A Study On Financing Strategies Of Telecommunication Operators

This thesis starts with the existing equity structures of telecommunication operators to study the internal operation demands, external competition situations and the equity financing strategies adopted by each operator after their IPO, and summarizes the strategies which are paying attention to the scale of equity financing, conducting Hong Kong market-oriented overseas financing and emphasizing strategic alliance financing with mobile operators. There are three main issues in the implementation of these strategies, including the proportion imbalance between domestic and overseas financing, financing timing and WTO equity transferring, are analyzed. Finally, aiming at these issues, the thesis puts forward proposals of speeding up restructuring process, optimizing capital structure, optimizing total equity and decentralizing control rights.Studying the financing strategies of the operators under the framework of national strategies and industry policies, this thesis analyzes the problems in strategy implementation from the aspect of capital market and equity structure and explains the relationships among 3G, restructuring and merge according to the strategies of each operator. The corresponding strategies proposed in the end might be helpful for the practical financing of operators.