VALUE GENERATING CAPABILITY OF NTPC LIMITED IN THE PRE- AND POST- LIBERALIZATION PERIODS: A COMPARATIVE ANALYSIS

The existence of Public Enterprises in the Indian economy is of paramount significance in order to realize the true economic goals of sustainable growth. Being a highly regulated sector, the power sector in India has been traditionally dominated by public sector companies under the Central Government as well as individual State Governments. NTPC Ltd. is playing an ever-increasing vital role in generating power and contributing to the Indian economy in many ways. Understanding the importance of such a ‘Maharatna’ company and its phenomenal performance, it is highly important to look into its financial performance both in the pre-liberalisation and post-liberalisation periods. In the present paper, a modest attempt was made to analyse the value generating capability of NTPC Ltd and to identify its determinants using the data from 1983-84 to 2012-13. The results obtained from the study revealed a significant improvement in the value generating capability of NTPC Ltd. during the post-liberalization period as compared to the pre-liberalization period. In fact, the company was able to adapt itself efficiently to withstand the turbulent conditions during the post-liberalization period.印度经济中的公共部门企业，对于实现可持续增长的核心经济目标而言具有至关重要的意义。作为受高度监管的领域，印度电力行业长期以来由中央政府及各邦政府下属的公共部门企业主导。NTPC Ltd.（印度国家电力有限公司）正发挥着愈发关键的作用，在电力生产与多维度赋能印度经济发展方面贡献力量。鉴于这类“马哈拉特纳”（Maharatna）级企业的重要地位与卓越经营表现，探究其在经济自由化前与经济自由化后的财务表现极具必要性。本研究以1983-84至2012-13年间的相关数据为基础，尝试分析NTPC Ltd.的价值创造能力并识别其关键影响因素。研究结果显示，相较于自由化前时期，NTPC Ltd.在自由化后的价值创造能力实现了显著提升。事实上，该企业已能够高效适应并抵御自由化后阶段的动荡市场环境。