管理评论

›› 2017, Vol. 29 ›› Issue (3): 74-89.

• 组织与战略管理 • 上一篇    下一篇

电网企业投资能力内外部因素影响机制研究

许晓敏1, 牛东晓1, 覃泓皓1, 吴晗1, 朱国荣2   

  1. 1. 华北电力大学经济与管理学院, 北京 102206;
    2. 国网浙江省电力公司经济技术研究院, 杭州 310008
  • 收稿日期:2015-11-23 出版日期:2017-03-28 发布日期:2017-03-30
  • 作者简介:许晓敏,华北电力大学经济与管理学院博士研究生;牛东晓,华北电力大学经济与管理学院院长,教授,博士生导师;覃泓皓,华北电力大学经济与管理学院硕士研究生;吴晗,华北电力大学经济与管理学院硕士研究生;朱国荣,国网浙江省电力公司经济技术研究院运营分析室主任,高级工程师。
  • 基金资助:
    国家自然科学基金项目（71471059）；中央高校基本科研业务费专项资金项目（2015XS41）。

Research on the Influence Mechanism of the Internal and External Factors of Investment Ability for the Power Grid Enterprises

Xu Xiaomin1, Niu Dongxiao1, Qin Honghao1, Wu Han1, Zhu Guorong2   

  1. 1. School of Economics and Management, North China Electric Power University, Beijing 102206;
    2. Economic and Technical Research Institute, State Grid Zhejiang Electric Power Company, Hangzhou 310008
  • Received:2015-11-23 Online:2017-03-28 Published:2017-03-30

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摘要： 随着电网建设规模和投资规模不断扩大，电网企业投资能力的研究和分析显得尤为重要。分析影响投资能力的内外因素，并研究因素之间的影响机制，有助于管理者准确把握未来投资能力的发展趋势，并为决策者进行投资能力调整奠定基础。本文站在企业内部财务角度和社会经济的宏观角度，结合某省2005-2014年历史数据，在合理构建投资能力影响因素指标体系的基础上，基于灰色聚类分析和通径分析理论方法，利用SPSS软件实现建模过程并得到结果。结果表明：（1）影响电网企业投资能力的因素按灰色聚类可以分为6类；（2）折旧、融资和利润对投资能力的影响最直接，其中，融资对投资能力影响最大；（3）电网企业的资产负债率较高，会增加企业的运营和投资风险，企业在今后的发展和管理中应加强资金管理；（4）其余因素均是通过影响折旧、利润和融资三个因素中的一个或多个因素，进而间接影响投资能力，外部因素对投资能力的影响作用不容忽视。

关键词: 电网企业, 投资能力, 影响机制, 通径分析, 灰色聚类

Abstract: Given the expanding power grid and investment scale, it becomes especially important to research power grid enterprises' investment capacity. From the viewpoint of managers, in order to grasp the development trend of future investment, it is advisable to consider both internal and external factors which affect investment ability, and moreover to study the influence mechanism between them. Apart from this, it can establish a foundation for decision makers to adjust investment capacity. From the perspective of enterprise finance and the macro point of view of social economy, this paper builds a reasonable investment ability index system of influencing factors combining with a province's historical data from 2005 to 2013. Then based on the theory of grey clustering analysis and path analysis methods, we exploit SPSS software to realize modeling process and get the results. The results show that: (1) Factors which affect the ability of the power grid enterprise investment can be divided into six classes according to the grey clustering. (2) The most direct impact comes from depreciation, financing and profit, among which financing makes the greatest influence and profits ranks the second. They have both direct and indirect effects on investment capacity. (3) The assets and liabilities of power grid enterprises are relatively high, which will increase the risk of operation and investment of enterprises. In the future development and management, the enterprises should strengthen the management of funds. (4) Other factors can only affect the investment ability indirectly by means of influencing one or more of the above three factors. At the same time, the influence of external factors on investment capacity cannot be ignored.

Key words: power grid enterprises, investment ability, influence mechanism, path analysis, grey clustering