The Research On Opitimal Capital Structure Of Provincial Power Network

After the reform of the electric power organization which is aim at breaking the monopoly and separating the power plant and electric network company, in consideration of the problems of the national investment insufficiency, small self-accumulated and insufficiency of the construction funds, the provincial power network as the national sole ownership company ,has to borrow many construction funds from outside. However, because of the capital system restraints, electrical network financing also faces the predicament, which causes the present capital structure to be unbalanced.Based on analyzing the connected theory of capital structure and optimal capital structure and methods, this article studies on the present situations and causes of provincial power network's capital structure in detail. Then it makes use of stable earning growth rate to forecast cash flow and then determine the optimal capital structure according to the maximum of enterprise value. Obtaining statically optimal model on condition of ideal state, the writer uses a regression method to analyze the influences of macro factors on capital structure. GDP and inflation ratio are positively correlated with capital structure, while loan interest rate is negatively correlated with the capital structure. The optimal capital structure of provincial network is presented, which is 63%-73%.At the last part, the writer gives some suggestions on optimizing the capital structure, as follows:(1)improve operation efficiency of main work, perfect self-accumulated mechanism;(2)strengthen capital management, build the perfect management system of capital; (3)explore diverse equity structures, such as: promote state grid enterprise listing, absorb social capital, use trust financing; (4)form mechanism electricity price bidding, accelerate realizing reasonable t-d tariff mechanism;(5)adjust liability structure. For example, improve the efficiency of short-term debt utilization, reasonably arrange inner structure of indirect financing, carry out power network estate securitization, develop industry investment funds, make full use of bond financing.