大唐发电财务战略研究

发布时间：2018-05-26 22:20

本文选题：大唐发电 + 财务分析　；参考：《西北农林科技大学》2014年硕士论文

【摘要】：在新的替代能源出现之前，电力行业将是一个最基本的能源产业。即便到了21世纪中叶，全球经济发展的主要驱动力量仍来源于电力行业。随着绿色能源、环境保护从概念到技术的应用，发生深刻变化的还有我们的生活方式，可以预见的是电力将发挥越来越重要的作用。大唐发电作为传统国有大型发电企业，具有计划经济体制下所固有的国有企业的烙印，又具有现代股份制企业所有权和经营权分离的鲜明特征。本文针对大唐发电的财务战略进行了研究。通过分析大唐发电自2010年至2012年财务报告，发现大唐发电在投资战略、筹资战略和股利分配战略方面存在的问题，并利用SWOT分析模型为大唐发电提供了大概的总体战略管理类型。通过大唐发电相关财务数据的分析，发现战略管理中出现的投资产业过于分散、重大投资项目失控、资产管理效率低下、盈利能力弱、融资结构不合理、分红比率略低等问题，最后结合大唐发电的实际情况提出了提高投资产业集中度、加强投资项目管理、提高资产管理效率、提升盈利能力、合理搭配融资结构、提高分红比率等战略管理建议。特别是无关多元化投资战略可能使大唐发电丧失规模经济效应和核心竞争力，非但起不到分散风险的作用，反而会增大经营风险和投资风险，提出了大唐发电应进行专业化投资，集中资源和有限的火力，专攻一点，心无旁鹜地专注于单一业务，从而形成企业的核心竞争力。此外，本文建议大唐发电主动调整融资结构，适度扩大股权性融资比例的同时亦要考虑对每股收益指标的稀释，维持其长期偿债能力，防范可能出现的财务风险，以促进企业稳健地发展。本文在第一部分对论文的研究背景及意义、研究思路、研究方法进行了分析，同时，又对相关文献进行了梳理。第二部分，文章对企业财务分析、财务战略选择的概念和方法进行了阐述。第三部分，文章对中国电力产业的发展状况和大唐发电进行了分析。其中中国电力产业分析包括我国电力行业发展历程、电力消费结构、电力供给情况以及五大发电集团的概况。大唐发电分析包括公司简介、主营业务经营状况和面临的经营风险。第四部分，文章对大唐发电自身状况和外部竞争环境进行了SWOT分析，并提供了大概的总体战略类型。第五部分，文章对大唐发电的财务战略进行了分析，根据电力生产企业的特点，重点分析了大唐发电的投资战略、筹资战略和股利分配战略。第六部分，在第五部分的基础之上提出大唐发电战略管理方面存在的问题。第七部分，针对大唐发电在战略管理方面出现的问题提出改进建议。
[Abstract]:Before the emergence of new alternative energy, the electricity industry will be the most basic energy industry. Even by the middle of the 21st century, the main driver of global economic growth came from the power sector. With the green energy, environmental protection from the concept to the application of technology, profound changes have taken place in our way of life, can be predicted that electricity will play an increasingly important role. Datang power generation, as a traditional large state-owned power generation enterprise, has the brand of state-owned enterprises inherent in the planned economy system, and also has the distinct characteristics of the separation of ownership and management rights of modern joint-stock enterprises. This paper studies the financial strategy of Datang power generation. By analyzing the financial reports of Datang Power from 2010 to 2012, it is found that Datang Power has some problems in investment strategy, financing strategy and dividend distribution strategy. SWOT analysis model is used to provide the general strategic management type for Datang power generation. Through the analysis of Datang power generation related financial data, it is found that the investment industry in strategic management is too dispersed, the major investment projects are out of control, the efficiency of asset management is low, the profitability is weak, the financing structure is unreasonable, the dividend ratio is slightly low, etc. Finally, combining with the actual situation of Datang power generation, the paper puts forward some strategic management suggestions, such as improving the concentration degree of investment industry, strengthening the management of investment projects, improving the efficiency of asset management, improving the profitability, reasonably matching the financing structure, and increasing the ratio of dividends. In particular, the unrelated diversification investment strategy may cause Datang power generation to lose its economies of scale effect and core competitiveness, which will not play a role in dispersing risks, but will increase operational risks and investment risks. It is proposed that Datang power generation should be specialized in investment, concentrate resources and limited firepower, specialize in a single business, and form the core competitiveness of the enterprise. In addition, this paper suggests that Datang Power Company should adjust its financing structure actively, expand the proportion of equity financing appropriately, and at the same time consider the dilution of earnings per share index, maintain its long-term solvency, and guard against possible financial risks. In order to promote the steady development of enterprises. In the first part, the research background and significance, research ideas, research methods are analyzed, at the same time, the related literature is combed. In the second part, the paper expounds the concept and method of enterprise financial analysis and financial strategy choice. In the third part, the development of Chinese electric power industry and Datang power generation are analyzed. The analysis of China's electric power industry includes the development of China's electric power industry, the structure of electricity consumption, the situation of electricity supply and the general situation of the five power generation groups. Datang power generation analysis includes company profile, main business operations and business risks faced. In the fourth part, the paper analyzes the situation of Datang power generation and the external competitive environment by SWOT, and provides the general strategy types. In the fifth part, the financial strategy of Datang power generation is analyzed. According to the characteristics of electric power production enterprises, the investment strategy, financing strategy and dividend distribution strategy of Datang power generation are analyzed. The sixth part, on the basis of the fifth part, puts forward the problems in the strategic management of Datang power generation. In the seventh part, some suggestions are put forward to improve the strategic management of Datang power generation.
【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】：F406.7;F426.61

【参考文献】