光伏电站资产证券化研究

发布时间：2018-01-20 01:11

本文关键词： 光伏光伏电站资产证券化　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：光伏发电是可再生能源发展的一个重要分支,具有战略意义。而光伏电站隶属于资本密集型产业，其前期投入巨大，往往需要企业事先垫资建设电站从而产生较大的资金沉淀。业主资金在今后的业务拓展过程中将面临困境，因此需要尽快实现资金的回流，以备再投资。但目前对光伏电站业主来说，融资渠道有限，，融资困难。为解决该困难本文通过综合考虑光伏电站的特点——拥有较稳定的现金流，对其设计资产证券化产品实现资金的迅速回流，提高资本利用效率。本文首先回顾了资产证券化的理论基础以及国内资产证券化的应用案例；对流动性不强，但有稳定现金流的资产可以通过资产证券化的方式进行融资。然后分析了光伏电站的行业情况，介绍了光伏电站的行业发展态势，盈利方式，补贴政策，以及当前的融资现状、存在问题和进行资产证券化的条件。之后以青海区域光伏电站为例分析光伏电站资产证券化的可行性，并以ABC公司青海区域2010年完工且并网的光伏电站为目标资产设计了信托型资产证券化方案。 SPT选择为信托公司或者证券公司，资产池根据不同情况分为50MW电站未来5年现金流（无银行贷款，电站自身为担保物）和80MW电站未来5年现金流（有银行贷款，外部担保）两大类分析。资产结构分为优先级四级和次级贷款一级，共五级模式，这里对各级的发行额比例分配设计如下：次级比例为10%；优先级A为14.2%，优先级B为19.9%，优先级C为27%，优先级D为28.9%。针对光伏电站证券化产品的特点,结合资本资产定价模型,做了各级利率分析和盈利分析。采用静态利率差原理，在利率期限结构上我们采用最新的银行中短期票据收益率即期利率结构，静态利差参考市场上的案例试算得到，设计的产品利率如下：1年期为5%，3年期为5.5%，4和5年期分别为6%和6.2%。并对交易流程和信用增强与信用评级等层面一一剖析。本文采用比较研究法、定性和定量相结合、理论研究和实证研究相结合、统计学等方法来开展光伏电站资产证券化可行性分析,并提出了具体实施方案设计相关建议。
[Abstract]:Photovoltaic power generation is an important branch of renewable energy development, which has strategic significance. Photovoltaic power plants belong to capital-intensive industry, and its early investment is huge. It is often necessary for enterprises to build power stations in advance so as to produce a large amount of capital precipitation. Owners' funds will face difficulties in the process of future business expansion, so it is necessary to realize the return of funds as soon as possible. But for photovoltaic power plant owners, the financing channels are limited, financing is difficult. In order to solve this problem, this paper considers the characteristics of photovoltaic power plants-has a relatively stable cash flow. The design of asset securitization products to realize the rapid return of funds, improve the efficiency of capital use. This paper first reviews the theoretical basis of asset securitization and domestic asset securitization application cases; The assets with stable cash flow can be financed by asset securitization. Then the paper analyzes the industry situation of photovoltaic power plants and introduces the industry development situation and profitability of photovoltaic power plants. The subsidy policy, the current financing situation, the existing problems and the conditions for asset securitization. Then the feasibility of asset securitization of photovoltaic power plants in Qinghai Province is analyzed. The project of trust asset securitization is designed based on the photovoltaic power station completed in 2010 and connected to the grid in Qinghai area of ABC Company. SPT is chosen as a trust company or securities company, the asset pool is divided into 50 MW power plant cash flow for the next 5 years (no bank loans) according to different circumstances. There are two types of cash flow (bank loan, external guarantee) and cash flow (bank loan, external guarantee) in the next five years. The asset structure is divided into four priority levels and a sub-loan level, a total of five levels model. Here the distribution of distribution at all levels of the design is as follows: the sub-ratio is 10; Priority A is 14.2B, priority B is 19.9b, priority C is 27and priority D is 28.9. according to the characteristics of securitization products of photovoltaic power station, the paper combines the capital asset pricing model. By using the principle of static interest rate difference, we adopt the latest interest rate structure of short and medium term paper in the term structure of interest rate. Static interest rate reference market cases show that the designed product interest rate is as follows: 1 year is 5, 3 years is 5.5%. The four and five year periods are 6% and 6.2 respectively, and the transaction flow, credit enhancement and credit rating are analyzed one by one. This paper uses comparative research, qualitative and quantitative analysis, theoretical and empirical research, statistics and other methods to carry out photovoltaic power plant asset securitization feasibility analysis. And put forward the concrete implementation scheme design related suggestions.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F426.61

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