新電改背景下售電企業發展戰略和成長性研究

Abstract

As the new round of power system reform continues to deepen, my country's power market is fully liberalized. Under the guidance of policies, a large number of power sales companies have emerged, and the proportion of market-based trading electricity has risen rapidly. However, power sales companies are currently facing huge challenges in transformation and development. The profit space of the traditional single power sales business has been continuously squeezed. New business forms such as energy management, energy-saving services, and supply chain finance have continued to emerge around energy production, transportation, and consumption, forming an alternative impact on the traditional power sales business. Promoting the implementation of diversification strategies, strengthening the integration of internal and external resources, and driving value creation with resources have become the key for power sales companies to seek transformation breakthroughs.

Traditional theories focus more on the relationship between diversified operations and performance, but lack systematic consideration of factors such as resource base, value network, and resource dependence. Based on previous research, this study attempts to use a multi-theoretical perspective to construct an analytical framework for the value creation driven by the diversification strategy of power sales companies, expand the connotation of concepts such as resource integration and value network, and integrate external environmental factors, in order to form innovative contributions in theory and practice.

This study uses a systematic literature research method to sort out relevant research results at home and abroad, uses the grounded theory method to conduct exploratory case studies, and on this basis constructs a theoretical model, conducts a large sample questionnaire survey, and uses the structural equation model for empirical testing. Through interviews with four typical domestic power sales companies, four key concepts are summarized and refined, including outward resource complementarity, outward resource assistance, inward resource patchwork, and inward resource optimization. A theoretical model consisting of diversification strategy, resource integration, value creation, and environmental leniency is constructed. The empirical study uses power sales companies across the country as the survey objects, and uses stratified random sampling, confirmatory factor analysis, structural equation modeling and other methods to conduct empirical testing on the theoretical model.

The main research conclusions are as follows:
(1) The implementation of a diversification strategy is conducive to power sales companies to develop upstream and downstream value chains, and to enhance the individual value of enterprises and the common value of networks by embedding in a broader value network. Power sales companies should promote the cross-border integration of power sales business with energy efficiency management, power value-added, and integrated energy services, realize the transformation from traditional "middlemen" to "value creators", build a diversified business portfolio, and comprehensively enhance market competitiveness and sustainable development capabilities.

(2) Resource integration behaviors such as outward resource complementarity, outward resource assistance, inward resource patchwork, and inward resource optimization play an important role in the diversified operation and value creation of power sales companies. Power sales companies should adopt an open mindset to widely absorb complementary external resources to make up for resource shortcomings, but avoid excessive reliance on auxiliary external resources; at the same time, they should focus on revitalizing existing internal resources, optimizing resource allocation, and giving play to resource patchwork and synergy effects.

(3) A moderately relaxed external environment is conducive to power sales companies adopting a diversified strategy and realizing value creation through external resource complementarity. When environmental constraints are strong, companies need to pay more attention to driving value creation through the optimization of internal resource allocation. This requires accelerating the reform of the power system and creating a more open and flexible institutional environment for power sales companies in terms of power generation and consumption plans, electricity price mechanisms, trading mechanisms, and market access.

(4) This study enriches and expands the theoretical connotations of value network, resource base, resource dependence, etc., proposes the concept of "network common value", refines the connotation dimension of resource integration, introduces the contextual factors of environmental leniency, and forms an analytical framework for diversification and value creation of power sales enterprises, providing new ideas for the continuous deepening of theoretical research in related fields.

(5) The analytical framework and empirical findings of this study have certain enlightenment and reference significance for guiding and promoting emerging market players in other industries to accelerate strategic transformation, enhance resource integration capabilities, optimize the external development environment, and improve the level of value creation.

Date of Award	17 Oct 2024
Original language	Chinese (Traditional)
Awarding Institution	City University of Hong Kong
Supervisor	Zhong NING (External Supervisor) & Youhua Frank CHEN (Supervisor)