电网公司高负债运营的潜在问题与出路选择

Latent Problems and Way Exploration for Electric Grid Company with High Debt Burden

"厂网分开"后高负债运营成为我国电网公司的共同特点,这种状况受到电力事业发展历史的影响。由于电网公司收益稳定、资信水平高与垄断性等特点致使其从银行可以获得大宗贷款,融资高负债运营会引发电网企业后续发展的诸多问题。为了电网企业的可持续发展并使其尽快走向市场,提炼主导业务、电网企业上市、提高直接融资、加强资本经营、调整负债结构等多种策略可实质性地降低电网企业的资产负债率。

High debt management is the general characteristic of Chinese electric grid company（EGC）after Factor making power and grid transferring power is divided,this situation is impacted by electric power＇s history.Factories generating power can easily make huge loans from commercial bank because the EGCs have many features such as income being steady,faith standard being high and monopolization,high debt and mono-financing style can deduce many problems for electric grid company development in the future.In order to maintain EGC sustainable development and to make way to market,alternative strategies can be implied such as abstracting main operation,putting EGC into market,increasing direct investment,strengthening capital management,adjusting debt structure,all of which can naturally deduce EGC’s asset-debt ratio.