中国绿色电力投资绩效的实证分析
发布时间：2018-07-17 01:12
【摘要】：近年来,随着全社会电力需求持续增加,中国电力投资的规模快速增长,但是不同电力项目的绩效差别较大。目前中国十分重视发展绿色电力,在政策上大力扶持,发电企业也正逐步加大对绿色电力的投资。本文在中国电力行业总体投资绩效、电力上市公司绿色电力与非绿色电力投资绩效对比和中、美电力上市公司绿色电力投资绩效对比三个层次上进行绩效分析。首先,选择面板数据模型中的固定效应模型作为绩效的实证分析方法,使用固定效应模型对30家中国电力上市公司2007年至2011年的投资绩效进行分析,发现当前中国电力行业电源项目投资对公司价值增长具有微弱的正向影响；火电项目投资对公司价值增长具有明显的负向影响。其次,文章通过建立两个相似的固定效应模型,对中国和美国各15家电力上市公司2007年至2011年的不同电源项目投资绩效进行对比分析,模型结果显示中国非水可再生能源发电、核电项目投资对公司价值增长具有明显的负向影响,与美国差距较大；中国水电项目投资在对公司价值增长的影响上虽然优于美国,但对公司价值增长也具有明显的负向影响。最后,本文分析了造成中国与美国不同电源项目投资绩效差异的影响因素,以期能够对中国绿色电力投资绩效的提升提供借鉴和帮助。
[Abstract]:In recent years, with the increasing demand of the whole society, the scale of electric power investment in China is increasing rapidly, but the performance of different power projects varies greatly. At present, China attaches great importance to the development of green power, in policy support, power generation enterprises are gradually increasing investment in green power. This paper makes a performance analysis on three levels: the overall investment performance of China's electric power industry, the comparison between green and non-green power investment performance of listed power companies and the comparison of green power investment performance between American and American listed companies. First of all, the fixed effect model in the panel data model is selected as the empirical analysis method, and the fixed effect model is used to analyze the investment performance of 30 listed companies in China from 2007 to 2011. It is found that the current power project investment in China's power industry has a weak positive impact on the growth of the company's value, while the thermal power project investment has an obvious negative impact on the company's value growth. Secondly, through the establishment of two similar fixed effect models, the paper compares the investment performance of 15 listed power companies in China and the United States from 2007 to 2011. The results of the model show that there is no water renewable energy generation in China. The investment of nuclear power project has a significant negative impact on the growth of company value, which is far behind that of the United States. Although the impact of Chinese hydropower project investment on the growth of company value is superior to that of the United States, it also has a significant negative impact on the growth of company value. Finally, this paper analyzes the factors that affect the investment performance of different power supply projects in China and the United States, in order to provide reference and help for the improvement of green power investment performance in China.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.61
本文编号：2128371
[Abstract]:In recent years, with the increasing demand of the whole society, the scale of electric power investment in China is increasing rapidly, but the performance of different power projects varies greatly. At present, China attaches great importance to the development of green power, in policy support, power generation enterprises are gradually increasing investment in green power. This paper makes a performance analysis on three levels: the overall investment performance of China's electric power industry, the comparison between green and non-green power investment performance of listed power companies and the comparison of green power investment performance between American and American listed companies. First of all, the fixed effect model in the panel data model is selected as the empirical analysis method, and the fixed effect model is used to analyze the investment performance of 30 listed companies in China from 2007 to 2011. It is found that the current power project investment in China's power industry has a weak positive impact on the growth of the company's value, while the thermal power project investment has an obvious negative impact on the company's value growth. Secondly, through the establishment of two similar fixed effect models, the paper compares the investment performance of 15 listed power companies in China and the United States from 2007 to 2011. The results of the model show that there is no water renewable energy generation in China. The investment of nuclear power project has a significant negative impact on the growth of company value, which is far behind that of the United States. Although the impact of Chinese hydropower project investment on the growth of company value is superior to that of the United States, it also has a significant negative impact on the growth of company value. Finally, this paper analyzes the factors that affect the investment performance of different power supply projects in China and the United States, in order to provide reference and help for the improvement of green power investment performance in China.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.61
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