The Diagnosis And Analysis Of Capital Structure In F Thermal Power Co.,Ltd.

Recently,China’s power enterprises tend to be excess supply.The traditional electric power enterprise financial management mode is difficult to adapt to the new situation of economic development.Capital structure is the key part of enterprise financial management and it directly affects the development of enterprises.At present it is necessary to deeply analysis of traditional capital structure of electric power enterprise and enhance the enterprise environment adaptability.With the contradiction between the supply and demand of the electric power enterprises appear,F thermoelectric limited liability company began in the financial management dilemma.This paper starts from the situation and problems faced by F company puts forward necessary to diagnose its capital structure.Then according to the influence factors of capital structure theory,MM theory and agent theory to analyze the macro environment,industry environment and business environment.Further analysis of the attribute and level of the capital structure,financing of creditor’s rights,the cost of capital and the allocation mechanism in company F was done.Conclusion is the high proportion of debt and equity structure of a single,high proportion of current liabilities,The financing channel is narrow,accumulation and distribution mechanism have problems.And we suggest to improving the corporate governance structure,optimize the ownership structure,debt structure optimization to increase the accumulation of the enterprise to improve the capital structure of the proposal.This paper is beneficial to improve the F company’s capital structure to the new environment adaptability,and also to improve the traditional capital structure model for other power enterprises in China.