本文選題：大唐發(fā)電 + 財(cái)務(wù)分析�。� 參考：《西北農(nóng)林科技大學(xué)》2014年碩士論文

【摘要】：在新的替代能源出現(xiàn)之前，電力行業(yè)將是一個(gè)最基本的能源產(chǎn)業(yè)。即便到了21世紀(jì)中葉，全球經(jīng)濟(jì)發(fā)展的主要驅(qū)動(dòng)力量仍來源于電力行業(yè)。隨著綠色能源、環(huán)境保護(hù)從概念到技術(shù)的應(yīng)用，發(fā)生深刻變化的還有我們的生活方式，可以預(yù)見的是電力將發(fā)揮越來越重要的作用。 大唐發(fā)電作為傳統(tǒng)國有大型發(fā)電企業(yè)，具有計(jì)劃經(jīng)濟(jì)體制下所固有的國有企業(yè)的烙印，又具有現(xiàn)代股份制企業(yè)所有權(quán)和經(jīng)營(yíng)權(quán)分離的鮮明特征。本文針對(duì)大唐發(fā)電的財(cái)務(wù)戰(zhàn)略進(jìn)行了研究。通過分析大唐發(fā)電自2010年至2012年財(cái)務(wù)報(bào)告，發(fā)現(xiàn)大唐發(fā)電在投資戰(zhàn)略、籌資戰(zhàn)略和股利分配戰(zhàn)略方面存在的問題，并利用SWOT分析模型為大唐發(fā)電提供了大概的總體戰(zhàn)略管理類型。通過大唐發(fā)電相關(guān)財(cái)務(wù)數(shù)據(jù)的分析，發(fā)現(xiàn)戰(zhàn)略管理中出現(xiàn)的投資產(chǎn)業(yè)過于分散、重大投資項(xiàng)目失控、資產(chǎn)管理效率低下、盈利能力弱、融資結(jié)構(gòu)不合理、分紅比率略低等問題，最后結(jié)合大唐發(fā)電的實(shí)際情況提出了提高投資產(chǎn)業(yè)集中度、加強(qiáng)投資項(xiàng)目管理、提高資產(chǎn)管理效率、提升盈利能力、合理搭配融資結(jié)構(gòu)、提高分紅比率等戰(zhàn)略管理建議。特別是無關(guān)多元化投資戰(zhàn)略可能使大唐發(fā)電喪失規(guī)模經(jīng)濟(jì)效應(yīng)和核心競(jìng)爭(zhēng)力，非但起不到分散風(fēng)險(xiǎn)的作用，反而會(huì)增大經(jīng)營(yíng)風(fēng)險(xiǎn)和投資風(fēng)險(xiǎn)，提出了大唐發(fā)電應(yīng)進(jìn)行專業(yè)化投資，集中資源和有限的火力，專攻一點(diǎn)，心無旁鶩地專注于單一業(yè)務(wù)，從而形成企業(yè)的核心競(jìng)爭(zhēng)力。此外，本文建議大唐發(fā)電主動(dòng)調(diào)整融資結(jié)構(gòu)，適度擴(kuò)大股權(quán)性融資比例的同時(shí)亦要考慮對(duì)每股收益指標(biāo)的稀釋，維持其長(zhǎng)期償債能力，防范可能出現(xiàn)的財(cái)務(wù)風(fēng)險(xiǎn)，以促進(jìn)企業(yè)穩(wěn)健地發(fā)展。 本文在第一部分對(duì)論文的研究背景及意義、研究思路、研究方法進(jìn)行了分析，同時(shí)，又對(duì)相關(guān)文獻(xiàn)進(jìn)行了梳理。第二部分，文章對(duì)企業(yè)財(cái)務(wù)分析、財(cái)務(wù)戰(zhàn)略選擇的概念和方法進(jìn)行了闡述。第三部分，文章對(duì)中國電力產(chǎn)業(yè)的發(fā)展?fàn)顩r和大唐發(fā)電進(jìn)行了分析。其中中國電力產(chǎn)業(yè)分析包括我國電力行業(yè)發(fā)展歷程、電力消費(fèi)結(jié)構(gòu)、電力供給情況以及五大發(fā)電集團(tuán)的概況。大唐發(fā)電分析包括公司簡(jiǎn)介、主營(yíng)業(yè)務(wù)經(jīng)營(yíng)狀況和面臨的經(jīng)營(yíng)風(fēng)險(xiǎn)。第四部分，文章對(duì)大唐發(fā)電自身狀況和外部競(jìng)爭(zhēng)環(huán)境進(jìn)行了SWOT分析，并提供了大概的總體戰(zhàn)略類型。第五部分，文章對(duì)大唐發(fā)電的財(cái)務(wù)戰(zhàn)略進(jìn)行了分析，根據(jù)電力生產(chǎn)企業(yè)的特點(diǎn)，重點(diǎn)分析了大唐發(fā)電的投資戰(zhàn)略、籌資戰(zhàn)略和股利分配戰(zhàn)略。第六部分，在第五部分的基礎(chǔ)之上提出大唐發(fā)電戰(zhàn)略管理方面存在的問題。第七部分，針對(duì)大唐發(fā)電在戰(zhàn)略管理方面出現(xiàn)的問題提出改進(jìn)建議。
[Abstract]:Before the emergence of new alternative energy, the electricity industry will be the most basic energy industry. Even by the middle of the 21st century, the main driver of global economic growth came from the power sector. With the green energy, environmental protection from the concept to the application of technology, profound changes have taken place in our way of life, can be predicted that electricity will play an increasingly important role. Datang power generation, as a traditional large state-owned power generation enterprise, has the brand of state-owned enterprises inherent in the planned economy system, and also has the distinct characteristics of the separation of ownership and management rights of modern joint-stock enterprises. This paper studies the financial strategy of Datang power generation. By analyzing the financial reports of Datang Power from 2010 to 2012, it is found that Datang Power has some problems in investment strategy, financing strategy and dividend distribution strategy. SWOT analysis model is used to provide the general strategic management type for Datang power generation. Through the analysis of Datang power generation related financial data, it is found that the investment industry in strategic management is too dispersed, the major investment projects are out of control, the efficiency of asset management is low, the profitability is weak, the financing structure is unreasonable, the dividend ratio is slightly low, etc. Finally, combining with the actual situation of Datang power generation, the paper puts forward some strategic management suggestions, such as improving the concentration degree of investment industry, strengthening the management of investment projects, improving the efficiency of asset management, improving the profitability, reasonably matching the financing structure, and increasing the ratio of dividends. In particular, the unrelated diversification investment strategy may cause Datang power generation to lose its economies of scale effect and core competitiveness, which will not play a role in dispersing risks, but will increase operational risks and investment risks. It is proposed that Datang power generation should be specialized in investment, concentrate resources and limited firepower, specialize in a single business, and form the core competitiveness of the enterprise. In addition, this paper suggests that Datang Power Company should adjust its financing structure actively, expand the proportion of equity financing appropriately, and at the same time consider the dilution of earnings per share index, maintain its long-term solvency, and guard against possible financial risks. In order to promote the steady development of enterprises. In the first part, the research background and significance, research ideas, research methods are analyzed, at the same time, the related literature is combed. In the second part, the paper expounds the concept and method of enterprise financial analysis and financial strategy choice. In the third part, the development of Chinese electric power industry and Datang power generation are analyzed. The analysis of China's electric power industry includes the development of China's electric power industry, the structure of electricity consumption, the situation of electricity supply and the general situation of the five power generation groups. Datang power generation analysis includes company profile, main business operations and business risks faced. In the fourth part, the paper analyzes the situation of Datang power generation and the external competitive environment by SWOT, and provides the general strategy types. In the fifth part, the financial strategy of Datang power generation is analyzed. According to the characteristics of electric power production enterprises, the investment strategy, financing strategy and dividend distribution strategy of Datang power generation are analyzed. The sixth part, on the basis of the fifth part, puts forward the problems in the strategic management of Datang power generation. In the seventh part, some suggestions are put forward to improve the strategic management of Datang power generation.
【學(xué)位授予單位】：西北農(nóng)林科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F406.7;F426.61

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