摘要
本文选择大型火电上市公司的经营数据,运用面板数据固定效应模型,分析了"厂网分开"政策对火电公司经营绩效的影响。研究结果表明,"厂网分开"虽然使火电公司收入明显增加,但并未对利润产生实质性的显著影响,且规制期间内火电公司利润有时还呈现负值;主营业务成本、固定资产、电力价格指数与煤炭价格指数对火电公司收入和利润也有一定影响,主营业务成本与收入变动方向相同,但与利润变动方向相反,固定资产、电力价格指数变动引起收入和利润同方向变动,而煤炭价格指数变动则引起收入和利润反方向变动;劳动力对火电公司的收入与利润并无显著影响。
This paper uses the fixed effects model of the panel data of large thermal power listed companies to analyze the effects of＂ disconnection between power plant and power grid＂ policy on the operating performances of thermal power enterpri- ses. The results show that the policy makes the income of thermal power enterprises increase significantly, but it doesn＇t have significant effects on their profits, which are sometimes negative. Main business cost, fixed assets, price index of electricity and price index of coal have certain effects on the income and profits of thermal power enterprise. The main business cost changes in the same direction with the income, but in the reverse direction with profits. The changes in fixed assets and the price index of electricity lead the profits to change in the same direction, and the changes in the price index of coal lead the in- come and the profits to change in an opposite direction. As power companies are technology-intensive industries, labor doesn＇t have significant effects on their income and profits.
出处
《财经论丛》
CSSCI
北大核心
2015年第5期107-112,共6页
Collected Essays on Finance and Economics
基金
辽宁省教育厅人文社科研究基地资助项目(ZJ2014044)
东北财经大学科研重点研究基地资助项目(DUFE2014J01)
关键词
电力产业
厂网分开
火电上市公司
electric power industry
disconnection between power plant and power grid
thermal power listed companies
