【摘要】：近年來,我國火電企業(yè)大面積持續(xù)虧損,直接導(dǎo)致的是火力發(fā)電企業(yè)擴(kuò)大生產(chǎn)的積極性下降,甚至停止部分發(fā)電機(jī)組的運(yùn)營,這也成為了我國頻頻出現(xiàn)電荒的重要原因。而與此同時(shí),我國火電裝機(jī)總?cè)萘咳匀辉诓粩嘣黾?許多火電企業(yè)仍在快速擴(kuò)張。那么,火電企業(yè)真實(shí)的經(jīng)營狀況究竟如何?規(guī)模不斷擴(kuò)展的火電企業(yè)是否創(chuàng)造了價(jià)值?如何幫助火電企業(yè)提高可持續(xù)經(jīng)營能力?這些問題,讓如何正確的評價(jià)火電企業(yè)的經(jīng)營業(yè)績、分析影響經(jīng)營業(yè)績的關(guān)鍵因素并找出有效地改善措施,成為了一個(gè)緊迫的課題。 本文在國內(nèi)外關(guān)于企業(yè)經(jīng)營業(yè)績評價(jià)研究的基礎(chǔ)上,引入經(jīng)濟(jì)增加值(Economic Value Added,簡稱EVA)指標(biāo)來評價(jià)火電企業(yè)經(jīng)營業(yè)績。首先,結(jié)合發(fā)電行業(yè)的特殊性改進(jìn)EVA的計(jì)算,并完成我國18家上市火力發(fā)電企業(yè)2007-2011年EVA的測算和評價(jià)。接著在國內(nèi)外大量關(guān)于經(jīng)營業(yè)績影響因素研究的基礎(chǔ)上,構(gòu)建多重線性回歸模型,根據(jù)樣本企業(yè)的歷史財(cái)務(wù)數(shù)據(jù)和官方公布的相關(guān)權(quán)威數(shù)據(jù)運(yùn)用SPSS18統(tǒng)計(jì)分析軟件進(jìn)行回歸分析,得出哪些因素能夠驅(qū)動并在何種程度上影響著火電企業(yè)EVA的增長。最后有針對性地提出了提升我國上市火力發(fā)電企業(yè)經(jīng)營業(yè)績的建議與對策,希望能夠?qū)ξ覈痣娖髽I(yè)的發(fā)展有一定的借鑒意義。 通過本文的研究發(fā)現(xiàn)火電企業(yè)的經(jīng)營業(yè)績與企業(yè)規(guī)模以及成長率并無直接關(guān)系。要提高企業(yè)的經(jīng)營業(yè)績和經(jīng)營效率,必須避免盲目追求增長率與規(guī)模；加強(qiáng)企業(yè)內(nèi)部管理,降低期間費(fèi)用,進(jìn)而降低成本費(fèi)用率；優(yōu)化資本結(jié)構(gòu),保持一定范圍內(nèi)較高的資產(chǎn)負(fù)債率,降低資本成本率；全面應(yīng)用經(jīng)濟(jì)增加值價(jià)值管理體系,保持企業(yè)長期、持續(xù)的價(jià)值創(chuàng)造能力。
[Abstract]:In recent years, China's thermal power enterprises continue to make losses in large areas, which directly leads to the decline of enthusiasm of thermal power enterprises to expand production, and even to stop part of the operation of generating units, which has become an important reason for the frequent occurrence of electricity shortage in China. At the same time, the total capacity of thermal power plant in China is still increasing, and many thermal power enterprises are still expanding rapidly. So, what is the real operating condition of thermal power enterprises? Did the expanding thermal power companies create value? How to help thermal power enterprises to improve their sustainable management? These problems, how to correctly evaluate the performance of thermal power enterprises, analyze the key factors affecting business performance and find out effective improvement measures, has become an urgent issue. On the basis of domestic and foreign research on the evaluation of business performance, this paper introduces the economic added value (Economic Value Added,) index to evaluate the business performance of thermal power enterprises. Firstly, combining the particularity of power generation industry, we improve the calculation of EVA, and complete the calculation and evaluation of EVA of 18 listed thermal power enterprises in China from 2007 to 2011. Then on the basis of a large number of domestic and foreign research on the influencing factors of business performance, a multiple linear regression model is constructed. According to the historical financial data of the sample enterprises and the relevant authoritative data published by the government, the regression analysis is carried out by using the SPSS18 statistical analysis software. Figure out which factors can drive and to what extent affect the EVA growth of thermal power enterprises. Finally, the paper puts forward some suggestions and countermeasures to improve the performance of listed thermal power generation enterprises in China, hoping that it can be used for reference for the development of thermal power enterprises in China. Through the research of this paper, it is found that there is no direct relationship between the business performance and the scale and growth rate of thermal power enterprises. In order to improve the performance and efficiency of the enterprise, it is necessary to avoid blindly pursuing the growth rate and scale; to strengthen the internal management of the enterprise, to reduce the period cost, and then to reduce the cost rate; to optimize the capital structure, To maintain a higher ratio of assets and liabilities within a certain range, to reduce the cost of capital, to apply the value added management system in an all-round way, and to maintain the long-term and sustainable value creation ability of an enterprise.
【學(xué)位授予單位】：華北電力大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F272.3;F426.61

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