光伏企业投资效率指标体系构建与应用

发布时间：2018-03-08 05:28

本文选题：光伏企业　切入点：投资效率　出处：《中国海洋大学》2014年硕士论文　论文类型：学位论文

【摘要】：能源一直支持着人类社会的生产和发展，在能源状况日益恶化的今天，寻找新的可替代能源问题迫在眉睫。作为能源产出和消耗大国，中国的能源问题尤为严重，发展新能源产业已经成为战略新兴产业的重要方向。在诸多新能源产业中，太阳能光伏产业由于其清洁无污染可再生的特点脱颖而出。2006年开始，我国光伏行业发展势头迅猛，从企业的数目到行业的总产能，其增加速度都令人瞠目结舌。但是行业发展的背后有其隐患存在，比如产业结构不合理，销售过于依赖出口，产能过剩等等。2011年的欧债危机和之后的欧美“双反”将这些问题彻底暴露了出来，我国光伏行业陷入了前所未有的危机。纵观各种因素，我国光伏企业的盲目扩张、投资效率低下是其中主要原因，所以建立相应的投资效率指标体系来衡量其投资效率，并依此确定企业的投资量有现实意义。本文首先论述了国内外对于投资效率的有关研究，在此基础上选择了能够有效反映微观经济个体的投资效率，并且可以获取数据进行计算的指标，同时对某些指标做了稍微修改，使之更易于使用和观察，并综合能够衡量企业的盈利能力、营运能力和企业价值的指标，形成投资效率指标体系。然后选取光伏行业经营状况不同、主营业务收入全部或绝大部分（90%以上）为光伏产品且上市至少三年的上市公司，以其报表数据为基础对其2010——2012年的投资效率进行分析，得出其波动趋势以及投资状况，并进行比较分析、趋势分析，之后选取向日葵光能科技股份有限公司为典型案例，对其进行投资效率分析。通过分析可以发现光伏行业存在如下问题：由于光伏行业发展初期进入壁垒低、利润高且有政府支持，光伏企业的数量、规模均大幅增长，企业盲目扩张，投资偏重生产能力，而不是核心技术；政府干预过度，造成了不良影响；企业从银行贷款难度低，，导致企业滥用资金；我国光伏产业链集中于中下游，产业链结构不完整、不合理。针对这些问题，本文给出以下建议：加强对企业和投资的管理，注重核心技术的研发、投资而不是盲目提高企业的生产能力，组建专业、有效的管理层，预判风险，合理投资和扩张；企业应当增加研发投资，依靠核心技术，而不是生产能力或者价格战进行竞争；政府进行合理而适度的干预，对于整个产业的发展和结构优化进行引导，带动内需，使产业链更为合理。本文的创新点主要有以下几个方面：（1）光伏行业是近几年在我国兴起的新兴行业，目前有一些以该行业为研究对象的研究，其中大多数从产能角度入手进行研究，宏观层面的研究成果数目较多。本文则是以单个光伏企业投资效率的评价作为研究对象，属于微观层面的研究，是一个全新的研究方向。（2）对于投资效率评价指标的各种研究中，往往只注重投资效率方面的指标却忽视了财务指标，而企业的投资效率最终将会影响企业的盈利，即投资效率最终会体现于企业的各种财务指标数据，本文将投资效率的指标与财务指标进行了结合，可以对企业的投资效率进行更为全面、有效的评价，是一种优化的评价体系。（3）本文站在企业的角度，通过选择各种指标对光伏企业的投资效率进行评价，可以直观的观察到企业的投资效率状况以及投资效率的变化趋势，对于企业来说具有可操作性和参考价值，是从理论到实践的创新。
[Abstract]:Energy has been supporting the production and the development of human society, the energy situation deteriorating today, looking for new alternative energy problem is imminent. As the energy production and consumption country, China energy problem is particularly serious, the development of new energy industry has become an important strategic direction of new industries. In many new energy industry, solar energy the photovoltaic industry because of its clean and renewable characteristics since.2006 talent shows itself the momentum of development, China's photovoltaic industry rapidly, the total production capacity from a number of enterprises to the industry, the rate of increase is stunning. But behind the development of the industry has its problems, such as unreasonable industrial structure, the sale is too dependent on exports, production capacity excess.2011 European debt crisis and the European and American "double reverse" of these problems thoroughly exposed, China's photovoltaic industry into an unprecedented In view of all kinds of factors, China's photovoltaic enterprises' blind expansion and low investment efficiency are the main reasons. Therefore, it is practical significance to establish corresponding investment efficiency index system to measure their investment efficiency and determine the investment volume of enterprises.
This paper first discusses the related research on the efficiency of investment at home and abroad, on the basis of the choice can effectively reflect the investment efficiency of the micro economic individual, and can obtain data to calculate the index, at the same time on some indexes have been slightly modified, making it easier to use and observation, and to measure the profitability of enterprises, operating the ability and the enterprise value index, investment efficiency index system.
And then select the operating conditions of the photovoltaic industry, the main business income of all or most of (more than 90%) for photovoltaic products and at least three years of listing of listed companies, the report data was analyzed based on the 2010 - 2012 Investment efficiency, the fluctuation trend and investment situation, and carries on the comparative analysis, trend analysis after selection, the sunflower light Polytron Technologies Inc as a typical case, analysis of the investment efficiency.
Can be found through the analysis of the following problems: the photovoltaic industry due to the early development of the photovoltaic industry with low entry barriers, high profits and government support, a number of photovoltaic enterprises, the scale of enterprises have increased significantly, the blind expansion of investment on production capacity, rather than the core technology; excessive government intervention, resulting in adverse effects; enterprises from bank loans more difficult low lead enterprises abuse funds; photovoltaic industry chain in China focused on the middle and lower reaches of the structure of the industry chain is not complete, is not reasonable.
To solve these problems, this paper gives the following suggestions: to strengthen corporate and investment management, focusing on research and development of core technology investment, rather than blindly improve production capacity of enterprises, the formation of professional, management effectively and predict risk, reasonable investment and expansion; enterprises should increase investment in research and development, relying on core technology, rather than production the ability or the price war to compete; reasonable and appropriate government intervention, for the development and optimization of the industrial structure to guide, promote the domestic industry chain, which is more reasonable.
The main innovations of this paper are as follows:
(1) photovoltaic industry is an emerging industry in our country in recent years, there are some study based on the industry, most of them from the production perspective of macro level research results. This article is based on the number of single photovoltaic enterprise investment efficiency evaluation as the research object, the research belongs to the micro level, is a new research direction.
(2) to study the evaluation index of investment efficiency, often focus only on the investment efficiency index but ignore the financial indicators, and enterprise investment efficiency will eventually affect the profitability of enterprises, all kinds of financial index data that will eventually be reflected in the investment efficiency of enterprises, and financial index of the investment efficiency based on the efficiency of the enterprise investment, can carry out a more comprehensive and effective evaluation, is a kind of optimization evaluation system.
(3) this paper from the perspective of business, through the selection of various indicators of investment efficiency of photovoltaic enterprise evaluation, can be directly observed the status of the enterprise investment efficiency and investment efficiency change trend, maneuverability and reference value for the enterprise, is to practice innovation in theory.

【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.6

【参考文献】