| There are 181 electricity distribution companies in Sichuan province. As the representative of the central government, Sichuan electric power corporation (SEPC) has 35 electricity distribution companies, which take, over the whole electricity sale market among which, and 22 companies share the local market with local companies. There are 150 companies completely occupying the electricity market under the support of local beaus of 130 counties. The local-owned and the state-owned companies stand in severe competition with each other for gaining more shares in the market in certain areas. This kind of situation has hampered the healthy development of whole electricity market. According to the principle of the NO. two document issued by state council in 1999, it is an urgent requirement that local electricity companies be reconstructed into limited companies or shareholding companies so as to realize the planning, construction, operation, management conducted by one department or organization and at last to make the policy of "the same grid, the same price" possible. At present SEPC has assets of 450 billion RMB liabilities to assets ratio is more then 70%, SEPC cannot meet the need 10 billion to purchase local companies per year. This thesis studies the feasibility whether the state-owned transmission and distribution grid companies can be shareholding companies, and taking into consideration financing from the capital market, merging the local companies, and the reform policy of the electricity industry. After having fully analyzed situations, the recent reform policy, strategy of development of SEPC, the detailed proposal has been finished in order to realize the rapid and homogeneous development of electricity industry by shareholding companies, it proved to be the best way for state-owned transmission and distribution grid companies to become into public companies through purchasing the existing public companies. And the study results show (1) at present it isnot good for us to establish new shareholding companies even if there are not any policies, which restrict the work, there are no examples to follow. It takes a long time to do that successfully. (2) according to SEPC,S current and future development strategy, SEPC has the conditions in its favor and ability to purchase , reconstruct, manage public companies and SEPC needs. (3) There are good-quality targets strategically, which are significant SEPC to implement the reconstruction. (4) It is useful to carry out the policy to speed up the process of reforming the county-level electricity companies and pave way for transmitting the electricity from Sichuan to the eastern region of our country. Based on the study above the paper takes the public company, that is, Sichuan Minjiang hydropower co., ltd be purchased by SEPC as an example to many analyses have been made and the purchasing manner, steps and the strategy have been illustrated, especially, the strategy of future running of the public company. It is no doubt that the result of this study will have good efforts on the state-owned electricity companies cooperating with the local ones through the merging all over the country. This thesis is made up of four parts: in the first part it analyzes the financing situation, the predominance and the problem at present SEPC is faced with at in the same time, the paper investigates the management environment of SEPC's competitors, namely, district electric power companies; and dissertates SEPC's necessity of purchasing the district power grids and so as to control the market. In the second part, the thesis analyzes the feasibility of the state-owned grids turning into a public company, at meanwhile expounds the choice of target company and in detail analyzes the inner and outer surroundings, predominance and inferior positions of the target. On the basis of argumentation, the author designs a buying scheme, including price and payment; state-owned power grid entry into the buying company; buying local electric grids; conformity of assets and personne... |
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