【作者】 陈素琼；

【导师】 黄继忠；

【作者基本信息】 辽宁大学 ， 产业经济学， 2009， 博士

【摘要】 电力行业是国民经济发展中最重要的基础能源行业,是国民经济的第一基础行业,同时也是世界各国经济发展战略中优先发展的重点。随着电力控制、信息技术的进步以及对垄断行业认识的进一步深化,为提升电力行业经营效率,世界各国纷纷进行电力行业的市场化改革,中国也不例外。电力市场化改革成功与否、成效如何将对整个社会、经济等诸方面产生重大影响,因此对市场化进程中中国电力行业绩效研究有着重大的研究意义。中国电力体制改革历经国家垄断经营、缺电形势下的集资办电、政企分开公司化改组以及“厂网分开、竞价上网”等四个发展阶段,通过这四个阶段的回顾,发现中国电力市场化主要是发电侧的市场化。所以市场化进程中发电行业绩效研究这一主题更符合中国的实际情况,对电力市场化研究更具有针对性。在市场化进程中,发电行业的产权结构逐步向多元化发展,发电企业法人治理结构逐步完善,竞争性市场结构开始形成,这一系列的变革影响市场化进程中发电行业的绩效变动。发电行业绩效研究是一个复杂的系统工程,很难在一个统一的层面上进行分析,而应该从微观(企业)、中观(区域)和宏观(基于资源、环境因素约束条件下)三个不同层面进行全方位、系统的考察。根据指标选取的一般原则和发电行业的自身特征,尤其是具有以煤为主的电源结构特征,提出了三个不同层面上绩效研究各自的投入产出指标,采用非参数方法(包括DEA和基于DEA的Malmquist效率指数)对发电行业绩效进行了系统、全面研究,并通过面板数据的计量模型对绩效的影响因素进行实证研究。微观层面上发电行业绩效主要从资源配置效率(利润率指标)与全要素生产率(分解为技术效率、规模效率和技术进步率三个部分)的动态变动进行研究。发电行业上市公司年平均净资产利润率在1998—2007年期间总体上呈下降趋势,这表明引入竞争、打破垄断,降低了上市公司凭借其市场势力所获得的较高利润,提高了发电行业上市公司的资源配置效率。采用基于DEA的Malmquist效率指数法对上市公司进行实证测算,结论表明,上市公司在2000—2006年期间的全要素生产率变动、技术效率变动、规模效率变动和纯技术效率变动整体上均呈现不断改善的趋势,其年均改善程度分别为2.1%、2.4%、0.9%和1.5%,虽然技术进步变动在此期间年平均值小于1,但其在2005和2006这2年内技术进步十分显著。进一步采用面板数据的回归模型对绩效影响因素进行分析,结论表明:电力体制市场化改革、企业规模和独立董事比例与企业绩效存在显著性正相关关系,第一大股东持股比例和董事会规模则与企业绩效存在显著性负相关关系,而高管人员的报酬则对绩效无显著性影响。中观层面发电行业绩效分析与微观层面一致,同样从资源配置效率、全要素生产率两个方面的动态变动来进行研究。各区域发电行业的平均总资产利润在1999—2006年期间呈上升趋势,使得各区域内全部发电企业的资源配置效率整体上提高。同样采用基于DEA的Malmquist效率指数法对各区域内发电行业进行实证测算,结果表明,在1998—2006年期间发电行业的绩效有一定程度改善,全要素生产率变动、技术效率变动、技术变动和纯技术效率变动的年均改善程度分别为1.4%、0.2%、1.2%和0.4%。进一步采用面板数据的回归模型对绩效的影响因素进行了分析,结论表明:电力体制市场化改革、原煤生产量及电力产品价格三者均与技术效率存在着显著的正相关关系,火电比重与煤炭价格两者均与效率存在显著性负相关关系,而区域内发电企业的平均规模与效率之间呈现“U”型关系。宏观层面发电行业绩效分析,在阐述发电行业长期可持续发展受资源与环境的双重制约的基础上,运用Matlab7.2软件首次采用具有非期望产出的超效率DEA模型对1991—2007年期间火力发电行业的绩效进行实证研究,结果表明,在此期间火力发电行业的效率由1991年的0.8923上升到2007年的1.7519,绩效呈现出不断改善的趋势,尤其是2007年,其相对于2006年增幅达71.49%,绩效改善相当显著。这主要是由于国家节对电力行业的环境问题治理工作,尤其是节能减排工作所取得的成效。基于以上绩效影响因素的实证研究,以为应从以下方面着手改革以进一步提高发电行业绩效:(1)进一步引入竞争机制,推动产权结构多元化;(2)健全现代企业制度,完善法人治理结构;(3)改善电源结构,推动绿色能源发展;(4)继续深化电价改革,逐步理顺电价机制;(5)进一步推进促进发电技术水平提高与节能减排的产业政策。更多还原

【Abstract】 Power industry is one of the most important foundational energy industries in national economy. It is also a foundational sector, which always has a priority in economic development strategies in almost every economy. With technology advancement, especially power control and information technology improving, and understanding about monopoly industries deepening, countries around the world start to actualize market-oriented reform of power industry in succession in order to enhance power industry operational efficiency. China is no exception. The successes of the market-oriented reform of power industry and its effectiveness have significant impacts on the entire economy. Therefore, the study on performance of Chinese power industry during market-oriented reform has a vital significance.Reform of Chinese power industry includes four stages, such as government monopoly management, collect money to develop generation capability, separation between government and enterprises and company regrouping,“separation of the factory and power-net, merchandizing product after competitions of price”. By retrospection about these four stages, we found that the emphasis of Chinese power industry market-oriented reform is generation-side power market-oriented. Therefore, studying on performance of power generation industry during market-oriented reform process is more in line with Chinese actual conditions, and has more pertinence. During the market-oriented process, power generation industry is gradually moving towards diversification in the structure of property rights, its corporate governance structure is improving, and competitive market structure began to take shape. This series of changes affect alteration of power generation industry during market-oriented reform.Study on performance of power generation industry is a complex systematic project. It is difficult to analysis in a unified level; it should be in micro-view (enterprises), medium-view (region) and macro-view (based on the restriction condition of resources, environmental factors). Three different levels provide an all-round and systematic inspection. Based on general principle of indicators selected and characteristics of power generation industry, in particular characteristics of coal-dominated electrical source structure, we bring forward input and output indicators of performance research in three different levels. By non-parametric methods (including DEA and Malmquist Productivity Index base on DEA), this paper presents a systematic and comprehensive study performance of power generation industry. In addition, a panel data econometric model accomplishes the empirical research on factors affecting the performance.On micro-level performance of power generation industry, this paper mainly researches on dynamic change of resource allocation efficiency (profit margin indicator) and total factor productivity (decomposed into three parts, i.e. technical efficiency, scale efficiency and technology advancement rate). During the period of 1998-2007 average return on equity of listed companies in power generation industry presented downward trend in overall, indicating that introduction of competition has broken the monopoly of the listed companies, which reduced their high profits by virtue of market force, and it increased resource allocation efficiency of listed companies in power generation industry. Empirical research on listed companies in power generation industry by Malmquist productivity index base on DEA suggests that during the period 2000-2006, some aspects about listed companies, such as total factor productivity change, technical efficiency change, scale efficiency change and pure technical efficiency change, were performing continuous improvement. The average annual improvement of these aspects are 2.1%, 2.4%, 0.9% and 1.5% separately, while during this period average of annual change on technology advancement rate is less than 1, but in 2005 and 2006 this two years technology advancement is special significant. By a regression model of panel data, further analysis of factors that affect performance shows that the correlation between corporate performance and market-oriented reform of power industry is significant positive. Enterprise size and the proportion of independent directors are positively correlated with corporate performance; the correlation between corporate performance and shareholding ratio of first major shareholders is significant negative, the size of directorate is negatively correlated with corporate performance; while there is no significant correlation between corporate performance and remuneration of the executives.The analysis on performance of power generation industry in medium-view is in line with the micro-view, the research also focuses on dynamic change of resource allocation efficiency and total factor productivity. During the period 1999-2006 average total assets profit margin of each regional power generation industry is raising, this makes resource allocation efficiency of all power generation enterprises in each region improve in overall. Empirical research on Chinese power generation industry in all regions by Malmquist productivity index based on DEA suggests that during the period 1998-2006 performance of power generation industry in each region has been improved in a certain degree. The average annual improvement of total factor productivity, technical efficiency, technology advancement rate and pure technical efficiency are 1.4%, 0.2%, 1.2% and 0.4% separately. Based on regression model of panel data, this paper further analyzed factors that affect performance of power generation industry in each region. The result suggests that the correlation between performance and market-oriented reform of power industry is significant positive, capacity of coal in each region and price of power product are same positive correlated with performance. Correlation between performance and the proportion of firepower is significant negative, price of coal is the same negative correlated with performance. The relation of average scale of power generation enterprise and performance presents a U-shape curve.The analysis on performance of power generation industry in macro-view is based on dual constraints, i.e. resources and environment-affected long-term sustainable development of power generation industry; By Matlab7.2 software and a super-efficiency DEA model with non-expected output, for performance of thermal power industry during the period 1991-2007 is examined. The empirical research results show that during the period 1991-2007, performance of thermal power industry ranges from 0.8923 in 1991 to 1.7519 in 2007, which shows a continuously improving trend during this period, particularly in 2007, compares to 2006 the increase rate reaches 71.49%. The improvement is significantly. This is mainly due to the environmental management to power industry by the government, especially benefit from the work on saving energy and reducing pollutant emission.In order to further improve performance of power generation industry based on empirical researches above, considering factors that affect the performance significantly, following steps should be taken in several aspects. (1) Introduce in competition mechanisms to further promote the diversification of property rights structure; (2) Improve modern enterprise system and the corporate governance structure; (3) Improve power supply structure, and promote green energy development; (4) Further deepen reform of power price and gradually tune up mechanism of power price; (5) Further enhance industrial policy of saving energy and reducing pollutant emission, and advance the skill level of power generation.更多还原