Study On Operating Capital Management Of Hydraulic Power Generation Enterprises Under The Policy Of "New Electricity Reform"

In order to develop the economy,electricity needs to go ahead.Electricity is the indispensable cornerstone of economic development.At the beginning of 2015,a new round of power system reform was officially launched,starting with Article 9 of National Development [2015](hereinafter referred to as article 9)issued by the Central Committee on Several Opinions on Further Deepening the Reform of Power System.This is another power system reform after the first power system reform in2002.The purpose of the "new electricity reform" is to reduce the user's electricity cost.Its main content can be summarized as "grasp the middle,open the two ends".That is to say,to control the power grid,to open the selling side and the purchasing side,the power grid company is no longer responsible for the sale of electricity,only responsible for the transmission of electricity charged through the network,and the power selling enterprises and users directly trade through the power trading platform.After the new round of power system reform,the customers of power generation enterprises are no longer as single as in the past,but more diversified.Except for important public utilities,public service industry users and residents' living users,all the power users are market-oriented.The change of electricity purchasing users has a direct impact on the turnover speed of operating funds in the sales channels of power generation enterprises,which has led to the change of operating funds in the procurement and production channels.In addition,the decline of electricity demand has made the income of power generation enterprises with fierce competition drop sharply after the "new power reform",and the difficulty of managing operating funds is also greater.The purpose of the new round of electricity reform is to break the original monopoly of power grid,introduce competition,cultivate and improve the market,reduce the cost of electricity and improve the efficiency of power industry,so that consumers can get preferential treatment while promoting economic benefits.However,at present,most of the power generation enterprises have many discomforts with the series of changes brought about by the "new electricity reform",which has also caused a series of financial problems.Working capital is indispensable for an enterprise to carry out normal production and operation.The efficiency of enterprise capital management will directly affect the survival and development of the enterprise.Normally,the purpose of working capital management is to connect the preceding with the following,reduce the financial costs of enterprises,and accumulate strength for the development of enterprises,so as toenhance the competitiveness of enterprises in the same industry.However,for the loss-making enterprises that can't make ends meet,lean management of operating funds,to ensure that the capital chain continues to split,and to realize the normal operation of enterprises is even more important.Only by effectively managing the operating funds of the enterprises can the power generation enterprises smoothly survive the financial crisis in the new round of power system reform policies and under the new economic situation.This paper begins with the background and significance of this paper,followed by a review of the theoretical literature at home and abroad,and puts forward the ideas and framework of this study.Secondly,it explains the definition and objectives of working capital and its management,and introduces the meaning,advantages and disadvantages of working capital management based on different perspectives,as well as the differences and links between the two perspectives.Secondly,it introduces the necessity and main content of the "new electricity reform",and then analyses the impact of the "new electricity reform" on the hydropower enterprises.Finally,the representative X company is selected to analyze the operating capital management of X company from two aspects of factors and channels,and find out the problems existing in it.Finally,some suggestions are put forward for the existing problems,hoping to help X company improve the efficiency of capital operation and successfully overcome the financial difficulties.