发电企业融资效率分析
发布时间：2018-10-13 08:08
【摘要】：电力行业是我国国民经济的主导行业之一,在促进经济发展、改善民生等方面起着非常重要的作用。自从2002年国家进行电力体制改革以来,发电行业逐步从垄断的计划经济体制转变为竞争性的市场经济体制。尽管如此由于发电企业长期依赖发、输、配、售一体化经营所带来的垄断利润,发电企业在发展中仍存在着对自身电力资产的盈利预测能力不强、对资金的合理利用及提高融资效率的重视程度不够的问题。随着我国市场经济的不断发展,金融体系的不断完善,影响上市公司发展的重要因素——融资效率问题也越来越受到人们的关注,同时电力行业作为典型的资金密集型行业,需要大量的资金满足其投资发展,如何提高融资效率进行有效融资,拓宽发电企业融资渠道,降低企业融资成本以提升发电企业的竞争力,也是电力行业及学者们探索和研究的重要问题。可见,发电企业怎样对融资效率进行科学的评价,如何提高融资效率以满足其发展需要就成为一个值得研究的战略课题。本文共分为五个部分。第一部分介绍了电力企业融资效率的研究背景、意义,研究内容及方法。第二部分简要回顾了融资效率的基本概念,研究现状及理论基础。第三部分梳理了我国电力行业发展现状及融资现状的发展脉络。第四部分在回顾企业融资理论以及梳理电力行业基本情况的基础上,从发电企业的融资成本、资金配置效率、抗风险能力和公司治理效率四个方面建立评价体系,运用主成分分析和熵值法对电力企业融资的效率进行实证研究,得出了发电企业融资效率整体偏低的结论,并分析发电企业融资效率偏低的原因。第五部分总结本文的研究成果及不足,并对提高发电企业融资效率提出了建议。随着我国经济的不断发展,金融体系的不断完善,电力企业的市场化程度越来越高,研究发电企业的融资效率,以客观了解和评价自身的融资利用效率情况,提升盈利能力和竞争力就显得尤为重要。
[Abstract]:Electric power industry is one of the leading industries in our national economy, which plays an important role in promoting economic development and improving people's livelihood. Since the reform of electric power system in our country in 2002, the power generation industry has gradually changed from a monopoly planned economy system to a competitive market economy system. However, due to the monopoly profits brought by the integrated operation of power generation enterprises, the power generation enterprises still have a weak ability to predict their own power assets in the process of development. The problem that the reasonable use of funds and the improvement of financing efficiency are not paid enough attention to. With the development of market economy and the perfection of financial system, people pay more and more attention to the problem of financing efficiency, which is an important factor affecting the development of listed companies. At the same time, the electric power industry is a typical capital-intensive industry. It needs a large amount of funds to meet its investment development. How to improve the efficiency of financing to carry out effective financing, broaden the financing channels of power generation enterprises, reduce the financing costs of enterprises in order to enhance the competitiveness of power generation enterprises. It is also an important issue for the electric power industry and scholars to explore and study. Therefore, how to evaluate the financing efficiency scientifically and how to improve the financing efficiency to meet the development needs of power generation enterprises has become a strategic topic worth studying. This paper is divided into five parts. The first part introduces the research background, significance, research content and methods of financing efficiency of electric power enterprises. The second part briefly reviews the basic concept of financing efficiency, research status and theoretical basis. The third part combs our country electric power industry development present situation and the financing present situation development vein. In the fourth part, on the basis of reviewing the theory of enterprise financing and combing the basic situation of power industry, the evaluation system is established from four aspects: financing cost, capital allocation efficiency, anti-risk ability and corporate governance efficiency. By using principal component analysis (PCA) and entropy method, the paper makes an empirical study on the financing efficiency of electric power enterprises, draws the conclusion that the overall financing efficiency of power generation enterprises is on the low side, and analyzes the reasons for the low financing efficiency of power generation enterprises. The fifth part summarizes the research results and shortcomings of this paper, and puts forward some suggestions to improve the financing efficiency of power generation enterprises. With the development of our economy and the perfection of financial system, the degree of marketization of electric power enterprises is becoming higher and higher. In order to understand and evaluate their financing efficiency objectively, the paper studies the financing efficiency of power generation enterprises. Improving profitability and competitiveness is particularly important.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F406.7;F426.61
本文编号：2267882
[Abstract]:Electric power industry is one of the leading industries in our national economy, which plays an important role in promoting economic development and improving people's livelihood. Since the reform of electric power system in our country in 2002, the power generation industry has gradually changed from a monopoly planned economy system to a competitive market economy system. However, due to the monopoly profits brought by the integrated operation of power generation enterprises, the power generation enterprises still have a weak ability to predict their own power assets in the process of development. The problem that the reasonable use of funds and the improvement of financing efficiency are not paid enough attention to. With the development of market economy and the perfection of financial system, people pay more and more attention to the problem of financing efficiency, which is an important factor affecting the development of listed companies. At the same time, the electric power industry is a typical capital-intensive industry. It needs a large amount of funds to meet its investment development. How to improve the efficiency of financing to carry out effective financing, broaden the financing channels of power generation enterprises, reduce the financing costs of enterprises in order to enhance the competitiveness of power generation enterprises. It is also an important issue for the electric power industry and scholars to explore and study. Therefore, how to evaluate the financing efficiency scientifically and how to improve the financing efficiency to meet the development needs of power generation enterprises has become a strategic topic worth studying. This paper is divided into five parts. The first part introduces the research background, significance, research content and methods of financing efficiency of electric power enterprises. The second part briefly reviews the basic concept of financing efficiency, research status and theoretical basis. The third part combs our country electric power industry development present situation and the financing present situation development vein. In the fourth part, on the basis of reviewing the theory of enterprise financing and combing the basic situation of power industry, the evaluation system is established from four aspects: financing cost, capital allocation efficiency, anti-risk ability and corporate governance efficiency. By using principal component analysis (PCA) and entropy method, the paper makes an empirical study on the financing efficiency of electric power enterprises, draws the conclusion that the overall financing efficiency of power generation enterprises is on the low side, and analyzes the reasons for the low financing efficiency of power generation enterprises. The fifth part summarizes the research results and shortcomings of this paper, and puts forward some suggestions to improve the financing efficiency of power generation enterprises. With the development of our economy and the perfection of financial system, the degree of marketization of electric power enterprises is becoming higher and higher. In order to understand and evaluate their financing efficiency objectively, the paper studies the financing efficiency of power generation enterprises. Improving profitability and competitiveness is particularly important.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F406.7;F426.61
【参考文献】
相关期刊论文 前1条
1 张哈斯;;国内上市公司的融资效率探讨[J];科技资讯;2014年01期
，本文编号：2267882
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