Abstract: In this paper, basing on the panel data fixed effect model, using the operating data of large thermal power listing Corporation, studies the influence of “separation of plant and grid” policy on the performance of these thermal power listing Corporations. The results show that, although “separation of plant and grid” make these thermal power listing Corporations income has increased significantly, but had no a significant impact on profits, and regulation during these Corporations profits and sometimes negative. In addition, the main business cost changed income in the same direction, but the profit change in the reverse direction. Price index of electricity and fixed assets, change in income and profit changes in the same direction, whiles price index of coal changes caused by changes in income and profit of reverse direction. The number of employees had no significant impact on the income and profit of these thermal power listing Corporations.

摘要： 本文利用大型火电上市公司数据，运用面板数据固定效应模型，研究了“厂网分开”政策对这些火电公司经营绩效的影响。结果表明，“厂网分开”虽然使得火电公司收入有了明显增加，但并未对利润产生实质性的显著影响，且规制期间火电公司的利润有时还呈现负值。另外，主营业务成本与收入的变动方向相同而与利润的变动方向相反。固定资产、电力价格指数变动引起收入和利润同方向变动，而煤炭价格指数变动则引起收入和利润反方向变动。劳动力对收入与利润并无显著影响。