| Electric power industry is a capital-intensive industry.It is also a fundamentally important sector which helps to maintain economic development and social stability.To fully meet the growing needs of economic development,electric power related businesses have continued to expand their operation,entailing huge amounts of money.Problems arising from internal capital operations of electric power companies have long been neglected due to their monopolistic operation,however,with a series of enterprise reforms,electric power enterprises have gradually started to be concerned with capital operation problems.Therefore,research on a feasible strategy of capital operation is of practical significance to realize capital growth and maximize profit.This paper firstly introduces theories on the meaning and contents of capital operation,and then contents,characteristics and types of capital operation strategy.Secondly,the paper analyzes the status-quo of capital operation with the annual statements and relevant financial data of SP POWER DEVELOPMENT CO.,LTD.(SPPD)from 2013 to 2016.The paper studies the external environment of SPPD with PEST method,and mainly analyzes the advantages,disadvantages,opportunities and threats of SPPD using SWOT analysis.Thirdly,after identifying a series of issues like high ratio of asset-liability,unreasonable financing order,single source of financing,lack of liquidity,the paper elaborates three different capital operation strategies that SPPD can choose to implement under their respective circumstances,on the basis of four basic principles concerning capital operation.Lastly,the paper points out the influences,risks and risk management during the process of capital operation SPPD would encounter,and puts forward strategies for SPPD,including assets transfer of hydro power and thermal power from SPPD to ensure overall listing,and appropriate scale of operation,profitability improvement to secure capital operation strategy implementation. |
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