水电工程TOT项目融资模式研究

发布时间：2018-06-26 08:28

本文选题：水电工程 + TOT　；参考：《昆明理工大学》2013年硕士论文

【摘要】：我国主要江河流域的水电资源,几乎完全由大型国有公司实行梯级滚动开发,资金需求集中而量大。然而,水电行业自身存在的融资结构单一、融资渠道不畅、水电投资市场不够开放,以及投融资政策不健全等问题,在一定程度上束缚了水利水电建设的快速发展。其他领域的成功经验证明：TOT模式可有效地吸引民间资本进入基础设施领域,它不仅能为巨量投资的汇集雪中送炭,同时还能使壬程建设阶段的资金风险大大降低。本文将TOT项目融资理论引入到水电建设行业之中,建立水电投融资的新模式,以鼓励民间资本进入水利水电的资源开发领域。在相关融资理论的基础上,分析了TOT项目融资的特点及运作程序,讨论了特许经营期及确定方法、资产评估等内容；运用准公共产品和项目区分理论并结合水电工程的资金流动特点,研究了我国的政策法规环境及经济制度,确认了水电工程采用TOT项目融资模式的可行性及优越性。经营权的转让价值是水电工程TOT项目融资的核心问题。论文中首先分析了水电工程经营权的资产属性,并通过对比研究现有主要的资产评估方法,提出将重置成本法和收益现值法相结合,获得了量化评估水电工程经营权价值的新方法；分别研究确定了各个相关的关键参数,并用具体案例演示了这种方法的量化计算步骤。任何一种新机制在试用过程中都可能出现谬误。采用问题树和问题清单的方式,预测了水电工程实施TOT项目融资过程中可能出现的问题,并就主要的问题探讨了原则性应对措施。除了能够有效地解决资金来源问题,在水利水电建设中引入TOT项目融资还具有更为深远的意义。这个过程将逐渐转变国企和政府决策人员的思维,将紧盯“增量投入”改为关注“存量盘活”；其它经营主体进入水电建设领域显然有利于集思广益,随之而来的各种创新管理技能必将促进全行业的进步和发展。
[Abstract]:The hydropower resources of the main river basins in China are almost completely carried out by large-scale state-owned companies, and the demand for funds is concentrated and the amount is large. However, the financing structure of hydropower industry itself is single, the financing channels are not smooth, the hydropower investment market is not open enough, and the investment and financing policies are not perfect, which to some extent constrains the rapid development of water conservancy and hydropower construction. The successful experiences in other fields have proved that the "Tott" model can effectively attract private capital into the field of infrastructure. It can not only bring in a huge amount of investment, but also greatly reduce the capital risk in the stage of construction. In this paper, tot project financing theory is introduced into hydropower construction industry, and a new model of hydropower investment and financing is established to encourage folk capital to enter the field of water conservancy and hydropower resources development. On the basis of relevant financing theory, this paper analyzes the characteristics and operation procedures of tot project financing, discusses the franchise period and its determination method, asset evaluation and so on. Based on the theory of quasi-public goods and project differentiation and the characteristics of capital flow of hydropower projects, this paper studies the environment and economic system of China's policies and regulations, and confirms the feasibility and superiority of adopting tot project financing mode in hydropower projects. The transfer value of management right is the core problem of water power project tot project financing. Firstly, the paper analyzes the property of hydropower project management right, and puts forward the combination of replacement cost method and income present value method by comparing the existing main methods of asset evaluation. A new method for quantifying the value of management rights of hydropower projects is obtained, and the key parameters are studied and determined respectively, and the quantitative calculation steps of this method are demonstrated with concrete cases. Any new mechanism may appear fallacy in the process of trial. By means of problem tree and list of questions, the possible problems in the process of implementing tot project financing in hydropower projects are predicted, and the main problems are discussed in principle. In addition to effectively solving the problem of source of funds, the introduction of tot project financing in the construction of water conservancy and hydropower has more far-reaching significance. This process will gradually change the thinking of state-owned enterprises and government policy makers, and change the focus on "incremental investment" to "invigorate the stock". It is obvious that other operators' entry into the field of hydropower construction is conducive to brainstorming. All kinds of innovative management skills will promote the progress and development of the whole industry.
【学位授予单位】：昆明理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.61

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