The Research Of Capital Structure And Company Management Of The Electric Power Industry Of Our Country

The electric power profession belongs to the energy industry of our country, the quality of its development influences the overall situation of our national economy, and quantities of the listed electric power company are changed by the system of the original state-owned business enterprise, so they have the widespread characteristic of the our state-owned business enterprise. Seeing from funds needs, the electric power profession belongs to fund-intensive-needed type, its development needs various funds, the capital structure of the electric power profession is reasonable or not directly relate to the cost of a company's margin and the size of the market value. Since 2003, the phenomenon of lacking electricity in our country is increasing and serious, and nation's investment to electric power profession is enlarged; Currently, the Chinese electric power's supply and demand is just converted toward the balance gradually by opposite strain, the electric power profession'performance level under the influence of the allied moving of coal and electricity is greatly improved and the electricity price's going up. Currently, our country's increasingly strong of the capital market provided a better foundation for the capital needs of the electric power profession. And the electric power profession has to make use of the resources of capital market well, excellently turn the capital structure of it, raise business enterprise results, and promote the internal backlog ability of it, and then it can keep on the development of itself.The article passes on to the capital structure and corporate governance related to China's power industry's capital structure and corporate governance to a more balanced assessment of the power industry and the financing structure analysis, finds out the reasons, and proposes countermeasures. The large-scale of power enterprises in fixed assets investment of assets and liabilities rate is the direct cause of sustained high, and profitability is not high and deep-rooted institutional problem in the power enterprises continued to move up the debt proportion of the internal causes of the former can be regarded as the power level of corporate debt Increase in the direct driving force, which eventually led to the capital structure on the rise. To fundamentally solve the above problem, the power industry should not only focus on improving economic efficiency and enhance internal accumulation capacity and improve the source of financing in the financing of enterprises in the proportion of the total, but also from institutional breakthrough. In the capital structure, it should promote the diversification of equity, make great efforts to cultivate a positive institutional investors actively promote the share-trading reform; issued positive for bonds and short-term financing, the power bonds continue to lower corporate financing costs, control financial risks. In corporate governance, such as banks should play the role of financial institutions, and optimize the management structure to speed up power enterprises shareholding system reform and establish a sound corporate governance structure; banks and other financial institutions play a role, and optimize the management structure to reduce government intervention and promote the hardening .In order to satisfy the demand of research, The article used data from statistical databases and related documentation on Chinese Economic Information Network during the period of 2000 and 2007.