电力行业项目融资及模式选择研究

发布时间：2019-06-09 14:08

【摘要】：电力已经成为社会正常运转中不可或缺的一部分,随着我国社会的发展以及人民生活水平的快速提高,我国社会对电力的需求明显增加。为了满足社会对电力发展的需求,我国在近年来逐渐加大了电力行业的投资力度。据相关预测表明,“十二五”期间我国社会对电力的投资额度将会达到5.3万亿元人民币,比“十一五”增长68%。电力项目特点是资金密集型产业,随着电力项目的快速发展,尤其是绿色发电的发展建设趋势和发展要求,可以预见建设需要大量的资金,而电力企业通过传统渠道获得的建设资金与市场要求之间仍有较大的距离。项目融资作为国际金融市场的一个创新融资途径,在各个国家的许多项目中被广泛应用。八十年代中期被介绍到我国,项目融资在我国电力项目的建设中已经取得了成功。而不同的融资模式对于电力项目建设中的融资产生了较大的影响,这些实践为我国电力项目融资运作及模式选择提供了较为全面的经验借鉴。项目融资有多种模式,针对实际情况该选择何种模式呢?并且,由于我国政治、经济环境等条件的限制,项目融资在具体实践中还存在一些问题,如何认识这些问题,并通过有效的措施来解决这些问题,以求使项目融资可以更好地为我国电力行业的发展服务是我们当前的迫切任务,也是本文的写作目的所在。本文采用理论与案例相结合的方法,研究了电力行业项目融资及模式选择。全文共分为四个部分：第一部分是导论,主要介绍选题的背景及研究意义,思路和方法及研究方法以及国内外相关研究综述。第二部分阐述了项目融资概念及其特点,以及与传统公司融资的区别,项目融资的参与主体及框架,介绍了目前国际、国内环境中常见的几种项目融资模式,并对这几种模式进行对比分析。第三部分阐述了我国电力行业的现状及发展,并且回顾了我国电力行业项目融资的历史,分析了如何选择项目融资模式。第四部分结合广西来宾B电厂项目和河北赛德热电厂项目两个案例回顾了我国在电力项目融资取得的经验,提出我国电力行业项目融资存在的问题以及针对这些问题提出了建议。本文将项目融资研究与电力行业结合起来,力求为电力建设事业的融资研究贡献绵薄之力。但由于笔者学术水平和经验欠缺,对于我国目前项目融资存在的问题和提出的建议主要从宏观方面着手,微观分析尚不足,且电力行业运用项目融资还有许多问题值得继续研究。
[Abstract]:Electric power has become an indispensable part of the normal operation of society. With the development of our society and the rapid improvement of people's living standards, the demand for electricity in our society has increased obviously. In order to meet the social demand for power development, China has gradually increased the investment of the power industry in recent years. According to the relevant forecasts, the investment quota of Chinese society in electric power will reach 5.3 trillion yuan during the 12th five-year Plan period, an increase of 68 percent over the 11th five-year Plan period. Electric power project is characterized by capital-intensive industry. with the rapid development of electric power project, especially the development trend and development requirement of green power generation, it can be predicted that the construction needs a lot of funds. However, there is still a large distance between the construction funds and market requirements obtained by electric power enterprises through traditional channels. As an innovative financing way in international financial market, project financing is widely used in many projects in various countries. In the middle of 1980 s, project financing was introduced to China, and project financing has been successful in the construction of electric power projects in China. Different financing modes have a great impact on the financing of electric power project construction, which provides a more comprehensive experience for the financing operation and mode choice of electric power project in our country. There are many modes of project financing. What kind of mode should we choose according to the actual situation? Moreover, due to the limitations of the political and economic environment of our country, there are still some problems in the concrete practice of project financing, how to understand these problems and solve these problems through effective measures. In order to make project financing better serve the development of power industry in our country, it is our urgent task at present, and it is also the purpose of this paper. In this paper, the project financing and mode selection of power industry are studied by combining theory with case study. The full text is divided into four parts: the first part is an introduction, which mainly introduces the background and significance of the topic, ideas and methods and research methods, as well as a summary of related research at home and abroad. The second part expounds the concept and characteristics of project financing, as well as the difference between project financing and traditional company financing, the main body and framework of project financing, and introduces several common project financing modes in the international and domestic environment at present. And these models are compared and analyzed. The third part expounds the present situation and development of China's electric power industry, reviews the history of project financing in China's electric power industry, and analyzes how to choose the project financing mode. The fourth part reviews the experience gained in the financing of electric power projects in China based on two cases of Guangxi Laibin B Power Plant Project and Hebei Sade Thermal Power Plant Project. This paper puts forward the problems existing in the project financing of China's electric power industry and puts forward some suggestions for these problems. This paper combines the project financing research with the electric power industry, and strives to contribute a little to the financing research of the electric power construction cause. However, due to the lack of academic level and experience, the existing problems and suggestions of project financing in our country are mainly from the macro aspect, and the micro analysis is still insufficient. And the use of project financing in the power industry there are still many problems worthy of further study.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.61;F832.4

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