内源融资率、股权融资率、资产负债率会促使公司绩效提高，商业信用融资率提高会抑制企业经营绩效的提高，2) 对于中低绩效类上市公司、新能源上市公司和传统能源上市公司而言，内源融资率、股权融资率、资产负债率的提高会抑制企业经营绩效的提高，商业信用融资率的提高会对企业经营绩效产生正向的促进作用。
The financing structure of listed companies is closely related to their business performance. In this paper, the panel data of 89 A-share listed companies in the energy industry from 2010 to 2020 are used to explore the impact of the financing structure of listed companies in the energy industry on their business performance through the GMM model. The results show that: 1) For high performance listed companies, endogenous financing rate, equity financing rate and assetliability ratio will promote the improvement of corporate performance, while the improvement of commercial credit financing rate will inhibit the improvement of business performance. 2) For medium and low performance listed companies, new energy listed companies and traditional energy listed companies, the improvement of endogenous financing rate, equity financing rate and assetliability ratio will inhibit the improvement of enterprise operating performance, while the improvement of commercial credit financing rate will have a positive promoting effect on enterprise operating performance.