【摘要】：電力行業(yè)是我國國民經(jīng)濟(jì)的主導(dǎo)行業(yè)之一,在促進(jìn)經(jīng)濟(jì)發(fā)展、改善民生等方面起著非常重要的作用。自從2002年國家進(jìn)行電力體制改革以來,發(fā)電行業(yè)逐步從壟斷的計劃經(jīng)濟(jì)體制轉(zhuǎn)變?yōu)楦偁幮缘氖袌鼋?jīng)濟(jì)體制。盡管如此由于發(fā)電企業(yè)長期依賴發(fā)、輸、配、售一體化經(jīng)營所帶來的壟斷利潤,發(fā)電企業(yè)在發(fā)展中仍存在著對自身電力資產(chǎn)的盈利預(yù)測能力不強(qiáng)、對資金的合理利用及提高融資效率的重視程度不夠的問題。隨著我國市場經(jīng)濟(jì)的不斷發(fā)展,金融體系的不斷完善,影響上市公司發(fā)展的重要因素——融資效率問題也越來越受到人們的關(guān)注,同時電力行業(yè)作為典型的資金密集型行業(yè),需要大量的資金滿足其投資發(fā)展,如何提高融資效率進(jìn)行有效融資,拓寬發(fā)電企業(yè)融資渠道,降低企業(yè)融資成本以提升發(fā)電企業(yè)的競爭力,也是電力行業(yè)及學(xué)者們探索和研究的重要問題�？梢�,發(fā)電企業(yè)怎樣對融資效率進(jìn)行科學(xué)的評價,如何提高融資效率以滿足其發(fā)展需要就成為一個值得研究的戰(zhàn)略課題。本文共分為五個部分。第一部分介紹了電力企業(yè)融資效率的研究背景、意義,研究內(nèi)容及方法。第二部分簡要回顧了融資效率的基本概念,研究現(xiàn)狀及理論基礎(chǔ)。第三部分梳理了我國電力行業(yè)發(fā)展現(xiàn)狀及融資現(xiàn)狀的發(fā)展脈絡(luò)。第四部分在回顧企業(yè)融資理論以及梳理電力行業(yè)基本情況的基礎(chǔ)上,從發(fā)電企業(yè)的融資成本、資金配置效率、抗風(fēng)險能力和公司治理效率四個方面建立評價體系,運用主成分分析和熵值法對電力企業(yè)融資的效率進(jìn)行實證研究,得出了發(fā)電企業(yè)融資效率整體偏低的結(jié)論,并分析發(fā)電企業(yè)融資效率偏低的原因。第五部分總結(jié)本文的研究成果及不足,并對提高發(fā)電企業(yè)融資效率提出了建議。隨著我國經(jīng)濟(jì)的不斷發(fā)展,金融體系的不斷完善,電力企業(yè)的市場化程度越來越高,研究發(fā)電企業(yè)的融資效率,以客觀了解和評價自身的融資利用效率情況,提升盈利能力和競爭力就顯得尤為重要。
[Abstract]:Electric power industry is one of the leading industries in our national economy, which plays an important role in promoting economic development and improving people's livelihood. Since the reform of electric power system in our country in 2002, the power generation industry has gradually changed from a monopoly planned economy system to a competitive market economy system. However, due to the monopoly profits brought by the integrated operation of power generation enterprises, the power generation enterprises still have a weak ability to predict their own power assets in the process of development. The problem that the reasonable use of funds and the improvement of financing efficiency are not paid enough attention to. With the development of market economy and the perfection of financial system, people pay more and more attention to the problem of financing efficiency, which is an important factor affecting the development of listed companies. At the same time, the electric power industry is a typical capital-intensive industry. It needs a large amount of funds to meet its investment development. How to improve the efficiency of financing to carry out effective financing, broaden the financing channels of power generation enterprises, reduce the financing costs of enterprises in order to enhance the competitiveness of power generation enterprises. It is also an important issue for the electric power industry and scholars to explore and study. Therefore, how to evaluate the financing efficiency scientifically and how to improve the financing efficiency to meet the development needs of power generation enterprises has become a strategic topic worth studying. This paper is divided into five parts. The first part introduces the research background, significance, research content and methods of financing efficiency of electric power enterprises. The second part briefly reviews the basic concept of financing efficiency, research status and theoretical basis. The third part combs our country electric power industry development present situation and the financing present situation development vein. In the fourth part, on the basis of reviewing the theory of enterprise financing and combing the basic situation of power industry, the evaluation system is established from four aspects: financing cost, capital allocation efficiency, anti-risk ability and corporate governance efficiency. By using principal component analysis (PCA) and entropy method, the paper makes an empirical study on the financing efficiency of electric power enterprises, draws the conclusion that the overall financing efficiency of power generation enterprises is on the low side, and analyzes the reasons for the low financing efficiency of power generation enterprises. The fifth part summarizes the research results and shortcomings of this paper, and puts forward some suggestions to improve the financing efficiency of power generation enterprises. With the development of our economy and the perfection of financial system, the degree of marketization of electric power enterprises is becoming higher and higher. In order to understand and evaluate their financing efficiency objectively, the paper studies the financing efficiency of power generation enterprises. Improving profitability and competitiveness is particularly important.
【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】：2015
【分類號】：F406.7;F426.61

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本文編號：2267882