华能集团资产运营绩效及战略选择研究

发布时间：2018-01-05 06:07

本文关键词：华能集团资产运营绩效及战略选择研究　出处：《西北农林科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：电力产业是国民经济的基础性和战略性的产业。随着新能源、环保等由概念转换成技术应用，我们的生活方式将继续发生深刻的变化。然而，受到技术水平限制，新能源技术虽然迅猛发展，还没有新的方式可以提到电力在社会生活各方面取代传统电力资源的动力作用，电力资源在将来很长一段时间内仍然是全球范围内主要动力来源。电力企业是电力产业的最基本的组成单位。华能集团作为五大国有大型发电企业之一，2002年，通过现代化的公司制度改革，华能集团具有计划经济体制下所固有的国有企业的时代烙印，，又具有现代股份制下所有权和经营权分离的鲜明特征。在公司资产运营过程中，华能集团资产周转情况良好，存货变现能力和存货资金周转水平虽有所降低，但仍由于全行业平均水平。公司应收账款周转比率虽有所下降，但仍优于行业平均水平，公司具有较高的应收账款变现能力和应收账款管理水平。近年来，华能通过原材料集中采购以控制生产成本，同时，由于国家对电力资源价格进行市场化调整，资本收益率、资产利润率和营业利润率等相关财务指标数值不断改善，华能扭亏为盈，整体盈利能力不断提升。公司具有较强的短期偿债能力,公司利息保障倍数虽在安全水平之上，但数值逐年下降，这说明公司的利息支付能力和长期偿债能力逐年下降。公司应主动调整，维持其长期偿债能力，以促进企业更好地发展。华能集团净利润逐年增加，但营业利润增长情况并不稳定。这些都说明了华能集团未来成长能力比较弱，亟需对产业进行调整升级，以提高其盈利能力、经营效率和企业未来发展能力。本文共分为六部分部分，各部分主要研究内容如下：（1）绪论。本文在第一部分对本研究的研究背景及意义、研究内容、研究方法、可能创新之处进行了分析，同时，又对相关文献进行了梳理。（2）我国电力产业概况及华能集团概况。文章对中国电力产业的发展状况和华能集团进行了分析。其中中国电力产业分析包括我国电力产业发展历程、电力资源消费情况、供给情况、五大国有发电集团概况和存在问题。华能集团分析包括公司简介和主营业务经营状况。（3）华能集团资产运营绩效分析。文章以华能集团2010年-2012年公司财务报表为基础，分别分析了公司的资产负债表、现金流量表和利润表。并在这三大报表的基础上，对公司的营运能力、盈利能力、偿债能力和发展能力进行了分析。第五部分，文章在对华能集团财务分析的基础上，又对华能集团自身状况和外部竞争环境进行了SWOT分析。（4）华能集团资产运营战略选择。在对华能集团资产运营绩效分析的基础上，因地制宜的制定了公司的财务投资战略、融资战略和成本控制战略。（5）结论及政策建议。文章对前面内容进行了总结，并在此基础上对华能集团提出了加强企业财务风险控制、提高财务人员综合素质和进行财务信息化改革等相关建议。
[Abstract]:The electric power industry is the basic and strategic industry of the national economy. With the new energy, environmental protection and other concept into technical application, our way of life will continue to undergo profound changes. However, the limit of technical level, although the rapid development of new energy technologies, there is no new way to replace the traditional electric power force mentioned resources in all aspects of social life, power resources in the future for a long period of time is still the main source of power in the global scope. The electric power enterprise is the basic unit of the electric power industry. Huaneng Group as one of the five large state-owned power generation enterprises in 2002, through the reform of company system modernization, Huaneng Group has planned economy under the system inherent in the state-owned enterprise brand of the times, but also has a distinctive feature of the separation of ownership and management rights in modern stock system.
In the process of asset management company, Huaneng Group assets turnover, stock liquidity and stock liquidity level is reduced somewhat, but still due to the industry average. The company accounts receivable turnover ratio has decreased, but still better than the industry average, the company has high accounts receivable and accounts receivable liquidity management level. In recent years, Huaneng centralized procurement of raw materials through to control the production cost, at the same time, due to the state of the market to adjust the price of power resources, the rate of return on capital, and continuously improve the assets and profits rate value related financial indicators such as business profit rate, Huaneng turnaround, and constantly improve the overall profitability of the company has short term. Solvency is stronger, although the company interest coverage at a safe level, but the value decreased year by year, this shows that the company's interest payments and long-term solvency Decreased year by year. The company should take the initiative to adjust and maintain its long-term solvency, to promote the development of enterprises better. Huaneng Group net profit increased year by year, but the operating profit growth is not stable. All these show that the Huaneng Group future growth ability is weak, need to adjust the industrial upgrading, in order to improve its profitability, future development ability the operating efficiency and enterprise.
This article is divided into six parts, the main contents of each part are as follows:
(1) introduction. In the first part, the research background and significance, research contents, research methods and possible innovations are analyzed. Meanwhile, relevant literature is also sorted out.
(2) overview of China's electric power industry and the development status of the Huaneng Group. Chinese power industry and Huaneng Group is analyzed. The Chinese power industry analysis including the development process of China's electric power industry, power supply, resource consumption, situation and problems of the five major state-owned power generation group. Huaneng Group including analysis of the company the introduction and the main business situation.
(3) analysis of Huaneng Group assets operating performance. On the basis of Huaneng Group in 2010 -2012 the company's financial statements, analyzes the company's balance sheet, cash flow statement and income statement. And on the basis of the three report, on the company's operating capacity, profitability, solvency and development ability the analysis. The fifth part, based on the Huaneng Group financial analysis, and SWOT analysis was carried out on Huaneng Group own condition and external competition environment.
(4) the strategic choice of assets operation of Huaneng Group. Based on the analysis of Huaneng Group's asset operation performance, the company's financial investment strategy, financing strategy and cost control strategy are formulated according to local conditions.
(5) conclusions and policy recommendations. The article summarizes the previous contents, and on this basis, puts forward some suggestions for Huaneng Group to strengthen financial risk control, improve the comprehensive quality of financial staff and carry out financial information reform.

【学位授予单位】：西北农林科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.61;F406.7

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