中国煤电企业纵向一体化对企业经营绩效影响研究

发布时间：2018-04-16 18:30

本文选题：煤电产业 + 纵向一体化　；参考：《西安科技大学》2017年硕士论文

【摘要】：煤炭和火电作为我国最重要的一次能源和二次能源,在我国经济发展中扮演着十分重要的角色。由于分处于同一条产业链的上下游,煤炭与电力之间的关系也尤为密切。2002年,煤炭价格飞涨,电企不堪重负,开始使用纵向一体化的方式保证原料供应;2012年后,经济下行,煤炭价格呈断崖式跌落,煤企也开始涉足发电领域来弥补煤炭亏损。基于以上情况,本文将研究纵向一体化对我国煤电企业经营绩效的具体影响,为我国煤电企业的纵向一体化选择提供一定的参考。本文对纵向交易基本理论、我国煤电纵向关系的研究和纵向一体化对其他行业企业经营绩效影响的文献进行了评述,总结了现有研究的不足。通过对我国煤电关系发展历程的梳理得出,我国煤、电企业会基于保证煤炭供给和销售、分散经营风险等原因进行纵向一体化整合。结合产业组织学和新制度经济学理论分析发现纵向一体化可通过降低企业成本、提高市场进入壁垒等方式提高企业经营绩效。以煤炭上市公司的十项财务指标为研究对象,利用因子分析法将它们划分为企业的盈利能力、运营能力、偿债能力和发展能力四个公共因子,并确认权重,构建了煤炭企业经营绩效指标评价体系。通过对煤炭上市企业2007-2015年间经营绩效评价对比,得出煤电纵向一体化企业较未采用一体化模式的煤炭企业拥有更好的盈利能力和运营能力,但由于企业规模的扩大,纵向一体化企业的偿债能力较弱。运用价值增加值法对样本煤电企业的纵向一体化程度进行测算,并选取控制变量对企业经营绩效影响因素进行了回归分析,得出煤电纵向一体化程度对煤炭企业的经营绩效有积极的影响,即随着煤电一体化程度的加深,企业的经营绩效逐步提高。根据研究结果建议国家应继续出台政策支持煤电纵向一体化。
[Abstract]:As the most important primary energy and secondary energy, coal and thermal power play a very important role in the economic development of our country.The relationship between coal and electricity is particularly close because it is located upstream and downstream of the same industrial chain. In 2002, when coal prices soared and power companies were overwhelmed, they began to use vertical integration to ensure the supply of raw materials; after 2012, the economy declined.Coal prices have fallen precipitously, and coal companies are beginning to tap into power generation to make up for coal losses.Based on the above situation, this paper will study the specific impact of vertical integration on the performance of China's coal and power enterprises, and provide a certain reference for the choice of vertical integration of coal and power enterprises in China.In this paper, the basic theory of vertical trading, the study of vertical relationship between coal and electricity in China and the literature on the influence of vertical integration on the performance of other industries are reviewed, and the shortcomings of existing research are summarized.By combing the development course of coal power relations in China, it is concluded that coal and electricity enterprises in our country will integrate vertically based on the guarantee of coal supply and sale and the diversification of management risks.Combining with the theory of industrial organization and new institutional economics, it is found that vertical integration can improve the performance of enterprises by reducing the cost of enterprises and increasing the barriers to market entry.Taking ten financial indexes of coal listed companies as research objects, the paper divides them into four common factors, namely, profitability, operational ability, solvency and development ability, and confirms their weights.The performance evaluation system of coal enterprises is constructed.By comparing the operational performance evaluation of coal listed enterprises from 2007 to 2015, it is concluded that coal and power vertical integration enterprises have better profitability and operation ability than those coal enterprises that do not adopt integrated mode, but due to the expansion of enterprise scale,Vertical integration enterprises have weak solvency.The value added method is used to measure the degree of vertical integration of the sample coal power enterprises, and the control variables are selected to analyze the influencing factors of the enterprises' business performance.It is concluded that the degree of vertical integration of coal and electricity has a positive impact on the operating performance of coal enterprises, that is, with the deepening of integration of coal and electricity, the business performance of enterprises is gradually improved.According to the results of the study, the state should continue to introduce policies to support vertical integration of coal and electricity.
【学位授予单位】：西安科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.61;F272.3

【参考文献】