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随着电网建设规模和投资规模不断扩大,电网企业投资能力的研究和分析显得尤为重要。分析影响投资能力的内外因素,并研究因素之间的影响机制,有助于管理者准确把握未来投资能力的发展趋势,并为决策者进行投资能力调整奠定基础。本文站在企业内部财务角度和社会经济的宏观角度,结合某省2005-2014年历史数据,在合理构建投资能力影响因素指标体系的基础上,基于灰色聚类分析和通径分析理论方法,利用SPSS软件实现建模过程并得到结果。结果表明:(1)影响电网企业投资能力的因素按灰色聚类可以分为6类;(2)折旧、融资和利润对投资能力的影响最直接,其中,融资对投资能力影响最大;(3)电网企业的资产负债率较高,会增加企业的运营和投资风险,企业在今后的发展和管理中应加强资金管理;(4)其余因素均是通过影响折旧、利润和融资三个因素中的一个或多个因素,进而间接影响投资能力,外部因素对投资能力的影响作用不容忽视。
With the scale of power grid construction and the ever-expanding scale of investment, the research and analysis on the investment capability of power grid enterprises is particularly important. Analyzing the internal and external factors affecting the investment ability and studying the influence mechanism between the factors can help the manager to accurately grasp the development trend of the future investment ability and lay the foundation for the decision-maker’s investment ability adjustment. Based on the historical data of a province from 2005 to 2014 and based on the reasonable construction of an index system of influencing factors of investment capability, this paper, based on the internal financial perspectives and the socio-economic macroeconomic perspectives of the enterprise, based on gray cluster analysis and path analysis theory, The SPSS software implements the modeling process and gets the result. The results show that: (1) The factors that affect the investment ability of power grid enterprises can be classified into six categories by gray clustering; (2) the most direct impact of depreciation, financing and profit on investment ability, of which financing has the greatest impact on investment capacity; (3) ) The high asset-liability ratio of power grid enterprises will increase the risks of operation and investment of enterprises, and the enterprises should strengthen capital management in the future development and management. (4) The remaining factors are all influenced by the factors of depreciation, profit and financing Of one or more factors, thereby indirectly affecting the investment capacity, the impact of external factors on investment capacity can not be ignored.