【作者】 刘崇明；

【导师】 牛东晓；

【作者基本信息】 华北电力大学（北京） ， 技术经济及管理， 2011， 博士

【摘要】 发电集团公司发展的战略路径,基本遵循三条路线来递进发展的,即横向规模经济、纵向集约化经营和多元化经营。本文研究发电集团资本运营战略的三个方面,包括横向一体化战略、纵向一体化战略和多元化战略,重点研究其战略并购决策的理论方法和战略实施的绩效评价的实证分析。论文在分析发电集团横向一体化战略动因的基础上,从成本和产量的角度阐述了规模经济的形成机理。通过分析对比,选取了DEA模型测度法来评价发电企业的规模经济决策,分别对整体效率、纯技术效率和规模效率进行了分析,对DEA非有效的公司如何实现最佳规模经济提出了的具体指标改进建议。论文选取了横向并购样本数据,建立了基于财务指标体系的因子分析模型,对发电集团横向并购的绩效做了相关的实证研究。实证研究的结果表明,横向并购能够显著提升企业的业绩。论文构建了两阶段博弈的经济性决策模型,分析电煤一体化最佳的合作模式和最有利的时机。为进一步解决电煤一体化过程中目标煤炭企业选择问题,本文建立了基于交易成本的层次分析法(AHP)模型,将各因素的定性比较转换为综合水平的定量比较,解决了电煤合作的决策问题。本文进一步选择了财务指标法与EVA指标法相结合的绩效评价方法,构建了基于协同效应和EVA指标的电煤一体化绩效评价体系。案例计算结果看,电煤一体化产生了显著的管理协同效应、经营协同效应和财务协同效应,提升了企业价值。论文基于风险调整下的增长速度最大化的决策目标,构建了多元化进入的行业组合选择模型。选择了DEA模型测度法来评价发电集团实施多元化经营的绩效,并且以DT值≥0.04的电力上市公司作为样本,验证了多元化企业对规模效率和整体效率的提升。论文建立了包括DT在内的多因素的线性相关回归模型,对发电集团多元化经营的绩效进行了大量的实证研究,验证了多元化绩效产生的机理。本文的决策方法和实证研究,对发电集团实施资本运营战略具有理论与实践指导借鉴意义。更多还原

【Abstract】 Power Group develops progressively following three strategy pathways, include horizontal scale economies, vertical integration and diversified operation. We studied three aspects of them in this paper, including horizontal integration strategy, vertical integration strategy and diversification strategy, focusing on the theory of relational decision-making methods and the empirical analysis of performance evaluation.Basing on the analysis of strategic motivations of horizontal integration in Power Group, this paper elaborates the mechanism of economies of scale in terms of cost and production. Through analysis and comparison, we selected DEA models to evaluate the decision-makings of economies of scale, analyzed the overall efficiency, pure technical efficiency and scale efficiency respectively, and set forth suggestions for index improvement to DEA non-effective companies on how to achieve the best economies of scale. We selected sample data of horizontal mergers, established a factor analysis model based on financial data and made a relevant empirical research of horizontal integration in Power Group. Results show that horizontal mergers can enhance corporate performance significantly.In this paper, we constructed a two-stage game model of economic decision-making to analyze the best mode of cooperation and the most favorable moment in the integration of electricity and coal. To further address selection problem of the target coal enterprises in the integration, we established an Analytic Hierarchy Process (AHP) model based on transaction cost. In this model, the qualitative comparison of factors has been transformed into a comprehensive level of quantitative comparison. We selected a performance evaluation method combining finance index method and economic value added (EVA) method, and constructed a performance evaluation system based on synergy and EVA index of the integration. From the results, we can conclude that the integration of electricity and coal had a significant management synergy, operating synergy and financial synergy, and enhanced the corporate value.We established a model of industry combination selection in diversified investment based on the decision-making object of maximizing the growth rate with the risk factor taken into account. We also used DEA model to evaluate the diversification performance of Power Group. The power companies with DT≥0.04 were chosen as samples to verify that the diversification has improved the scale efficiency and overall efficiency of a company. A multi-factor linear regression model including DT has been established in this paper. And we verified the mechanism of diversity performance by making a lot of empirical researches on the diversification performance of Power Group.The decision-making method and empirical research in this paper are In this paper, we constructed a two-stage game model of economic decision-making to analyze the best mode of cooperation and the most favorable moment in the integration of electricity and coal. To further address the target selection of coal enterprises in the integration, we established an Analytic Hierarchy Process (AHP) model based on transaction cost. In this model, the qualitative comparison of factors has been transformed into a comprehensive level of quantitative comparison. We selected a performance evaluation method combined finance index method and economic value added (EVA) method, and constructed a performance evaluation system base on synergy and EVA index of the integration. From the case results, we can conclude that the integration of electricity and coal had a significant management synergy, operating synergy and financial synergy, and enhanced the corporate value.The decision-making method and empirical research in this paper are practical and directive for Power Generation Group to implement capital management strategies.更多还原