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电网发展关系国计民生,电网基础设施的扩建和升级需要注入大量资金,解决资金来源问题的重要渠道之一就是债务融资。对于电网企业,债务融资结构如何确定,才能既充分发挥债务融资的税盾效应及杠杆效应,同时又合理规避偿债风险?本文基于自由现金流量理论,通过研究债务融资相关财务指标的变量关系,建立能够有效预测理想债务融资比例的模型,并将通过对电网企业历史数据的分析进行应用举例。
Power grid development, national economy and people’s livelihood, power grid infrastructure expansion and upgrading need to inject a lot of money, one of the important channels to solve the problem of funding sources is debt financing. How to determine the structure of debt financing in power grid enterprises can not only give full play to the tax-shield effect and leverage effect of debt financing, but also reasonably avoid the risk of debt repayment? Based on the theory of free cash flow, this paper studies the variable relationship of financial indicators related to debt financing, The establishment of a model that can effectively predict the proportion of the ideal debt financing will be applied by analyzing the historical data of power grid companies.