融资租赁在柬埔寨LSS水电项目中的运用研究

发布时间：2018-03-27 06:30

本文选题：融资租赁　切入点：境外水电项目融资　出处：《云南财经大学》2017年硕士论文

【摘要】：近年来,在全球经济不景气的大背景下,受国内经济结构调整、投资增速放缓等众多因素影响,我国经济增速减慢,致使全社会电力需求增速疲软。自2015年以来,国家先后出台一系列稳增长、促改革的政策,宏观经济出现了企稳回升的势头,但未来仍存在经济增速进一步放缓的可能性。作为基础性产业,电力行业的经营发展与经济形势密切相关。面对风云变幻的国际政治局势以及错综复杂的国内外经济环境,“走出去”是电力企业开拓市场空间、优化产业结构、获取优质资源的必然选择。纵观电力企业在海外进行投资的特点和现状,不难发现,资金瓶颈一直是制约着我国电力企业“走出去”的重要因素。前期投资大、建设期长、完工风险大、资金回收慢是电力项目的重要特点,这些特点在海外电力项目的建设和运营中更加突出,中国电力企业进行海外投资面临的融资困难更加明显。电力企业的融资方式主要为债务融资和股权融资。债务融资主要是用负债的方式来筹集资金,主要有银行融资、发行债券和民间借贷等方式。股权融资指通过出让部分企业的所有权来筹措资金,主要有公开发行股票和私募发售等方式。中国企业发行债券一直受到较为严格的控制,在进行海外投资时大多使用银行贷款的方式进行融资。而银行在面对较高的投资金额、较长的融资期限、较大的完工风险和境外较多不确定因素时,往往会增加贷款审批手续、提高融资利率和费率,甚至不愿意为企业提供境外项目贷款。这给电力企业“走出去”带来了严重的困难。本文以柬埔寨LSS水电项目为案例,从企业投资的层面全面分析了该项目所在国家的风险情况、电力市场情况、项目开发协议的情况、建设工期情况,进而总结了项目特有的融资困难,以及常见的融资模式不适用于该项目的原因,得出了通过创新的融资租赁模式可以较好地解决项目资金困难的结论。本文还归纳了柬埔寨LSS水电项目融资租赁的创新之处,以及通过该模式使项目的资金能及时到位、开工能正常进行、融资成本得到了有效降低,并为境外水电项目投资提供了全新的融资途径等方面的意义。
[Abstract]:In recent years, against the backdrop of the global economic downturn, China's economic growth rate has slowed down due to many factors, such as the restructuring of the domestic economy and the slowdown in the growth rate of investment. Since 2015, the growth rate of the whole society's electricity demand has been weak. The state has successively introduced a series of policies to stabilize growth and promote reform. The macroeconomic has shown a momentum of stabilization and recovery, but there is still the possibility of further slowing down economic growth in the future. As a basic industry, The development of electric power industry is closely related to the economic situation. In the face of the changing international political situation and the intricate domestic and foreign economic environment, "going out" is the power enterprise to open up the market space and optimize the industrial structure. It is not difficult to find out that the capital bottleneck has been an important factor restricting the "going out" of the electric power enterprises in our country. The early investment is large and the construction period is long. The high risk of completion and the slow recovery of funds are important characteristics of electric power projects, which are more prominent in the construction and operation of overseas power projects. The financing difficulties faced by Chinese power enterprises in making overseas investments are even more obvious. The financing methods of power enterprises are mainly debt financing and equity financing. Debt financing mainly uses debt to raise funds, mainly bank financing. Issuing bonds and private loans and so on. Equity financing refers to raising funds through the transfer of ownership rights of some enterprises, mainly through public issuance of stocks and private equity issuance. Chinese enterprises have always been subject to strict controls on the issuance of bonds. Most of the overseas investments are financed by bank loans. When banks are faced with higher investment amounts, longer financing periods, higher completion risks and more uncertainties abroad, they tend to increase loan approval procedures. Raising the interest rate and rate of financing, and not even offering loans to enterprises for overseas projects, has brought serious difficulties to power enterprises "going out". This paper takes the LSS hydropower project in Cambodia as an example. From the aspect of enterprise investment, the paper comprehensively analyzes the risk situation of the country where the project is located, the situation of the electricity market, the situation of the project development agreement, the situation of the construction period, and sums up the special financing difficulties of the project. And the reasons why the common financing mode is not suitable for the project, and the conclusion that the financial difficulty of the project can be solved better by the innovative financing lease mode. The paper also summarizes the innovation of the finance lease of the LSS hydropower project in Cambodia. Through this mode, the project funds can be put in place in time, the construction can be carried out normally, the financing cost has been effectively reduced, and the new financing channel has been provided for overseas hydropower project investment.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F416.61

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