| In 2015,China carried out a new round of power market reforms,which increased the degree of power marketization,which would have an impact on the profitability of power generation enterprises furtherly.At the same time,the power market reform is carried out under environmental constraints,the state’s environmental constraints on power generation companies in order to implement the low-carbon development strategy will also have an impact on the profit performance of power generation companies.Therefore,the paper chooses to study the relationship between the degree of power marketization and the profit efficiency of power generation enterprises under environmental constraints,and provides a reference for the reform of power marketization.On the basis of theoretical analysis,the thesis puts forward the research hypotheses about the relationship between the degree of marketization of electricity and the profit efficiency of power generation enterprises,environmental constraints and the profit efficiency of power generation enterprises.The paper uses the stochastic profit frontier model to measure the profit efficiency of 44 listed power generation companies on the Shanghai and Shenzhen stock markets from 2010 to 2018,and separately examine the relationship between the degree of power marketization and the profit efficiency of power generation enterprises,the relationship between environmental constraints and the profit efficiency of power generation enterprises.At the same time,the power generation companies are grouped into different power types to conduct regression analysis to examine how the relationship between the degree of power marketization and the profit efficiency of power generation companies,environmental constraints and the profit efficiency of power generation companies of different power types will change.The results show that after the new round of power market reforms in 2015,the average profit efficiency of 44 listed power generation companies has dropped significantly.Compared with hydropower companies,thermal power companies have a larger decline.The degree of electricity marketization has a negative correlation with the profit efficiency of listed power generation companies.Moreover,compared with hydropower companies,the degree of electricity marketization has a greater degree of negative correlation with the profit efficiency of thermal power generation companies.Environmental constraints have a positive correlation with the profit efficiency of listed power generation companies.Moreover,compared with hydropower companies,environmental constraints have a greater degree of positive correlation with the profit efficiency of thermal power companies.The main research conclusion of this paper is that: in terms of the degree of power marketization,after the new round of power market reforms,in the short term,it is difficult for capital-intensive power generation companies to quickly upgrade and transform,the shortcomings of the power market system and mechanisms are difficult to break,and the increasing of the degree of power marketization will lead to a decline in the profit efficiency of power generation companies.Moreover,compared with hydroelectric power generation companies,due to the low national support policies and the greater impact of rising coal prices,the profit efficiency of thermal power generation companies is more negatively affected by the increase in marketization.But in the long run,the power market reform is conducive to the healthy development of China’s economic society and power industry.Therefore,power generation companies need to adjust their own structure to continuously reduce costs and increase efficiency.The state should continue to deepen the reform of power marketization,improve the power market system and mechanism,and finally realize the goal of the improvement of the degree of power marketization to promote the improvement of the profit efficiency of power generation enterprises.In terms of environmental constraints,since the environmental constraints formulated by the state can produce an "innovation compensation" effect and promote the improvement of the profit efficiency of power generation companies,there is a positive correlation between environmental constraints and the profit efficiency of power generation companies.Moreover,since environmental constraints are mainly aimed at polluting companies,the positive incentives for thermal power generation companies have a greater effect.This shows that the environmental restraint policies formulated by the state are effective and should be implemented and continuously improved,so as to continue to promote the transformation of enterprises’ green innovation and promote the implementation of the national low-carbon development strategy. |
