【摘要】：近年來,隨著全社會電力需求持續(xù)增加,中國電力投資的規(guī)模快速增長,但是不同電力項(xiàng)目的績效差別較大。目前中國十分重視發(fā)展綠色電力,在政策上大力扶持,發(fā)電企業(yè)也正逐步加大對綠色電力的投資。本文在中國電力行業(yè)總體投資績效、電力上市公司綠色電力與非綠色電力投資績效對比和中、美電力上市公司綠色電力投資績效對比三個層次上進(jìn)行績效分析。首先,選擇面板數(shù)據(jù)模型中的固定效應(yīng)模型作為績效的實(shí)證分析方法,使用固定效應(yīng)模型對30家中國電力上市公司2007年至2011年的投資績效進(jìn)行分析,發(fā)現(xiàn)當(dāng)前中國電力行業(yè)電源項(xiàng)目投資對公司價(jià)值增長具有微弱的正向影響；火電項(xiàng)目投資對公司價(jià)值增長具有明顯的負(fù)向影響。其次,文章通過建立兩個相似的固定效應(yīng)模型,對中國和美國各15家電力上市公司2007年至2011年的不同電源項(xiàng)目投資績效進(jìn)行對比分析,模型結(jié)果顯示中國非水可再生能源發(fā)電、核電項(xiàng)目投資對公司價(jià)值增長具有明顯的負(fù)向影響,與美國差距較大；中國水電項(xiàng)目投資在對公司價(jià)值增長的影響上雖然優(yōu)于美國,但對公司價(jià)值增長也具有明顯的負(fù)向影響。最后,本文分析了造成中國與美國不同電源項(xiàng)目投資績效差異的影響因素,以期能夠?qū)χ袊G色電力投資績效的提升提供借鑒和幫助。
[Abstract]:In recent years, with the increasing demand of the whole society, the scale of electric power investment in China is increasing rapidly, but the performance of different power projects varies greatly. At present, China attaches great importance to the development of green power, in policy support, power generation enterprises are gradually increasing investment in green power. This paper makes a performance analysis on three levels: the overall investment performance of China's electric power industry, the comparison between green and non-green power investment performance of listed power companies and the comparison of green power investment performance between American and American listed companies. First of all, the fixed effect model in the panel data model is selected as the empirical analysis method, and the fixed effect model is used to analyze the investment performance of 30 listed companies in China from 2007 to 2011. It is found that the current power project investment in China's power industry has a weak positive impact on the growth of the company's value, while the thermal power project investment has an obvious negative impact on the company's value growth. Secondly, through the establishment of two similar fixed effect models, the paper compares the investment performance of 15 listed power companies in China and the United States from 2007 to 2011. The results of the model show that there is no water renewable energy generation in China. The investment of nuclear power project has a significant negative impact on the growth of company value, which is far behind that of the United States. Although the impact of Chinese hydropower project investment on the growth of company value is superior to that of the United States, it also has a significant negative impact on the growth of company value. Finally, this paper analyzes the factors that affect the investment performance of different power supply projects in China and the United States, in order to provide reference and help for the improvement of green power investment performance in China.
【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】：2014
【分類號】：F406.7;F426.61

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 李忠民;劉育紅;張強(qiáng);;“新絲綢之路”交通基礎(chǔ)設(shè)施、空間溢出與經(jīng)濟(jì)增長——基于多維要素空間面板數(shù)據(jù)模型[J];財(cái)經(jīng)問題研究;2011年04期

2 李嚴(yán);莊新田;羅國鋒;馬世美;;風(fēng)險(xiǎn)投資機(jī)構(gòu)人力資本與投資績效——投資策略的中介與調(diào)節(jié)效應(yīng)[J];東北大學(xué)學(xué)報(bào)(自然科學(xué)版);2012年11期

3 魯桂華;黃暉雁;;投資與企業(yè)財(cái)務(wù)績效[J];財(cái)務(wù)與會計(jì);2008年18期

4 徐勝男;梅強(qiáng);陳燕;朱維;;基于LMBP神經(jīng)網(wǎng)絡(luò)的創(chuàng)業(yè)板企業(yè)財(cái)務(wù)績效評價(jià)研究[J];科技管理研究;2011年02期

5 張濟(jì)建;王俊;溫靜;;我國商業(yè)銀行財(cái)務(wù)績效評價(jià)——基于面板數(shù)據(jù)的實(shí)證研究[J];會計(jì)之友;2011年33期

6 田笑豐;郭婷;;湖北省制造業(yè)上市公司財(cái)務(wù)績效評價(jià)[J];會計(jì)之友;2012年20期

7 黃德紅;;企業(yè)人力資本戰(zhàn)略投資績效非價(jià)值化評估指標(biāo)設(shè)計(jì)研究[J];會計(jì)之友;2013年08期

8 唐要家;謝遠(yuǎn)祥;;中國電力體制改革的困局與突破[J];價(jià)格月刊;2012年02期

9 章振東;;基于主成分-熵分析的上市企業(yè)財(cái)務(wù)績效評價(jià)研究[J];求索;2009年02期

10 嚴(yán)曉建;;我國海上風(fēng)電開發(fā)投資及相關(guān)問題分析[J];中國市場;2010年15期

，

本文編號：2128371