文档介绍：该【中英美三国水务企业资本结构比较与启示的中期报告 】是由【niuwk】上传分享，文档一共【5】页，该文档可以免费在线阅读，需要了解更多关于【中英美三国水务企业资本结构比较与启示的中期报告 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。中英美三国水务企业资本结构比较与启示的中期报告AbstractThismid-paniesinChina,theUnitedStates,andtheUnitedKingdom,,paniesintheUnitedStatesandtheUnitedKingdomhaveamorediversifiedcapitalstructure,withhigherlevelsofequityandlowerlevelsofdebt,,reducetheirrelianceondebtfinancing,andincreasetheirequityfinancingtooptimizetheircapitalstructureandlong-,watersupplyandwastewatertreatmentarecrucialtohumanlife,industrialproduction,,buttheyfacevariouschallenges,suchasaginginfrastructure,populationgrowth,waterscarcity,,-paniesinChina,theUnitedStates,andtheUnitedKingdom,,equityfinancing,,theUnitedStates,andtheUnitedKingdomDebtFinancingpanies,butexcessiverelianceondebtmayincreasefinancialrisksandunderminelong-,,theaveragedebt-to-equityratio(D/E)isover200%,%forBeijingEnterprisesWaterGroup,-costdebtfinancingfrombanksandbondmarkets,theyneedtobecautiousaboutthepotentialrisksofdebtdefaults,interestratefluctuations,,paniesalsorelyondebtfinancing,,theaverageD/Eratiois112%,%forAmericanWaterWorks,,whicharesubjecttoratingagencies',suchastax-,panies',,theaverageD/Eratiois85%,%forUnitedUtilities,,paniesrelylessonbankloansandbonds,butmoreonregulatorycapital,suchasindex-linkedpublicbonds,retainedearnings,,whichincentivizesefficiency,innovation,,asitprovidesacushionforrisk-sharing,dividendpayouts,,panieshavelimitedequityfinancingsources,exceptforinitialpublicofferings(IPOs),theaverageequity-to-assetsratio(E/A)is23%,%forBeijingEnterprisesWaterGroup,whichmeansthatitsequityisonly30%,corporategovernance,,panieshaveamorediversifiedequityfinancingmix,monstock,preferredstock,,theaverageE/Aratiois41%,%forAmericanWaterWorks,(SEC)regulationsonpublicdisclosure,accountingstandards,andinvestorprotection,,,theaverageE/Aratiois57%,%forUnitedUtilities,whichmeansthatitsequityistwo-(FCA)regulationsonlistingrules,prospectusrequirements,andmarketabuse,,paniesmayalsouseotherfundingsources,suchasgrants,subsidies,,paniesreceivesubstantialgovernmentsubsidiesandpolicysupport,,theaverageratioofsubsidytooperatingrevenueis17%,%forBeijingEnterprisesWaterGroup,whichmeansthatnearly40%,,rantsfromgovernmentagencies,,AmericanWaterWorksreceived$(EPA)in2020,whileThamesWaterreceived￡,paniesintheUnitedStatesandtheUnitedKingdommayuseprivateplacementsasaflexiblefundingsource,,,paniesseekingtooptimizetheircapitalstructure:,suchasventurecapital,privateequity,greenbonds,andpublic-privatepartnerships,-,financialtransparency,andmarketabilitytoattractmoreequityinvestors,,suchasdebtmaturitymatching,interestratehedging,andcreditratingimprovement,,suchastheUSWaterInfrastructureFinanceandInnovationAct(WIFIA),theUKRegulatedAssetBase(RAB)model,andtheOECDPrinciplesonWaterGovernance,toimprovetheefficiency,transparency,,sustainability,,suchasdiversifyingfinancialchannels,increasingequityfinancing,rationalizingdebtfinancing,,paniescanachieveamorediversified,efficient,andeffectivecapitalstructurethatsupportstheirlong-termdevelopmentandcontributestowatersecurityandsustainability.