【摘要】：輸配電氣行業(yè)是我國重要裝備制造產(chǎn)業(yè),隨著國內(nèi)電網(wǎng)投資的不斷增加、國際經(jīng)濟的逐步恢復,以及國內(nèi)“十二五”規(guī)劃的發(fā)展,整個輸配電氣行業(yè)未來五年仍將保持穩(wěn)定增長。但目前該行業(yè)集中度有待提高,企業(yè)盈利情況較差,近年來整體利潤增速處于下降態(tài)勢。良好的盈利能力對企業(yè)的穩(wěn)健經(jīng)營和持續(xù)發(fā)展至關(guān)重要,是企業(yè)持續(xù)競爭優(yōu)勢強有力的保證。因此,對輸配電氣行業(yè)的綜合盈利能力進行評價研究顯得尤為重要。 本文對我國輸配電氣行業(yè)上市公司盈利能力進行全面分析和研究。文章首先闡述了盈利能力的基本概念和理論,給出了衡量盈利能力的指標；然后介紹了輸配電氣行業(yè)的概念、特征和行業(yè)分類,描述了我國輸配電氣行業(yè)的發(fā)展現(xiàn)狀,分析了該行業(yè)的經(jīng)濟環(huán)境和產(chǎn)業(yè)政策。同時篩選具有行業(yè)代表性的64家上市公司作為研究對象,收集這些公司2011和2012年的財務數(shù)據(jù)和其他經(jīng)濟資料,對其盈利能力單項指標進行統(tǒng)計分析,并將樣本公司分別以子行業(yè)、經(jīng)營規(guī)模、所屬地域和資本結(jié)構(gòu)為依據(jù)進行分類,對各類公司的盈利能力展開多維度的對比分析。同時選取代表性的盈利能力評價指標,合理地確定其權(quán)重,構(gòu)建綜合盈利能力評價體系和綜合盈利能力指數(shù),計算各樣本公司的綜合盈利能力指數(shù),對計算結(jié)果進行評級與分析。最后結(jié)合浙江正泰電器股份有限公司的實際情況,對其盈利能力和綜合盈利能力指數(shù)進行案例分析,指出該公司實現(xiàn)良好盈利能力的驅(qū)動因素和制約因素,并給出提升公司盈利能力的若干建議。 本文的基本結(jié)論是：目前我國輸配電氣行業(yè),由于行業(yè)集中度較低、同質(zhì)化競爭激勵而整體盈利能力較差,子行業(yè)中配電開關(guān)行業(yè)盈利能力相對較強,規(guī)模較小的企業(yè)盈利能力優(yōu)于規(guī)模較大企業(yè),同時由于財務杠桿效應未能發(fā)揮而使得資產(chǎn)負債率低的企業(yè)相對盈利能力較好。案例分析中浙江正泰電器股份有限公司因其渠道、成本、品牌和技術(shù)的優(yōu)勢而盈利能力良好,而競爭加劇、內(nèi)部管理效率以及海外市場拓展的風險也對公司的盈利造成一定影響。
[Abstract]:The electrical industry of transmission and distribution is an important equipment manufacturing industry in China. With the increasing investment in the domestic power grid, the gradual recovery of the international economy, and the development of the 12th Five-Year Plan in China, The whole transmission and distribution electrical industry will remain stable growth in the next five years. But at present, the industry concentration needs to be improved, the profit situation of enterprises is poor, and the overall profit growth rate is declining in recent years. Good profitability is very important for the steady operation and sustainable development of enterprises, and it is a strong guarantee of sustainable competitive advantage. Therefore, it is very important to evaluate and study the comprehensive profitability of transmission and distribution electrical industry. This paper makes a comprehensive analysis and research on the profitability of listed companies in China's transmission and distribution industry. Firstly, the paper expounds the basic concept and theory of profitability, and gives the indicators to measure profitability. Then it introduces the concept, characteristics and classification of transmission and distribution electrical industry, describes the present situation of transmission and distribution electrical industry in China, and analyzes the economic environment and industrial policy of this industry. At the same time, 64 listed companies with industry representative were selected as the research objects. The financial data and other economic data of these companies were collected in 2011 and 2012, and the single index of their profitability was statistically analyzed. The sample companies are classified on the basis of sub-industry, business scale, subordinate region and capital structure, and the comparative analysis of the profitability of all kinds of companies is carried out. At the same time, select the representative profitability evaluation index, reasonably determine its weight, construct the comprehensive profitability evaluation system and comprehensive profitability index, calculate the comprehensive profitability index of each sample company. Grade and analyze the calculation results. Finally, combining with the actual situation of Zhejiang Zhengtai Electric Co., Ltd, the paper analyzes the case of its profitability and comprehensive profitability index, and points out the driving factors and restricting factors for the company to achieve good profitability. And gives some suggestions to improve the profitability of the company. The basic conclusions of this paper are as follows: at present, the power of distribution switch industry in China is relatively strong because of its low concentration, homogeneous competitive incentive and poor overall profitability. The profitability of the small enterprises is better than that of the larger ones, and the enterprises with low asset-liability ratio have better relative profitability due to the failure of the financial leverage effect. In the case study, Zhejiang Zhengtai Electric Co., Ltd. is profitable and competitive because of its advantages of channel, cost, brand and technology. The efficiency of internal management and the risk of overseas market expansion also have an impact on the profitability of the company.
【學位授予單位】：浙江工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F426.61;F275

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