新能源電力企業(yè)債權(quán)融資效率研究
發(fā)布時(shí)間：2018-09-04 05:41
【摘要】：研究影響新能源產(chǎn)業(yè)快速穩(wěn)健發(fā)展的制約因素,對(duì)保障能源安全、應(yīng)對(duì)氣候變化、改善生態(tài)環(huán)境、促進(jìn)經(jīng)濟(jì)發(fā)展等均具有重大戰(zhàn)略意義,其中分析中國(guó)新能源企業(yè)面臨的融資現(xiàn)狀,研究其融資效率問題并探索其制約因素對(duì)于促進(jìn)我國(guó)新能源產(chǎn)業(yè)發(fā)展與能源結(jié)構(gòu)轉(zhuǎn)型具有重要的理論價(jià)值與現(xiàn)實(shí)意義。本文通過梳理理論界對(duì)融資效率的概念研究和評(píng)價(jià)研究成果,引出本文的研究命題。通過對(duì)新能源產(chǎn)業(yè)的融資現(xiàn)狀的分析,從理論角度分析中國(guó)新能源企業(yè)融資面臨的困境。再選取44家滬深兩市A股上市的新能源電力上市公司2011~2015的財(cái)務(wù)數(shù)據(jù)作為研究樣本,采用兩階段DEA方法構(gòu)建債權(quán)融資效率評(píng)價(jià)模型并進(jìn)行了實(shí)證分析。本文的主要?jiǎng)?chuàng)新點(diǎn)在于債權(quán)融資效率評(píng)價(jià)模型的建立。基于前人的理論成果總結(jié)出融資效率的普遍內(nèi)涵:一是資金籌集效率即融資成本的最小化;二是資金使用效率即將籌集的自己投入生產(chǎn)獲得最大的投資報(bào)酬。通過改進(jìn)的兩階段DEA模型構(gòu)建了本文的債權(quán)融資效率評(píng)價(jià)模型,并在指標(biāo)設(shè)計(jì)、樣本選擇和數(shù)據(jù)處理方面保證了科學(xué)性、客觀性、準(zhǔn)確性。特別是引入對(duì)照組的分析研究,使得分析結(jié)果更加的科學(xué)合理、具有理論和現(xiàn)實(shí)意義。實(shí)證分析結(jié)果表明:一是探究新能源電力上市公司債權(quán)融資效率非有效的直接原因,主要是由于債權(quán)籌資效率的不足導(dǎo)致,因此想提高新能源各子產(chǎn)業(yè)整體的債權(quán)融資效率水平,必須將焦點(diǎn)集中在債權(quán)籌資階段的效率改進(jìn)。追求債權(quán)融資風(fēng)險(xiǎn)和債權(quán)融資成本之間平衡是企業(yè)優(yōu)化債權(quán)融資效率的關(guān)鍵。二是通過與對(duì)照組的比較分析,本文發(fā)現(xiàn)上游企業(yè)的債權(quán)融資效率普遍高于中下游企業(yè)。且該行業(yè)具有顯著的規(guī)模經(jīng)濟(jì)效應(yīng),新能源電力產(chǎn)品及服務(wù)營(yíng)收占比高的公司具有更高的債權(quán)融資效率,換言之,企業(yè)規(guī)模和存續(xù)時(shí)間對(duì)企業(yè)的債權(quán)資金籌集效率影響很大。三是通過對(duì)新能源各子產(chǎn)業(yè)企業(yè)的債權(quán)融資效率的比較分析,本文發(fā)現(xiàn)宏觀經(jīng)濟(jì)形勢(shì)及相關(guān)政策變化會(huì)對(duì)新能源企業(yè)的經(jīng)營(yíng)造成直接而巨大的影響,從而使企業(yè)資金使用階段的效率發(fā)生劇烈的波動(dòng)。四是雖然中國(guó)新能源電力企業(yè)積極開發(fā)融資模式,比如融資租賃、金融租賃等等,但仍暴露出融資方式單一、融資結(jié)構(gòu)簡(jiǎn)單、抵御風(fēng)險(xiǎn)能力較弱的特點(diǎn)。企業(yè)應(yīng)該主動(dòng)積極地加強(qiáng)財(cái)務(wù)管理能力特別是流動(dòng)性管理,控制好短期運(yùn)營(yíng)資金和長(zhǎng)期運(yùn)營(yíng)資金的比例,深刻而明確地認(rèn)識(shí)到企業(yè)面臨的潛在風(fēng)險(xiǎn),做好風(fēng)險(xiǎn)防范措施。最后,由于作者的研究水平所限,本文在對(duì)研究對(duì)象的設(shè)定上、在研究方法的選定以及在指標(biāo)體系的構(gòu)建上仍存在很大的改進(jìn)空間,今后可以適當(dāng)擴(kuò)大研究范圍并優(yōu)化研究模型對(duì)該課題進(jìn)行進(jìn)一步的展開和深入。
[Abstract]:It is of great strategic significance to study the restrictive factors affecting the rapid and steady development of the new energy industry, which is of great strategic significance for ensuring energy security, coping with climate change, improving the ecological environment, and promoting economic development. Among them, it is of great theoretical value and practical significance to analyze the current financing situation of Chinese new energy enterprises, to study its financing efficiency and to explore its restrictive factors for promoting the development of new energy industry and the transformation of energy structure in China. By combing the theoretical research on the concept of financing efficiency and evaluation of research results, this paper leads to the research proposition. Through the analysis of the financing situation of the new energy industry, this paper analyzes the predicament of the financing of the new energy enterprises in China from the theoretical point of view. The financial data of 44 new energy and power listed companies listed in Shanghai and Shenzhen A-shares are selected as the research samples, and the evaluation model of debt financing efficiency is constructed by using two-stage DEA method and the empirical analysis is carried out. The main innovation of this paper lies in the establishment of the evaluation model of creditor's rights financing efficiency. Based on the previous theoretical results, the general connotation of financing efficiency is summarized: first, the efficiency of raising funds is the minimum of financing costs; the other is that the efficiency of capital use is about to raise their own investment and production to obtain the largest return on investment. Through the improved two-stage DEA model, this paper constructs the evaluation model of creditor's rights financing efficiency, and ensures the scientific, objective and accuracy in the aspects of index design, sample selection and data processing. Especially the analysis of the control group makes the results more scientific and reasonable, and has theoretical and practical significance. The results of empirical analysis show that: first, the direct reason why debt financing efficiency of new energy power listed companies is not effective is mainly due to the deficiency of debt financing efficiency. Therefore, in order to improve the efficiency of debt financing in all sub-industries of new energy, we must focus on the improvement of the efficiency in the stage of debt financing. The key to optimizing the efficiency of creditor's rights financing is to pursue the balance between the risk of creditor's rights financing and the cost of creditor's rights financing. Second, the paper finds that the debt financing efficiency of upstream enterprises is higher than that of middle and downstream enterprises. The industry has significant economies of scale, and companies with high revenue ratio of new energy and power products and services have higher debt financing efficiency. In other words, the size and survival time of enterprises have a great impact on the efficiency of raising debt funds. Third, through the comparative analysis of the debt financing efficiency of each sub-industry enterprise of new energy, this paper finds that the macroeconomic situation and related policy changes will have a direct and huge impact on the operation of new energy enterprises. Thus, the efficiency of the use stage of enterprise funds fluctuates violently. Fourth, although China's new energy and power enterprises actively develop financing models, such as financial leasing, financial leasing and so on, it still exposes the characteristics of single financing mode, simple financing structure and weak ability to resist risks. Enterprises should actively strengthen the ability of financial management, especially liquidity management, control the proportion of short-term operating funds and long-term operating funds, deeply and clearly understand the potential risks faced by enterprises, and do a good job of risk prevention measures. Finally, due to the limitations of the author's research level, there is still much room for improvement in the setting of the research object, the selection of the research method and the construction of the index system. In the future, we can expand the research scope and optimize the research model to further expand and deepen the subject.
【學(xué)位授予單位】：華北電力大學(xué)(北京)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.61;F406.7
本文編號(hào)：2221178
[Abstract]:It is of great strategic significance to study the restrictive factors affecting the rapid and steady development of the new energy industry, which is of great strategic significance for ensuring energy security, coping with climate change, improving the ecological environment, and promoting economic development. Among them, it is of great theoretical value and practical significance to analyze the current financing situation of Chinese new energy enterprises, to study its financing efficiency and to explore its restrictive factors for promoting the development of new energy industry and the transformation of energy structure in China. By combing the theoretical research on the concept of financing efficiency and evaluation of research results, this paper leads to the research proposition. Through the analysis of the financing situation of the new energy industry, this paper analyzes the predicament of the financing of the new energy enterprises in China from the theoretical point of view. The financial data of 44 new energy and power listed companies listed in Shanghai and Shenzhen A-shares are selected as the research samples, and the evaluation model of debt financing efficiency is constructed by using two-stage DEA method and the empirical analysis is carried out. The main innovation of this paper lies in the establishment of the evaluation model of creditor's rights financing efficiency. Based on the previous theoretical results, the general connotation of financing efficiency is summarized: first, the efficiency of raising funds is the minimum of financing costs; the other is that the efficiency of capital use is about to raise their own investment and production to obtain the largest return on investment. Through the improved two-stage DEA model, this paper constructs the evaluation model of creditor's rights financing efficiency, and ensures the scientific, objective and accuracy in the aspects of index design, sample selection and data processing. Especially the analysis of the control group makes the results more scientific and reasonable, and has theoretical and practical significance. The results of empirical analysis show that: first, the direct reason why debt financing efficiency of new energy power listed companies is not effective is mainly due to the deficiency of debt financing efficiency. Therefore, in order to improve the efficiency of debt financing in all sub-industries of new energy, we must focus on the improvement of the efficiency in the stage of debt financing. The key to optimizing the efficiency of creditor's rights financing is to pursue the balance between the risk of creditor's rights financing and the cost of creditor's rights financing. Second, the paper finds that the debt financing efficiency of upstream enterprises is higher than that of middle and downstream enterprises. The industry has significant economies of scale, and companies with high revenue ratio of new energy and power products and services have higher debt financing efficiency. In other words, the size and survival time of enterprises have a great impact on the efficiency of raising debt funds. Third, through the comparative analysis of the debt financing efficiency of each sub-industry enterprise of new energy, this paper finds that the macroeconomic situation and related policy changes will have a direct and huge impact on the operation of new energy enterprises. Thus, the efficiency of the use stage of enterprise funds fluctuates violently. Fourth, although China's new energy and power enterprises actively develop financing models, such as financial leasing, financial leasing and so on, it still exposes the characteristics of single financing mode, simple financing structure and weak ability to resist risks. Enterprises should actively strengthen the ability of financial management, especially liquidity management, control the proportion of short-term operating funds and long-term operating funds, deeply and clearly understand the potential risks faced by enterprises, and do a good job of risk prevention measures. Finally, due to the limitations of the author's research level, there is still much room for improvement in the setting of the research object, the selection of the research method and the construction of the index system. In the future, we can expand the research scope and optimize the research model to further expand and deepen the subject.
【學(xué)位授予單位】：華北電力大學(xué)(北京)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.61;F406.7
【參考文獻(xiàn)】
相關(guān)期刊論文 前10條
1 曹莉萍;;中國(guó)光伏產(chǎn)業(yè)投融資研究進(jìn)展[J];科技和產(chǎn)業(yè);2016年07期
2 修國(guó)義;李岱哲;;科技型中小企業(yè)新三板融資效率測(cè)度研究[J];科技進(jìn)步與對(duì)策;2016年14期
3 徐九成;徐敏;;地方政府融資平臺(tái)類貸款對(duì)我國(guó)商業(yè)銀行效率的影響[J];世界科技研究與發(fā)展;2016年02期
4 何同亮;周榮庭;李雅箏;;中國(guó)上市出版企業(yè)融資效率研究[J];科技與出版;2016年04期
5 王小寧;都靈;王起彤;;基于三階段DEA模型的中小企業(yè)融資效率分析[J];統(tǒng)計(jì)與決策;2016年05期
6 張征超;張婷婷;;創(chuàng)業(yè)板上市公司股權(quán)融資效率測(cè)評(píng)[J];財(cái)會(huì)月刊;2016年03期
7 譚中明;童婕;盛竹筠;;金融支持戰(zhàn)略性新興產(chǎn)業(yè)發(fā)展效率實(shí)證分析——基于蘇浙滬105家上市公司的數(shù)據(jù)[J];武漢金融;2015年12期
8 喬小燕;毛東俊;;新興產(chǎn)業(yè)股權(quán)融資與負(fù)債融資支持效率分析——以江蘇省新能源上市公司為例[J];財(cái)會(huì)月刊;2015年24期
9 熊正德;陽芳娟;萬軍;;基于兩階段DEA模型的上市公司債權(quán)融資效率研究——以戰(zhàn)略性新興產(chǎn)業(yè)新能源汽車為例[J];財(cái)經(jīng)理論與實(shí)踐;2014年05期
10 李德瑜;鄒沛思;賀燦飛;;中國(guó)風(fēng)電設(shè)備制造業(yè)發(fā)展與空間格局研究[J];地理科學(xué)進(jìn)展;2014年09期
，本文編號(hào)：2221178
本文鏈接：http://sikaile.net/gongshangguanlilunwen/2221178.html
最近更新
教材專著
