Research On Financing Management Of Xinjiang Liushugou Hydropower

With the Xinjiang "Fast building, Fast development" policy, the rapid development of hydropower, and hydropower investment and financing system reform lags behind economic and financing environment developed with long construction period, the demand for funds, leading to difficulty in financing water, single channel, high financing costs. Xinjiang to open River middle reaches are designed and optimized six power stations, currently only built one, just start the construction of power willow groove, the financing of its financing costs in favor of control and for the other four financing for reference.This Paper compared the use of modern finance theory and capital cost, at home and abroad through research station and channel financing model is proposed for financing proposals Hydropower Station Willow choice to ensure that major shareholders in the controlling position, under the premise of joint-stock companies, design stock financing and distribution market opportunity, according to the present Hydropower Station Willow debt financing, to determine the power willow ditch debt financing channels for the issuance of corporate bonds, from the World Bank and ADB loans, domestic loans from policy banks and commercial bank loans, the use of relatively low capital cost method, the design of the five financing options, and power plants based on the current Liushugou the actual situation and learn from the successful management experience in the Three Gorges Corporation, the real draw for the best financing options that give priority to release the funds required Bonds 210 million yuan, the use of retained earnings 7000 million in bank loans 88480 million yuan, investment of 20% of the capital stock through the issuance of 29120 million settlement, the program integrated the cost of capital of 5.16%, higher than the design feasibility study solution 0.29% 5.45% lower, saving the cost of capital 21322200 yuan.