本文選題：光伏企業(yè)　切入點(diǎn)：投資效率　出處：《中國(guó)海洋大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：能源一直支持著人類社會(huì)的生產(chǎn)和發(fā)展，在能源狀況日益惡化的今天，尋找新的可替代能源問題迫在眉睫。作為能源產(chǎn)出和消耗大國(guó)，中國(guó)的能源問題尤為嚴(yán)重，發(fā)展新能源產(chǎn)業(yè)已經(jīng)成為戰(zhàn)略新興產(chǎn)業(yè)的重要方向。在諸多新能源產(chǎn)業(yè)中，太陽能光伏產(chǎn)業(yè)由于其清潔無污染可再生的特點(diǎn)脫穎而出。2006年開始，我國(guó)光伏行業(yè)發(fā)展勢(shì)頭迅猛，從企業(yè)的數(shù)目到行業(yè)的總產(chǎn)能，其增加速度都令人瞠目結(jié)舌。但是行業(yè)發(fā)展的背后有其隱患存在，比如產(chǎn)業(yè)結(jié)構(gòu)不合理，銷售過于依賴出口，產(chǎn)能過剩等等。2011年的歐債危機(jī)和之后的歐美“雙反”將這些問題徹底暴露了出來，我國(guó)光伏行業(yè)陷入了前所未有的危機(jī)。縱觀各種因素，我國(guó)光伏企業(yè)的盲目擴(kuò)張、投資效率低下是其中主要原因，所以建立相應(yīng)的投資效率指標(biāo)體系來衡量其投資效率，并依此確定企業(yè)的投資量有現(xiàn)實(shí)意義。 本文首先論述了國(guó)內(nèi)外對(duì)于投資效率的有關(guān)研究，在此基礎(chǔ)上選擇了能夠有效反映微觀經(jīng)濟(jì)個(gè)體的投資效率，并且可以獲取數(shù)據(jù)進(jìn)行計(jì)算的指標(biāo)，同時(shí)對(duì)某些指標(biāo)做了稍微修改，使之更易于使用和觀察，并綜合能夠衡量企業(yè)的盈利能力、營(yíng)運(yùn)能力和企業(yè)價(jià)值的指標(biāo)，形成投資效率指標(biāo)體系。 然后選取光伏行業(yè)經(jīng)營(yíng)狀況不同、主營(yíng)業(yè)務(wù)收入全部或絕大部分（90%以上）為光伏產(chǎn)品且上市至少三年的上市公司，以其報(bào)表數(shù)據(jù)為基礎(chǔ)對(duì)其2010——2012年的投資效率進(jìn)行分析，得出其波動(dòng)趨勢(shì)以及投資狀況，并進(jìn)行比較分析、趨勢(shì)分析，之后選取向日葵光能科技股份有限公司為典型案例，對(duì)其進(jìn)行投資效率分析。 通過分析可以發(fā)現(xiàn)光伏行業(yè)存在如下問題：由于光伏行業(yè)發(fā)展初期進(jìn)入壁壘低、利潤(rùn)高且有政府支持，光伏企業(yè)的數(shù)量、規(guī)模均大幅增長(zhǎng)，企業(yè)盲目擴(kuò)張，投資偏重生產(chǎn)能力，而不是核心技術(shù)；政府干預(yù)過度，造成了不良影響；企業(yè)從銀行貸款難度低，，導(dǎo)致企業(yè)濫用資金；我國(guó)光伏產(chǎn)業(yè)鏈集中于中下游，產(chǎn)業(yè)鏈結(jié)構(gòu)不完整、不合理。 針對(duì)這些問題，本文給出以下建議：加強(qiáng)對(duì)企業(yè)和投資的管理，注重核心技術(shù)的研發(fā)、投資而不是盲目提高企業(yè)的生產(chǎn)能力，組建專業(yè)、有效的管理層，預(yù)判風(fēng)險(xiǎn)，合理投資和擴(kuò)張；企業(yè)應(yīng)當(dāng)增加研發(fā)投資，依靠核心技術(shù)，而不是生產(chǎn)能力或者價(jià)格戰(zhàn)進(jìn)行競(jìng)爭(zhēng)；政府進(jìn)行合理而適度的干預(yù)，對(duì)于整個(gè)產(chǎn)業(yè)的發(fā)展和結(jié)構(gòu)優(yōu)化進(jìn)行引導(dǎo)，帶動(dòng)內(nèi)需，使產(chǎn)業(yè)鏈更為合理。 本文的創(chuàng)新點(diǎn)主要有以下幾個(gè)方面： （1）光伏行業(yè)是近幾年在我國(guó)興起的新興行業(yè)，目前有一些以該行業(yè)為研究對(duì)象的研究，其中大多數(shù)從產(chǎn)能角度入手進(jìn)行研究，宏觀層面的研究成果數(shù)目較多。本文則是以單個(gè)光伏企業(yè)投資效率的評(píng)價(jià)作為研究對(duì)象，屬于微觀層面的研究，是一個(gè)全新的研究方向。 （2）對(duì)于投資效率評(píng)價(jià)指標(biāo)的各種研究中，往往只注重投資效率方面的指標(biāo)卻忽視了財(cái)務(wù)指標(biāo)，而企業(yè)的投資效率最終將會(huì)影響企業(yè)的盈利，即投資效率最終會(huì)體現(xiàn)于企業(yè)的各種財(cái)務(wù)指標(biāo)數(shù)據(jù)，本文將投資效率的指標(biāo)與財(cái)務(wù)指標(biāo)進(jìn)行了結(jié)合，可以對(duì)企業(yè)的投資效率進(jìn)行更為全面、有效的評(píng)價(jià)，是一種優(yōu)化的評(píng)價(jià)體系。 （3）本文站在企業(yè)的角度，通過選擇各種指標(biāo)對(duì)光伏企業(yè)的投資效率進(jìn)行評(píng)價(jià)，可以直觀的觀察到企業(yè)的投資效率狀況以及投資效率的變化趨勢(shì)，對(duì)于企業(yè)來說具有可操作性和參考價(jià)值，是從理論到實(shí)踐的創(chuàng)新。
[Abstract]:Energy has been supporting the production and the development of human society, the energy situation deteriorating today, looking for new alternative energy problem is imminent. As the energy production and consumption country, China energy problem is particularly serious, the development of new energy industry has become an important strategic direction of new industries. In many new energy industry, solar energy the photovoltaic industry because of its clean and renewable characteristics since.2006 talent shows itself the momentum of development, China's photovoltaic industry rapidly, the total production capacity from a number of enterprises to the industry, the rate of increase is stunning. But behind the development of the industry has its problems, such as unreasonable industrial structure, the sale is too dependent on exports, production capacity excess.2011 European debt crisis and the European and American "double reverse" of these problems thoroughly exposed, China's photovoltaic industry into an unprecedented In view of all kinds of factors, China's photovoltaic enterprises' blind expansion and low investment efficiency are the main reasons. Therefore, it is practical significance to establish corresponding investment efficiency index system to measure their investment efficiency and determine the investment volume of enterprises.
This paper first discusses the related research on the efficiency of investment at home and abroad, on the basis of the choice can effectively reflect the investment efficiency of the micro economic individual, and can obtain data to calculate the index, at the same time on some indexes have been slightly modified, making it easier to use and observation, and to measure the profitability of enterprises, operating the ability and the enterprise value index, investment efficiency index system.
And then select the operating conditions of the photovoltaic industry, the main business income of all or most of (more than 90%) for photovoltaic products and at least three years of listing of listed companies, the report data was analyzed based on the 2010 - 2012 Investment efficiency, the fluctuation trend and investment situation, and carries on the comparative analysis, trend analysis after selection, the sunflower light Polytron Technologies Inc as a typical case, analysis of the investment efficiency.
Can be found through the analysis of the following problems: the photovoltaic industry due to the early development of the photovoltaic industry with low entry barriers, high profits and government support, a number of photovoltaic enterprises, the scale of enterprises have increased significantly, the blind expansion of investment on production capacity, rather than the core technology; excessive government intervention, resulting in adverse effects; enterprises from bank loans more difficult low lead enterprises abuse funds; photovoltaic industry chain in China focused on the middle and lower reaches of the structure of the industry chain is not complete, is not reasonable.
To solve these problems, this paper gives the following suggestions: to strengthen corporate and investment management, focusing on research and development of core technology investment, rather than blindly improve production capacity of enterprises, the formation of professional, management effectively and predict risk, reasonable investment and expansion; enterprises should increase investment in research and development, relying on core technology, rather than production the ability or the price war to compete; reasonable and appropriate government intervention, for the development and optimization of the industrial structure to guide, promote the domestic industry chain, which is more reasonable.
The main innovations of this paper are as follows:
(1) photovoltaic industry is an emerging industry in our country in recent years, there are some study based on the industry, most of them from the production perspective of macro level research results. This article is based on the number of single photovoltaic enterprise investment efficiency evaluation as the research object, the research belongs to the micro level, is a new research direction.
(2) to study the evaluation index of investment efficiency, often focus only on the investment efficiency index but ignore the financial indicators, and enterprise investment efficiency will eventually affect the profitability of enterprises, all kinds of financial index data that will eventually be reflected in the investment efficiency of enterprises, and financial index of the investment efficiency based on the efficiency of the enterprise investment, can carry out a more comprehensive and effective evaluation, is a kind of optimization evaluation system.
(3) this paper from the perspective of business, through the selection of various indicators of investment efficiency of photovoltaic enterprise evaluation, can be directly observed the status of the enterprise investment efficiency and investment efficiency change trend, maneuverability and reference value for the enterprise, is to practice innovation in theory.

【學(xué)位授予單位】：中國(guó)海洋大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F406.7;F426.6

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