煤电企业纵向一体化的理论分析与实证检验

发布时间：2018-01-12 05:17

本文关键词：煤电企业纵向一体化的理论分析与实证检验　出处：《西北大学》2017年硕士论文　论文类型：学位论文

【摘要】：纵向一体化是企业沿着产业链占据若干环节的一种内部扩张形式,包括前向一体化和后向一体化两种模式。纵向一体化不仅能够优化产业布局,提升企业竞争力,而且能够为企业带来范围经济、确保供给和需求、降低交易成本,是企业经常会选择的一种战略体系。就我国煤炭和电力行业而言,纵向一体化一方面能够解决长期以来“市场煤”和“计划电”之间的矛盾,另一方面,可以缓解现阶段我国煤炭的产能过剩问题,稳定其供给,保障了煤炭和电力行业的可持续发展。所以,近年来我国煤电企业之间的纵向一体化也在逐渐增多。本文的研究就从煤电企业间的纵向一体化入手,按照理论、模型、实证、结论的思路对所研究的问题进行深入分析。在第一部分,本文分三方面总结了纵向一体化的理论基础,分别是交易费用理论、纵向一体化理论和博弈论,并对国内外的相关文献进行梳理和总结;第二部分是理论模型研究,针对我国煤电企业的现状,本文分别采用Stackelberg博弈模型和合作博弈模型,研究纵向一体化前后煤电企业的收益,并通过比较得出结论——纵向一体化使煤电企业收益得到改善;在第三部分,本文对我国现阶段的煤电一体化动因、模式进行了总结,并选取具体案例分析了纵向一体化前后企业的发展状况;第四部分是文章的实证检验部分,在上文纵向一体化模式分类的基础上,本文选取相应的煤电上市公司案例,采取因子分析的主成分分析法构建不同时期企业绩效的综合得分模型进行分析;最后,在理论分析和实证检验的基础上得出结论:从总体上说,煤电企业纵向一体化能够改善企业的经营状况,提升企业绩效,且全资和控股类型的一体化模式的企业绩效要优于参股类型的一体化模式的企业绩效,并提出相关政策建议:应鼓励煤电企业间的纵向一体化,推动产业链发展,并引导其产权组织构架由参股模式向控股模式发展。
[Abstract]:Vertical integration is an internal expansion form in which enterprises occupy a number of links along the industrial chain, including forward integration and backward integration. Vertical integration not only can optimize the industrial layout. Improving the competitiveness of enterprises, and can bring scope economy for enterprises, ensure supply and demand, reduce transaction costs, is a strategic system that enterprises often choose. As far as China's coal and power industries are concerned. On the one hand, vertical integration can solve the contradiction between "market coal" and "planned electricity" for a long time, on the other hand, it can alleviate the problem of coal overcapacity and stabilize its supply. Therefore, in recent years, the vertical integration between coal and power enterprises in China is gradually increasing. The research of this paper starts with the vertical integration of coal and power enterprises, according to the theory. In the first part, this paper summarizes the theoretical basis of vertical integration in three aspects, namely, transaction cost theory. Vertical integration theory and game theory, and the relevant literature at home and abroad are combed and summarized; The second part is the theoretical model research, according to the current situation of coal and electricity enterprises in China, this paper uses Stackelberg game model and cooperative game model, respectively, to study the benefits of coal and electricity enterprises before and after vertical integration. Through comparison, the conclusion is drawn that the profit of coal power enterprises is improved by vertical integration. In the third part, this paper summarizes the motivation and mode of coal and electricity integration in China at present, and selects specific cases to analyze the development of enterprises before and after vertical integration. The 4th part is the empirical test part of the article, on the basis of the classification of vertical integration model above, this paper selects the corresponding coal and electricity listed company cases. Adopt the principal component analysis method of factor analysis to construct the comprehensive score model of enterprise performance in different periods to carry on the analysis; Finally, on the basis of theoretical analysis and empirical test, the conclusion is drawn: overall, vertical integration of coal and electricity enterprises can improve the business situation and improve the performance of enterprises. And the enterprise performance of the integration mode of wholly-owned and shareholding type is better than that of the joint-stock integration mode, and the relevant policy recommendations are put forward: the vertical integration between coal and power enterprises should be encouraged. Promote the development of industrial chain, and guide its property right organization framework from equity participation model to holding mode.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.61;F426.21

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