CAJ | 학술논문

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。
본문선택대형화전상시공사적경영수거,운용면판수거고정효응모형,분석료＂엄망분개＂정책대화전공사경영적효적영향。연구결과표명,＂엄망분개＂수연사화전공사수입명현증가,단병미대리윤산생실질성적현저영향,차규제기간내화전공사리윤유시환정현부치;주영업무성본、고정자산、전력개격지수여매탄개격지수대화전공사수입화리윤야유일정영향,주영업무성본여수입변동방향상동,단여리윤변동방향상반,고정자산、전력개격지수변동인기수입화리윤동방향변동,이매탄개격지수변동칙인기수입화리윤반방향변동;노동력대화전공사적수입여리윤병무현저영향。
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.