基于EVA我国上市火电企业经营业绩评价及影响因素研究
发布时间：2018-10-11 07:46
【摘要】：近年来,我国火电企业大面积持续亏损,直接导致的是火力发电企业扩大生产的积极性下降,甚至停止部分发电机组的运营,这也成为了我国频频出现电荒的重要原因。而与此同时,我国火电装机总容量仍然在不断增加,许多火电企业仍在快速扩张。那么,火电企业真实的经营状况究竟如何?规模不断扩展的火电企业是否创造了价值?如何帮助火电企业提高可持续经营能力?这些问题,让如何正确的评价火电企业的经营业绩、分析影响经营业绩的关键因素并找出有效地改善措施,成为了一个紧迫的课题。 本文在国内外关于企业经营业绩评价研究的基础上,引入经济增加值(Economic Value Added,简称EVA)指标来评价火电企业经营业绩。首先,结合发电行业的特殊性改进EVA的计算,并完成我国18家上市火力发电企业2007-2011年EVA的测算和评价。接着在国内外大量关于经营业绩影响因素研究的基础上,构建多重线性回归模型,根据样本企业的历史财务数据和官方公布的相关权威数据运用SPSS18统计分析软件进行回归分析,得出哪些因素能够驱动并在何种程度上影响着火电企业EVA的增长。最后有针对性地提出了提升我国上市火力发电企业经营业绩的建议与对策,希望能够对我国火电企业的发展有一定的借鉴意义。 通过本文的研究发现火电企业的经营业绩与企业规模以及成长率并无直接关系。要提高企业的经营业绩和经营效率,必须避免盲目追求增长率与规模；加强企业内部管理,降低期间费用,进而降低成本费用率；优化资本结构,保持一定范围内较高的资产负债率,降低资本成本率；全面应用经济增加值价值管理体系,保持企业长期、持续的价值创造能力。
[Abstract]:In recent years, China's thermal power enterprises continue to make losses in large areas, which directly leads to the decline of enthusiasm of thermal power enterprises to expand production, and even to stop part of the operation of generating units, which has become an important reason for the frequent occurrence of electricity shortage in China. At the same time, the total capacity of thermal power plant in China is still increasing, and many thermal power enterprises are still expanding rapidly. So, what is the real operating condition of thermal power enterprises? Did the expanding thermal power companies create value? How to help thermal power enterprises to improve their sustainable management? These problems, how to correctly evaluate the performance of thermal power enterprises, analyze the key factors affecting business performance and find out effective improvement measures, has become an urgent issue. On the basis of domestic and foreign research on the evaluation of business performance, this paper introduces the economic added value (Economic Value Added,) index to evaluate the business performance of thermal power enterprises. Firstly, combining the particularity of power generation industry, we improve the calculation of EVA, and complete the calculation and evaluation of EVA of 18 listed thermal power enterprises in China from 2007 to 2011. Then on the basis of a large number of domestic and foreign research on the influencing factors of business performance, a multiple linear regression model is constructed. According to the historical financial data of the sample enterprises and the relevant authoritative data published by the government, the regression analysis is carried out by using the SPSS18 statistical analysis software. Figure out which factors can drive and to what extent affect the EVA growth of thermal power enterprises. Finally, the paper puts forward some suggestions and countermeasures to improve the performance of listed thermal power generation enterprises in China, hoping that it can be used for reference for the development of thermal power enterprises in China. Through the research of this paper, it is found that there is no direct relationship between the business performance and the scale and growth rate of thermal power enterprises. In order to improve the performance and efficiency of the enterprise, it is necessary to avoid blindly pursuing the growth rate and scale; to strengthen the internal management of the enterprise, to reduce the period cost, and then to reduce the cost rate; to optimize the capital structure, To maintain a higher ratio of assets and liabilities within a certain range, to reduce the cost of capital, to apply the value added management system in an all-round way, and to maintain the long-term and sustainable value creation ability of an enterprise.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.3;F426.61
本文编号：2263407
[Abstract]:In recent years, China's thermal power enterprises continue to make losses in large areas, which directly leads to the decline of enthusiasm of thermal power enterprises to expand production, and even to stop part of the operation of generating units, which has become an important reason for the frequent occurrence of electricity shortage in China. At the same time, the total capacity of thermal power plant in China is still increasing, and many thermal power enterprises are still expanding rapidly. So, what is the real operating condition of thermal power enterprises? Did the expanding thermal power companies create value? How to help thermal power enterprises to improve their sustainable management? These problems, how to correctly evaluate the performance of thermal power enterprises, analyze the key factors affecting business performance and find out effective improvement measures, has become an urgent issue. On the basis of domestic and foreign research on the evaluation of business performance, this paper introduces the economic added value (Economic Value Added,) index to evaluate the business performance of thermal power enterprises. Firstly, combining the particularity of power generation industry, we improve the calculation of EVA, and complete the calculation and evaluation of EVA of 18 listed thermal power enterprises in China from 2007 to 2011. Then on the basis of a large number of domestic and foreign research on the influencing factors of business performance, a multiple linear regression model is constructed. According to the historical financial data of the sample enterprises and the relevant authoritative data published by the government, the regression analysis is carried out by using the SPSS18 statistical analysis software. Figure out which factors can drive and to what extent affect the EVA growth of thermal power enterprises. Finally, the paper puts forward some suggestions and countermeasures to improve the performance of listed thermal power generation enterprises in China, hoping that it can be used for reference for the development of thermal power enterprises in China. Through the research of this paper, it is found that there is no direct relationship between the business performance and the scale and growth rate of thermal power enterprises. In order to improve the performance and efficiency of the enterprise, it is necessary to avoid blindly pursuing the growth rate and scale; to strengthen the internal management of the enterprise, to reduce the period cost, and then to reduce the cost rate; to optimize the capital structure, To maintain a higher ratio of assets and liabilities within a certain range, to reduce the cost of capital, to apply the value added management system in an all-round way, and to maintain the long-term and sustainable value creation ability of an enterprise.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.3;F426.61
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