Research On Capital Structure Optimization Of TBSY Electric Power Company

Capital structure is the value composition and proportion of all kinds of capital in an enterprise,which reflects the financing results of an enterprise in a certain period.Reasonable capital structure can reduce the financing cost of enterprises,effectively play the role of financial leverage of enterprises,and achieve the optimal rate of return of enterprise capital.As the electric power industry is a typical capital-intensive industry,electric power enterprises generally have a high asset-liability ratio,and most of them adopt a high-debt business model,which makes it easier for enterprises in this industry to break the capital chain,leading to financial crisis.A good capital structure is conducive to reducing the financial risk of enterprises and improving the profitability and development ability of enterprises.Selecting TBSY Electric Power Company as the research object,supported by relevant theories such as MM theory,trade-off theory,agency cost theory,signal transmission theory,and priority financing theory,and based on the current capital structure of TBSY Electric Power Company,starting from the financial indicators of TBSY Electric Power Company and combining with the current situation of the enterprise’s capital structure,this paper explores the existing problems.Comparing the company’s overall capital structure,debt structure,equity structure,and financing structure with those of the same industry,it is found that TBSY Power Company’s capital structure has problems such as a high asset liability ratio,an unreasonable debt maturity structure,excessive concentration of equity,and a single financing method and channel.According to the existing problems of the company,the company has established its capital structure optimization objectives and optimization ideas.In order to solve the existing problems,the static optimization model of the capital structure is used to determine the optimal asset liability ratio of the company,and the entropy weight method is used to dynamically adjust the capital structure,determining the weight of each influencing factor.The optimal interval of capital structure is determined from both static and dynamic aspects.Finally,based on the financial situation of TBSY Electric Power Company,suggestions are proposed to reduce the asset liability ratio,strengthen the management of the company’s debt structure,optimize the equity structure,and expand financing channels.The research results of this article can not only provide optimization plans for the capital structure of TBSY Electric Power Company,but also have certain reference value for the capital structure optimization of other relevant enterprises in the power industry.