Research On The Adjustments Of Capital Structure Based On Financial Contingency Theory

At present,China's economic development has entered a new normal state,and the structural reform of the energy supply side has accelerated,and it is particularly important for enterprises to adjust financial leverage and reduce costs.At the same time,China's natural gas also has problems such as insufficient seasonal supply and gas shortage.As a representative of China's private energy enterprises,Guanghui Energy is involved in a number of hot industries such as real estate,LNG,coal and coal chemical during the transformation,and has the characteristics of high asset-liability ratio.Studying the adjustment of the capital structure of Guanghui Energy has certain reference significance for the private energy enterprises in the stage of transformation and upgrading.Based on the financial contingency theory,this paper analyzes the problems existing in the adjustment process of Guanghui Energy capital structure from the four dimensions of financing path dependence,external factors,internal factors and sustainable development,and further analyzing the capital structure adjustment behavior from three aspects of investment,financing and profit,It has been found that : Guanghui Energy is obviously dependent on debt financing,and investment,equity financing and profitability are the keys to optimize the capital structure of enterprises.However,the root cause of its capital structure problem is that its current profitability cannot meet its strategic investment needs.Therefore,this paper proposes the following suggestions from the perspective of the company,industry and country: at the company level,Guanghui Energy should reasonable regulate the development speed to expand the advantages of LNG business,and improve its profitability.While reducing theproportion of debt financing,expanding equity financing and enhancing the diversity of equity financing methods.At the industry level,private LNG enterprises should give full play to the advantages of flexibility and bargaining power,grasp development opportunities,improve their profitability and expand the proportion of endogenous financing.At the national level,the government should accelerate the implementation of the third-party access policy and optimize the approval procedures for LNG receiving stations and strengthen the construction and sharing of infrastructure such as oil and gas pipelines,roads and railways.