| During the "12th Five-Year Plan", the total investment on smart grid construction will be more than1,500billion RMB. According to the proportion of internal financing and external financing, which is1:4as per the regulation, SGCC have to get300billion RMB by themselves and1,200billion RMB from external source, for constructing smart grid. How to get effective financing, and how to optimize the capital structure will be an important question. This thesis will research and analyze on this question. This thesis is consist of6parts:Firstly this thesis describes the importance of smart grid in economy, and the big investment demand of smart grid in the "12th Five-Year Plan", then analyzes the status of financing of smart grid, which is single and with high asset-liability ratio, as well as the huge capital gap that occurred. The thesis hereby rise the key question:how to solve the financing problem of power grid. Then the thesis introduce the financing modes that currently smart grid can adopt, analyzes the characteristics and differences of each financing modes. The thesis select the optimal model which is established by three optimization criteria:maximize the value, minimize the financing cost and financing risks, then make an optimization design on the financing mode. At last we adopt this optimization design on real case for the analysis of capital structure which makes all of SGCC, the investor and the bank. This capital structure is the optimized structure that we want to get. |
