输配电价格管制中投资回报率水平的确定.pdfVIP

29 卷 21 期 电 网 技 术 Vol. 29 No. 21 2005 年11 月 Power System Technology Nov. 2005 文章编号：1000-3673 （2005 ）21-0061-06 中图分类号：TM73 ；F 123.9 文献标识码：A 学科代码：790625 输配电价格管制中投资回报率水平的确定 赵会茹，刘 祎，李春杰 （华北电力大学 工商管理学院，北京市 昌平区 102206） Determination of Return Rate of Investment under Tariff Regulation of Power Transmission and Distribution ZHAO Hui-ru，LIU Yi ，LI Chun-ji e （School of Business Administration，North China Electric Power University ， Changping District ，Beijing 102206 ，China ） ABSTRACT: It is a very important item to determine the 关键词：输配电；价格管制；风险系数；资本成本；投资回 return rate of investment under the tariff regulation of power 报率 transmission and distribution. Based on the investment theory, 1 引言 referring the experiences of electricity markets put into operation in other countries, combining with the construction of 我国电力工业实现 “厂网分开、竞价上网”的 domestic security market and taking the data of 23 listed 市场化改革后，输配电领域仍具有显著的自然垄断 electric power enterprises in Shanghai Stock Exchange as the 性，因此仍要对其实施科学、合理、有效的管制。 fundamental of analysis, and according to the estimation of the 对输配电价格管制问题的研究是政府管制的重点 risk coefficient of the entity assets and liability assets and the 之一。目前输配电价格管制的模式主要有两类：一 estimation of the capital cost by capital assets pricing model 是传统的基于服务成本或投资回报率（Cost Of (CAPM), the determination of return rate of investment of domestic power transmission and distribution enterprises is Service/Rate Of Return，COS/ROR ）的管制模式， researched by use of weighted average cost of capital, and