Research On Capital Structure Analysis And Optimization Of HD Power Company

Electric power industry is the national pillar industry in China,which plays a fundamental role in China’s economic development.However,the fierce competition in the power industry requires enterprises to improve their management level and carry out high-quality management,including high-quality management of capital structure.Good capital structure is conducive to reduce the financial risk of enterprises and improve the value of enterprises.In the development process of HD power company,the asset liability ratio has not reached the optimal level of the industry,and the capital structure still has room for optimization.Therefore,this paper analyzes the capital structure of HD power company and puts forward some suggestions for improvement.This paper selects HD power company as the research object,based on the summary of the domestic and foreign research status and related theories of capital structure and capital structure optimization,and takes the financial statement data of HD power company from2015 to 2019 as the analysis object,through the comparative analysis of the current situation of the company’s capital structure and other companies in the same industry,including debt structure,financing structure,financial structure,and so on Through the analysis of ownership structure,we can find out the problems in the capital structure.In view of the problems in the capital structure,such as high asset liability ratio,unreasonable financing order and relatively single financing mode,this paper designs an optimization scheme,and the optimization objective is to maximize the enterprise value.Using static model to calculate the optimal debt ratio for the enterprise,and fully combined with the macro and micro factors that affect the capital structure of the enterprise,using dynamic model to quantitatively determine that the asset liability ratio should be reduced.Finally,based on the results of static optimal capital structure and comparing the industry average of asset liability ratio,the dynamic interval adjustment is carried out to determine the optimal capital structure interval of HD power company.Finally,the paper lists the optimization scheme of HD power company’s capital structure,puts forward the methods of adjusting debt structure,improving profitability,strengthening self accumulation,building diversified financing channels,optimizing equity structure,and puts forward the safeguard measures for the optimization scheme.