| Electric power industry is the fundamental industry in the national economy and is the important industry relating to national strategy and daily life,whose sustainable development is the important guarantee for the smooth operation of the national economy. The development undoubtedly needs a lot of money, but relying only on the government support financial input can not meet the needs. To broaden the financing channels from diversified sources in market is inevitable choice. With a series of marketization reform measures on such as separating government functions from enterprise management,separating electric power plant from electric network,bidding for network access and so on, China power industry financing mechanism can not follow the pace of power industry reform. Innovative financing mechanism of power industry is necessary to promote the reform of electric power marketization.This study comprehensively make use of industrial economics, finance, game theory, econometrics, statistics, mathematics and related discipline knowledge, induces three elements of the mechanism, and use them as the starting point and the main study clue. The definition of mechanism and finance is authoritative. The paper systematically analyzes the current state and future of the mechanism from different aspects and levels, and puts forward a series of feasibly innovative strategies to guide the healthy development. All is according to the study paradigm of"theory to demonstration to countermeasures".From the perspective of the definition, power industry financing mechanism consists of three elements: namely, the financing subjects, structure and ways, which corresponds to three basic problems: namely: who finances? What is the source of money? How to finance? The subject is the foundation, which determines constitution of financing structure. Financing structure and the financing way interact. This is the lord throughout this study. On this basis, paper analyses the behavior of financing subjects based on the ancient Cournot game model and the cost-benefit model. Results show that in electric power industry financing there exist the optimal behavior border of government, (line AB in figure 2.6), and "moderate" region of industry admission [(T1)1/2 , (T2)1/2]. Only in this way can raise whole market efficiency and social welfare level.To clarify the realistic financing environment, this study use DEA model to evaluate financing efficiency of Chinese listed power enterprises in nearly five years. Results show that the efficiency of these enterprises is not high, 60% of the enterprises are obvious low efficiency units. In addition, the enterprise asset scale is not positively related with enterprise efficiency. Inversely, bigger enterprises all have low efficiency and decreasing returns to scale. As excellent representatives among power industry, the efficiency is not satisfactory, let alone the whole industry. Reasons may be simplex financing subject, unreasonable financing structure etc. Thus, innovating power industry financing mechanism is of great emergency.As to Chinese electric power industry financing mechanism, financing body is transforming from single to pluralism gradually, the financing body's marketability degree is deepening constantly, but problems still exist such as financing body homogenized,division of responsibilities between government and the market is not clear. Financing structure of electric power industry depends on outside loans, and internal source capital just provide assist; the proportion of direct financing is too large while indirect financing is small, this financing structure is not fit for the marketability development requirement of electric power industry. Besides, the empirical analysis shows that, on on side, corporate scaleprofit ability,asset hypothecary value,growth,tax burden level,operational efficiency,risk level are main factors which affect capital struture of listed electric power corporation, operational efficiency is the maximum intensity, the followed is asset hypothecary value, the minimum is risk level. On the other side, the optimal capital structure of listed electric power corporation is 0.365, but most of our country's listed electric power corporation didn't reach this optimal value. On method of financing, we go through three phrases——financial method leading by public finance,financial method leading by bank,financial method leading both by bank and capital market. At present, we mainly use traditional methods such as fiscal,bank loan,listed equity financing,project financing, the problem of financing method homoenized is prominent.To establish and improve Chinese electric power industry financing mechanism,we should strive from three aspects——financing body pluralism,financing stucture rationalization and financing method pluralism, reform and innovate from the source, exert resultant of three parts, then achieve the great with doing little. Financing body pluralism should commence from three aspects——the institutional arrangement of non-government investment,construct electric power industry financing platform,specificate the government behavior boundary. Optimize the financing structure should insist four principle——static and dynamic balance,long term and short term balance,risk and revenue balance,stock and increment balance, make effort from increasing bond financing total quantity,optimizing equity financing structure and improving the form of bank loan, exert to improve the law environment of bond finacing, realize stockholder's rights structure pluralism, strengthen bank loan constraint mechenism. By comparing domestic with abroad, we can find financing method PPP,PFI are good choice to innovate Chinese electric fence financing method, while asset securitization and financial leasing are innovative method for Chinese electric power source financing method.This paper possess theoretical property and practicability, and is the research achievement that theory guid practice. Its theoretical property is get clear the financing mechanism growth course of electric power industry, construct systemic theoretical frame work; practice property is show the whole sitution of electric power industry both in domestic and abroad, and provide intellectual support for its well development.
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