输配电价格管制中投资回报率水平的确定  

Determination of Return Rate of Investment under Tariff Regulation of Power Transmission and Distribution

作　　者：赵会茹[1] 刘祎[1] 李春杰[1] 

机构地区：[1]华北电力大学工商管理学院,北京市昌平区102206

出　　处：《电网技术》2005年第21期65-70,共6页Power System Technology

基　　金：国家社会科学基金资助项目(03BJY003)

摘　　要：在输配电价格管制中投资回报率的确定是一个非常重要的内容。文章依据投资学理论,借鉴国际上已运行的电力市场经验,结合我国证券市场建设情况,以在上海证券交易所上市的23家电力企业的数据作为分析依据,在利用资本资产定价模型估计输配电企业的权益资产和负债资产的风险系数和资本成本的基础上,运用资金加权平均成本法研究了我国输配电企业投资回报率水平的确定问题,指出现阶段我国输配电企业合理的回报率水平应为8.39%。该结果可为我国输配电价格管制中投资回报率水平的确定提供参考。It is a very important item to determine the return rate of investment under the tariff regulation of power transmission and distribution. Based on the investment theory, referring the experiences of electricity markets put into operation in other countries, combining with the construction of domestic security market and taking the data of 23 listed electric power enterprises in Shanghai Stock Exchange as the fundamental of analysis, and according to the estimation of the risk coefficient of the entity asse...

关 键 词：输配电 价格管制 风险系数 资本成本 投资回报率 

分 类 号：F407.61[经济管理—产业经济]