Research On Investment Efficiency Evaluation And Incentive Mechanism Of Power Grid Enterprises Under The Background Of New Power Reform

With the rapid development of China’s economy,the degree of urbanization,and the continuous improvement of high-end technology,the development of the power grid field has also seen unprecedented development speed,and the scale of investment by power grid companies has also continued to expand.As an important body supporting the national economy and social development in my country’s energy sector,grid companies have entered a new era and the socio-economic situation has become more and more complex.Economic and social changes will have a significant impact on the development of the power industry.Therefore,grid companies also Facing the unprecedented challenge of the "new era".As an indispensable and important part of the development of the power industry,grid companies are a bridge connecting the power generation side and the power consumption side.Their investment and construction play a vital role in the development of the national economy,and the effectiveness of their investment is very critical in this stage.In March 2015,"Several Opinions of the Central Committee of the Communist Party of China and the State Council on Further Deepening the Electric Power System Reform "(Zhongfa[2015]No.9)(referred to as No.9 Document),the reform has profoundly affected the decision-making and management activities of power grid companies in all aspects of power grid planning,investment,construction,operation,and maintenance.After the reform of the electricity market,the profit model of power grid companies has undergone fundamental changes.Power users and power sales companies directly trade with power generation companies.Power grid companies provide transmission and distribution services,and their main income comes from grid transfer fees.The reform of transmission and distribution prices has made the effective assets of power grids the core factor affecting transmission and distribution prices.As grid investment is an important business of grid companies,it is important to strengthen investment decision analysis,improve the efficiency of capital use,and avoid invalid and inefficient investments.Firstly,this article combs the investment efficiency,the evaluation of the investment efficiency of power grid companies,and the research on incentive regulation.Taking the State Grid Corporation of China and China Southern Power Grid Corporation as examples,it analyzes China’s power grid investment over the years,and analyzes the current status and trends of future investment,and studies the impact of transmission and distribution price reforms for grid company investments.Secondly,analyze the industry background of power grid companies and the characteristics of power grid companies’ investment efficiency evaluation.According to the requirements of relevant documents of transmission and distribution price reform,establish a grid company investment efficiency indicator system under the new power reform,laying a foundation for measuring the investment efficiency of power grid companies under the new power reform environment.On this basis,collecting relevant data,this paper uses the three-stage DEA model and the stochastic frontier model to measure the investment efficiency of China’s my country’s 31 provincial power grid companies under the new electricity reform,and the empirical analysis results prove the effectiveness of the method.Finally,this article draws on the investment efficiency incentive mechanism of developed countries such as the United States,the United Kingdom,and New Zealand.And combines the estimated investment efficiency value and the difference between the actual cost and the permitted cost to establish an investment efficiency incentive mechanism system for grid enterprises under my country’s new electricity reform.It provides a practical basis for implementing incentive supervision on my country’s power grid companies under the background of the new power reform.