基于投融资平台的EPC项目资产证券化融资模式研究

发布时间：2018-05-21 13:03

本文选题：合同能源管理 + 融资模式　；参考：《天津大学》2012年硕士论文

【摘要】：随着经济、社会的高速发展，能源需求每日剧增，全球性能源危机的爆发及生态环境的恶化使如何合理的、有效的利用能源成为亟需解决的命题。作为应对之策的节能减排在经济、社会发展进程中发挥着越来越重要的作用。合同能源管理（EPC）作为一种主要实现节能减排功能的商业模式，在国内外得到广泛发展。但是EPC模式在发展推广过程中，遇到了一系列问题，其中节能服务公司（ESCO）缺乏有效融资渠道，面临融资困难就是阻碍该模式快速发展的障碍之一。通过相关文献研究及实践调查发现，当前EPC项目融资研究中，尚缺乏对EPC项目自身可用来融资潜力的挖掘，比如EPC项目的稳定未来现金流。本文针对这一不足，在聚焦EPC项目未来现金流的基础上，研究设计基于EPC项目的融资模式。而资产证券化作为一种以基础资产未来现金流为基础的新型融资模式，即可为EPC项目融资服务。本文将该融资模式引入到EPC项目融资中，构建EPC资产证券化融资模式，并研究设计详细的融资流程，以期能够有效拓宽ESCO的融资渠道，为解决EPC节能模式融资难问题提供帮助。本文首先对EPC模式国内外发展现状进行梳理，对该模式的国内外研究内容进行综述，结合实践案例、及节能行业相关专家的调研，分析EPC项目融资困难的原因。同时在深入分析EPC项目运作特点及资产证券化融资条件基础上，得出可以尝试EPC项目资产证券化这一融资模式来破解融资难题。随后本文分析了EPC项目进行资产证券化的可行性，在资产证券化基本原理的基础上，，设计构建了EPC项目资产证券化融资模式，并对这一融资模式中关键环节进行了研究分析。然后着重对这一融资模式的核心问题——资产证券化信用评级进行了研究，构建了基于灰色系统理论的EPC项目资产证券化信用评级模型。最后，本文从完善相关制度、建立规范的证券交易市场、完善相关配套服务三个方面提出了EPC资产证券化融资模式相关实施建议。
[Abstract]:With the rapid development of economy and society, the daily energy demand increases dramatically, the global energy crisis and the deterioration of the ecological environment make the rational and effective use of energy become an urgent problem to be solved. Energy saving and emission reduction as countermeasures play an increasingly important role in the process of economic and social development. Contract Energy Management (EPC), as a business model which mainly realizes the function of energy saving and emission reduction, has been widely developed at home and abroad. However, in the process of developing and popularizing EPC model, it has encountered a series of problems, among which energy saving service company is lack of effective financing channel, and the difficulty of financing is one of the obstacles to the rapid development of EPC model. Through the research of relevant literature and practice, it is found that in the current research of EPC project financing, there is still a lack of excavating the financing potential of EPC project itself, such as the stable future cash flow of EPC project. In this paper, we focus on the future cash flow of EPC project and design the financing model based on EPC project. Asset securitization, as a new financing mode based on the future cash flow of basic assets, can serve the financing of EPC projects. This paper introduces this financing mode into EPC project financing, constructs the EPC asset securitization financing model, and studies and designs the detailed financing process, in order to effectively widen the financing channel of ESCO and provide help to solve the financing difficulty of EPC energy-saving mode. This paper firstly combs the current situation of the development of EPC model at home and abroad, summarizes the domestic and foreign research contents of the model, and analyzes the reasons for the financing difficulties of EPC project by combining the practical cases and the investigation of experts in the energy saving industry. At the same time, on the basis of deeply analyzing the operating characteristics of EPC project and the financing conditions of asset securitization, it is concluded that the financing mode of EPC project asset securitization can be tried to solve the financing problem. Then this paper analyzes the feasibility of asset securitization of EPC project, designs and constructs the financing mode of asset securitization of EPC project on the basis of the basic principle of asset securitization, and studies and analyzes the key link of this financing mode. Then, the credit rating of asset securitization is studied, and the credit rating model of EPC project asset securitization based on grey system theory is constructed. Finally, this paper puts forward some suggestions on the implementation of EPC asset securitization financing model from three aspects: perfecting the relevant system, establishing a standardized securities trading market and perfecting the related supporting services.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F206;F830.5

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