| As the production end of the electric power industry,the power industry is committed to meeting the needs of production and living power in all walks of life.Whether it can produce safely,provide stable power supply,be cleanly and greenly will have a greater impact on the production of all walks of life and the lives of residents and even the social environment.Power generation enterprises will face a more serious external policy environment due to the structural reform of supply and the reform of electricity market which will change the coal cost and electricity price.How to analyze the driving factors of their own value,use these factors to guide the development direction of enterprises,better adapt to the needs of the external environment,create more value,and realize the growth of shareholder value has become an important subject.The question studied in this paper focus on what is the most critical driving factor affecting the value creation of huaneng international company.Currently,most of the existing studies use EVA to evaluate the value of the company,which is aimed to analyze the applicability of EVA valuation,or use EVA for performance evaluation.They did not use EVA as a tool to measure the value creation ability of enterprises from the perspective of enterprise value management.At present,there is a lack of research on the establishment and application of value diagnosis system based on EVA,including the driving factor analysis based on EVA,the analysis of the influence degree of driving factors on value,and the research of value diagnosis and value promotion based on key driving factors.Huaneng International,a representative listed company in the power generation industry,is the research object.EVA and sensitivity analysis are used to study the impact of different driving factors on value and identify the key driving factors of huaneng international value creation by the case analysis.The objectives and findings of this study include:1)at the financial level,operating income and operating cost are the key drivers of huaneng international value;(2)at the operational level,the selling price of thermal power,coal consumption for power sold and coal price,installed capacity and utilization hours are the most critical factors affecting the current value of huaneng international;(3)the installed capacity and utilization hours of clean energy,debt capital cost and debt ratio are the most critical factors affecting the future value of huaneng international;(4)There will be much room left for Huaneng international to enhance its value in terms of the proportion of market transaction,long-term cooperation procurement and clean energy installed capacity.The research value of this essay,using EVA to decompose the financial and operational levels of Huaneng International Company’s value-driven factors,is to identify the most critical factors affecting the company’s value by exploring the driving factors of value influence degree,and to provide guidance and help for the power generation industry and other industries to establish and apply the diagnostic system of Economic Value Added. |
