摘 要目前在国家新能源战略部署下页岩气行业迅速发展，产业规模、技术实力以及产业集群等优势涌现，但是仍然面临开发利用成本高、市场化进程缓慢、研发创新能力薄弱以及整体产能不足、部分领域产能过剩等问题和矛盾。因此本文从页岩气上市公司的资本结构对盈利能力的影响方面下手，研究资本结构与实现公司价值最大化之间的关系，以实现页岩气上市公司资本结构的优化推动产业发展，并提出合理化政策建议。从研究方法上来看，本文首先用因子分析法得出代表页岩气上市公司盈利能力的综合因子得分，然后用该指标作为被解释变量，以资产负债率、流动负债比率作为解释变量，对页岩气上市公司资本结构与盈利能力进行回归分析。通过理论和实证分析，结论是：页岩气上市公司的资本结构中资产负债率与盈利能力呈正相关，而流动负债与盈利能力没有相关性。根据这一研究结论提出相关建议，政府方面给与政策支持和积极鼓励技术创新，企业自身方面保持合理债务比率，加强企业自身融资能力，降低成本支出，合理使用资金。 关键词：资本结构；盈利能力；页岩气上市公司AbstractCurrently under the country’s new energy strategy, the shale gas industry has been on a rapid development, industrial scale, technical strength and advantages of industrial clusters emerge, but still face high exploitation costs, the slow process of the market, research and innovation capability is weak and overall productivity insufficiency, excess capacity in some areas problems and contradictions. Therefore, this article from the impact of shale gas listed company’s capital structure aspects of profitability, capital structure and maximize the value of the company to realize the relationship between the companies in order to optimize the capital structure of the shale gas listed to promote industrial development, and proposed reasonable policy recommendations. From the research methods, the paper first obtained by factor analysis of shale gas on behalf of the profitability of listed companies overall factor score, then use the index as a depen...
