Analysis On The Impact Of Debt Financing Structure Of Listed Electric Power Enterprises On The Financial Performance Of Enterpaises

The principal-agent relationship under the modern enterprise system makes the ownership and management right of the enterprise independent from each other,and different target functions arise between the shareholder and the manager,resulting in the commission cost.To reduce this discrepancy and reduce agency fees,businesses introduce modest debt into their capital structure.Debt financing to a certain extent,can reduce the cost of financing is an important part of corporate financing can not be ignored.The moderate debt financing structure has a good effect on corporate governance for improving the company's efficiency and resolving the contradiction between the operation rights and ownership.Electricity is not only an important symbol of human civilization,but also an essential source of energy for human life.As the power companies need more investment in fixed assets,larger capital requirements and longer payback period,resulting in a natural monopoly.However,the reform of the power industry in recent years has tried to break this monopoly pattern and thus make a transition to a market-oriented economy.This paper mainly discusses the financing needs of listed power enterprises from the aspects of industrial structure,market supply and demand,and leads to what kind of debt financing structure can fit the healthy and stable development of power industry.In the aspect of empirical analysis,use the SPSS dissertation analyzes the overall debt financing level,the structure of debt financing and the maturity of debt financing.Descriptive statistics and data analysis are conducted by means of statistical analysis software.The relationship between debt financing structure and firm performance of listed power companies conduct empirical research.The research shows that debt financing of China's listed power companies is negatively related to corporate performance and can not play a good debt financing advantage.Therefore,the combination of equity financing and business mergers needs to promote the sustained,healthy and stable development of China's power enterprises.