基于DEA方法的电力上市公司经营绩效评价研究

发布时间：2018-03-14 13:06

本文选题：电力上市公司　切入点：经营绩效评价　出处：《华北电力大学(北京)》2017年硕士论文　论文类型：学位论文

【摘要】：电力行业是支撑着社会经济发展的公用事业,在促进经济发展、人民生活水平不断提高等方面发挥着不可替代的作用,同时电力行业也正面临着诸多挑战,也正经历着前所未有的变革。2015年国家发改委、能源局印发了《关于进一步深化电力体制改革的若干意见》及配套实施方案,新电改的出台进一步完善了我国电力行业的统筹规划战略。本文的主要研究对象为电力上市公司的经营绩效,面对全新的竞争与挑战,电力公司需要完善自己经营管理以适应新的市场环境,同时把握宏观电力行业政策的导向,在新电改推进过程中不断地实现突破性进展。对电力上市公司的经营绩效进行评价,有助于促使公司提高竞争力、改善管理水平,电力上市公司经营效率的提高可以推动我国电力产业进一步发展。本文首先研究了评价公司经营绩效的相关理论与方法,分析了在新电改背景下我国电力行业面临的市场环境,从上网电价、煤炭价格、公司治理、经营管理、税收政策五个方面建立了电力上市公司的经营绩效评价指标体系总体框架,并灵活应用了评价指标的设计原则,充实细化了评价指标体系总体框架,构建了我国电力上市公司经营绩效的评价指标体系。然后筛选了在沪市与深市上市的43家发电上市公司作为实证研究的样本,应用了DEA方法中的两个经典的模型CCR和BCC,得出了各个电力上市公司的综合效率水平、规模效率水平及纯技术效率水平,并对各发电公司目前所处的规模收益阶段进行分析。最后运用投影分析的方法为处于DEA无效状态的电力上市公司指明改进方案,并运用DEA-Malmquist生产率指数分析法,得出了我国电力上市公司在2012-2016年间经营绩效的动态变化走向。经过相应的计算与分析,得出作为样本的43家电力公司的综合效率水平、纯技术效率水平与规模效率水平。发现我国电力上市规模效率值整体表现良好,但总体经营绩效并不高,存在较大的提升空间,应注重改进经营管理模式,创新科学技术的应用以达到降低成本、提升经营业绩的目标,从而改善纯技术效率评价值不高的状况。将实际值与目标值的差异进行对比,分析处于DEA无效状态的上市电力公司的投入冗余程度及产出不足程度,得出各个决策单元在2012-2016年之间经营绩效的动态变动趋势,说明了研究期间内43个研究样本的技术变化、规模效率变化及纯技术效率变化的特点,研究实际数据的运行结果,以完善其经营管理能力、增强电力上市公司的综合竞争力。
[Abstract]:Electric power industry is a public utility supporting the development of social economy. It plays an irreplaceable role in promoting economic development and improving people's living standard. At the same time, the electric power industry is also facing many challenges. In 2015, the National Development and Reform Commission and the Energy Bureau issued several opinions on further deepening the reform of the electric power system and their supporting implementation plans. The introduction of the new power reform has further improved the overall planning strategy of the power industry in China. The main research object of this paper is the operating performance of the listed power companies, facing new competition and challenges. Power companies need to improve their management to adapt to the new market environment, at the same time grasp the direction of macro-power industry policies, in the process of promoting the new power reform to achieve continuous breakthrough. It is helpful to improve the competitiveness and management level of the company. The improvement of the operating efficiency of the listed power companies can promote the further development of the electric power industry in China. This paper first studies the relevant theories and methods to evaluate the company's operating performance. This paper analyzes the market environment facing the electric power industry in China under the background of the new electricity reform, including electricity price on the Internet, coal price, corporate governance, management and management. This paper establishes the overall framework of the performance evaluation index system of electric power listed companies in five aspects of tax policy, and flexibly applies the design principles of the evaluation indicators to enrich and refine the overall framework of the evaluation index system. This paper constructs the evaluation index system of the operating performance of the listed power companies in China, and then selects 43 power generation listed companies listed in Shanghai and Shenzhen stock markets as the samples of the empirical research. By using two classical models of DEA, CCR and BCC, the comprehensive efficiency level, scale efficiency level and pure technical efficiency level of each power listed company are obtained. Finally, the projection analysis method is used to point out the improvement scheme for the listed power companies in the invalid state of DEA, and the DEA-Malmquist productivity index analysis method is used. The dynamic trend of the operating performance of the listed power companies in China during 2012-2016 is obtained. Through the corresponding calculation and analysis, the comprehensive efficiency level of 43 power companies as a sample is obtained. Pure technical efficiency level and scale efficiency level. It is found that the scale efficiency value of power market in our country is good as a whole, but the overall operating performance is not high, there is a great room for improvement, so we should pay attention to improving the management mode. The application of innovative science and technology in order to achieve the goal of reducing costs and improving business performance, thereby improving the situation where the evaluation value of pure technical efficiency is not high. The difference between actual value and target value is compared. By analyzing the degree of input redundancy and insufficient output of listed power companies in the invalid state of DEA, the dynamic trend of operating performance of each decision making unit during 2012-2016 is obtained, and the technical changes of 43 research samples during the research period are explained. The characteristics of the change of scale efficiency and pure technical efficiency are studied in order to improve its management ability and enhance the comprehensive competitiveness of listed companies.
【学位授予单位】：华北电力大学(北京)
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.61;F406.7

【参考文献】