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有效的电力投资是实现电力供需平衡的重要保障,也是确保国民经济持续稳定发展的重要基础。本文以中国2005—2011年电力上市公司为样本,研究了中国电力上市公司的非效率投资问题,并同时分析了电力上市公司基本层面因素、政府干预程度、上网电价以及股权变量对非效率投资的影响。检验结果表明,我国电力上市公司中投资过度与投资不足并存,但总体上表现为投资不足;在影响上市公司的因素中,投资机会、债务结构、政府干预程度、企业规模和自由现金流与过度投资正向相关,而上网电价、资产负债率与过度投资负相关。这说明影响电力企业非效率投资的因素不仅与企业治理制度缺陷有关,而且也与非市场化的政府管制和行政干预有关。
Effective power investment is an important guarantee for achieving the balance between electricity supply and demand as well as an important foundation for ensuring the sustained and steady development of the national economy. In this paper, we take China’s power listed companies from 2005 to 2011 as a sample to study the inefficient investment of China’s listed electric power companies. At the same time, this paper analyzes the basic level factors of listed power companies, government intervention, feed-in tariffs, influences. The test results show that the over-investment and under-investment co-exist in the listed companies of electric power in our country, but they are generally under-invested. Among the factors affecting the listed companies, the investment opportunities, debt structure, government intervention, firm size and free cash flow and over- Investment is positively related, while the feed-in tariff and asset-liability ratio are negatively correlated with overinvestment. This shows that the factors affecting inefficient investment in power enterprises are not only related to the defects of the corporate governance system, but also to the non-marketization of government regulation and administrative intervention.