由大唐看中国电力行业高负债率现状

摘　　要 

负债有杠杆作用，因为利息可以抵税。在筹资规模相同时，在取得相同盈利的情况下，多负债，就可以给企业带来更大的收益，相反，如果在盈利能力很低的情况下，高负债带来的就是杠杆的反作用。在近年来，以火力发电为主的中国电力企业由于煤价上涨等原因，普遍面临亏损境况，究其原因，就是与电力企业的低盈利能力和高资产负债率有关。企业的高资产负债率不仅导致了金额巨大的财务费用发生，也使得电力企业的财务杠杆处在一个很高的水平，一旦发生经营方面的问题，便会引发企业的财务危机。究竟是什么原因让我国电力企业保持如此高的资产负债率？应该采取何种措施降低企业的高资产负债率，以及如何降低企业的财务风险，将是关系到企业发展的关键一环。在我国的五大国有发电集团中，大唐发电公司具备我国电力企业的普遍特征，因此就已大唐为例，探讨我国电力行业高资产负债率的原因及解决方案。

关键词： 高资产负债率；电力行业；盈利状况
Present Situation of Chinese Power Industry’s High Asset-liability by Datang
ABSTRACT

Debt has leverage effects, because the interest can be tax deductible.Financing the same scale , as well as obtaining the same profit, the more debt they have ,the more benefits they can bring to the company; on the contrary, if the company has low profitability, then high debt brings level counter. In recent years, thermal power enterprises in China are facing the loss mainly because rising coal prices and other reasons, which cause the power company's low profitability and high rates of assets and liabilities. The high rates of assets and liabilities of enterprises not only leads to a huge amount of finance charges occurred,but also makes the power company's financial leverage at a very high level. Once the company comes with operational problems,that will result in the financial crisis. What are the reasons the power enterprises had to maintain such a high debt ratio? What measures should be taken to reduce the company's high debt ratio, and how to reduce the financial risk will be a key element of enterprise development. In our five state-owned power generation group, Datang Power Generation Company has the general characteristics of China's electric power company, therefore here is an example of DaTang,to analyse the causes and solutions of high asset-liability ratio in power industry.

Key words:high asset-liability ;ratio power industry ;earning performance

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