Capital structure has been a hot area of financial management. The reason is that it involves many links, such as capital raising, operation and profit assignment, etc. It is an important index that reflects capital strength. It measures the capacity of asset-liability ratio. At the same time it's the starting point and end result to test financial risk and financing decision. In a word, capital structure is the gene of modern enterprises. Rational capital structure helps enterprises to improve the market value, arrange the ownership and control rights rationally, solve problems of governance structure and reduce the bankrupt risk.In the current capital structure research in china is mainly focused on the listed companies, capital structure has the remarkable difference in the different trades and general character cannot represent the individuality, so industry-specific analysis alone is urgent. Power grid enterprises are an important part of basic industries, their services face nearly all productions and expense department. They are also the need of entire national economy. Studying the capital structure of power grid enterprises has the greatly practical significance.Based on relative theories, unifying the profession characteristics, this thesis analyzes capital structure present situations and status questions of power grid enterprises and demonstrates the reasons and impacts to the power grid enterprises from historical reasons and structural reform, policy factors, economic development factors and internal factors of power grid enterprises. In the Conclusions, I believe that capital structure optimization of power grid enterprises should adhere to three basic principles: develop principle, efficiency principle and flexibility principle. On this basis, the thesis presents following optimization measures: sort property rights to implement property diversification, optimize ownership structure, speed up listed pace, establish price competitive mechanism in the electricity market, build financial risk early-warning model, improve electricity regulation mechanism and electricity capital market. |