Study On Capital Structure Optimization Of S Natural Gas Company

At present,the State attaches great importance to the long-term development of the natural gas industry,mainly focusing on improving the supply and demand capacity of natural gas,opening up the natural gas industry and marketization of prices,these policies create a good environment for the development of natural gas industry.In addition,since capital plays an important role in the growth and development of a company,a proper capital structure will help to reduce the cost of capital,increase the profit of the company,and strengthen the management efficiency of the company,finally to improve the company’s own value and promote the development of China’s market economy.Therefore,companies in the natural gas industry need to optimize their capital structure and promote their sustainable,stable and healthy development while taking advantage of national polices.Based on the capital structure theory and the related research results at home and abroad,this paper takes S Natural Gas Company as the case study object to study its capital structure optimization.Firstly,based on the analysis of the basic situation and the capital structure of S Natural Gas Company from 2015 to 2019,this paper analyzes the existing problems of the capital structure of S Natural Gas Company,and combined with the actual situation of the company to analyze the causes of these problems.Secondly,on the basis of calculating the static optimal capital structure of S Natural Gas Company by using the optimal debt level model,the capital structure of S natural gas company is dynamically optimized,that is,qualitative analysis has filtered out the impact of internal and external factors on the direction of the company’s capital structure,and the use of entropy weight method to quantitatively analyze the weight of different selected indicators,summing up the indicators which have a higher weight,at the same time,by comparing the five-year average of the relevant indexes of the top 20 companies in the industry,we can determine the quantitative extent of the adjustment of the company’s capital structure after dynamic optimization.Finally,based on the results of static optimization and dynamic optimization of capital structure,the optimization range of S Natural Gas Company’s capital structure is obtained,and through the analysis of the possible impact on the capital cost,operating efficiency and enterprise value of the company in 2015-2019 if it reaches the optimum range,the actual values of these indexes of S Natural Gas Company in the calculation period are compared,to anticipate the impact of the capital structure optimization program on the company.Through the above research process,we can draw a conclusion that s natural gas company has some problems,such as unreasonable debt scale,unreasonable composition of long-term and short-term debt,high concentration of equity,unreasonable financing order and insufficient financial leverage effect Based on the results of static and dynamic optimization of capital structure,the optimum range of capital structure is [50.24%,54.81%],according to the situation of the company,this paper puts forward the optimized ways of increasing the internal source capital accumulation,balancing the long-term and short-term liabilities of the enterprise,optimizing the financial leverage effect,and enriching the financing methods,through the correlation analysis,if the capital structure optimization program can be implemented,it will reduce the capital cost,improve the operating efficiency,enhance the expected effect of enterprise value;And in order to ensure the smooth implementation of the capital structure optimization plan of S Natural Gas Company,put forward to do a good job in financial strategic planning,building a capital structure to optimize the management system,set up a professional team to optimize the capital structure,with the help of the relevant institutions to actively carry out the diversification of financing these four safeguards.