A Study On The Uncertainty Of Environment And Capital Structure Decisions In The Energy Sector

The "new normal" of economy can lead the development of energy industry,it also has requirements that we should speed up the pace to construct a clear,safe,efficient and continual modern energy system,which can bring some changes to the situation.Energy industry faces many challenges,so it must find a new breakthrough to get chances of keeping steady development.The risks of enterprise strategic failure are increased by the environmental uncertainty,some previous researches about environmental uncertainty mainly focus on objective factors from the outside instead of internal factors.As a decision maker,the manager plays a leading role in administration,the development level of enterprise will be effectively influenced by manager's decision.Compared with other industries,the energy industry in China is influenced more by environment.Energy industry as a pillar industry of China has a great influence on people's livelihood and market economy.So,it is meaningful for us to study the environmental uncertainty,which can promote the successful development of energy industry.In recent years,there are many researches about financing decisions in energy industry,but most of them only based on Micro-Perspective,the studies which gives consideration to both macroscopic and microcosmic aspects is few.This thesis studies the impacts of environmental uncertainty on capital structure of energy industry from the perspective of the macroscopic and microcosmic.First of all,I make a literature review about influencing factors of capital structure and analyze the situation of developing and financing about energy listed companies in China.There are several theoretical bases such as MM Theory,Trade-off Theory,Principal-Agent Theory,Market Timing Theory and Asymmetric Information Theory.In this article,I use standard deviation of GDP quarterly data to measure the uncertainty of the external environment,and adopt rolling standard deviation of operating income for three years to measure the uncertainty of the internal environment.I consider profitability,enterprise scale,the growth and asset guarantee ability as control variables,and according to classification of SFC industry,I choose 107 listed companies which has A shares listed on the normal trading in Shanghai and Shenzhen from 2008 to 2015 as study samples and then make an empirical research on environmental uncertainty which influences financing decision of listed energy industry.The results of research show that The debt-asset ratio of listed energy industry is on the rise,both external and internal environmental uncertainties have negative effects on capital structure obviously.There is a significant negative correlation between capital structure and profitability,enterprise scale has a significant positive correlation with capital structure,and there are not any obvious relations among the growth,the asset guarantee ability and capital structure.At last,according to the result of empirical research and the energy industry characteristics,I put forward some policy suggestions and state the limitation of my thesis and expectation of the future research.