国内光伏企业融资模式及风险管理策略探究

发布时间：2018-04-11 22:37

本文选题：融资模式 + 光伏企业　；参考：《电子科技大学》2014年硕士论文

【摘要】：现代制造型企业无论在初创阶段还是在成长过程中都对投资扩张有着强烈的需求,同时也不得不面对资金短缺的局面。企业通过债务性融资是充实资本、补充流动性的重要方式。而目前经济环境不佳,企业通过银行等金融机构的间接融资方式受阻。甚至有不少企业因银行的压缩贷款、限制贷款而面临资金链断裂的局面。光伏产业也不例外。自2005年起,受国内产业政策的刺激和国外广阔光伏市场的吸引,光伏产业蓬勃发展。2009年,我国光伏行业部分产品的产量已经跃居全球前三。此后由于世界范围内光伏产业出现大萧条,在各国光伏产业政策紧缩,经济形势普遍萎靡的影响下,我国光伏行业也出现严重的产能过剩问题,一度大量光伏行业企业面临破产、倒闭的局面。2013年起,我国政府开始着力拓展国内光伏市场、加快光伏产业终端电站的建设。与此同时积极推进光伏行业重组,做大做强行业优秀企业,光伏行业企业又看到了新的曙光。但值得指出的是,过往光伏企业以往通过银行借贷等间接融资途径获取资金的渠道严重受阻,国内主要银行对涉及光伏企业的融资需求慎之又慎。因此,直接融资模式开始越来越多的被光伏企业所关注。本文先通过对过去10年光伏产业成长的过程展开扫描和回顾,深入研究光伏行业在发展过程中遇到的政策、市场、融资、经营管理等问题并尝试提出解决问题的方向、方式和方法。同时通过研究分析国外、国内的光伏产业支持政策和配套措施对光伏产业正、负影响的效用,期望能借鉴过往的有用经验和不利教训,提出完善国内和地方政府光伏产业政策的方法,以便能对光伏企业的健康发展和成功转型升级提供更加有效支持。此后文章从融资模式和风险管理概念入手,介绍不同融资模式的特性并对不同融资模式存在的风险因素展开分析和研究。文章最后结合光伏行业企业融资需求的特点进一步展开讨论,说明光伏企业运用不同融资模式的方法的利弊及采取何种方式可以有效的化解其中蕴含的风险因素,进而促进光伏企业健康发展。
[Abstract]:Modern manufacturing enterprises have strong demand for investment expansion both in the initial stage and in the process of growth. At the same time, they have to face the situation of capital shortage.Corporate debt financing is an important way to replenish capital and liquidity.And the current economic environment is not good, enterprises through banks and other financial institutions indirect financing hindered.Even many enterprises because of the compression of bank loans, limit loans and face the situation of capital chain break.Photovoltaic industry is no exception.Since 2005, the photovoltaic industry has developed vigorously under the stimulation of domestic industrial policies and the broad photovoltaic market abroad. In 2009, the output of some products of China's photovoltaic industry has leapt to the top three in the world.Since then, due to the great depression in the photovoltaic industry worldwide, under the influence of the tightening of photovoltaic industry policies and the general economic situation in various countries, the photovoltaic industry in our country has also experienced serious problems of overcapacity.Since 2013, our government began to expand the domestic photovoltaic market and speed up the construction of photovoltaic industry terminal power stations.At the same time, actively promote the restructuring of photovoltaic industry, bigger and stronger industry excellent enterprises, photovoltaic industry enterprises see a new dawn.However, it is worth pointing out that in the past, photovoltaic enterprises used to obtain funds through indirect financing channels such as bank loans, and the major domestic banks were extremely cautious about the financing needs of photovoltaic enterprises.Therefore, direct financing mode began to be more and more concerned by photovoltaic enterprises.In this paper, the development process of photovoltaic industry in the past 10 years is scanned and reviewed, and the problems encountered in the development of photovoltaic industry, such as policy, market, financing, management and so on, are studied in depth and the direction of solving the problem is proposed.Ways and meansAt the same time, by studying and analyzing the positive and negative effects of the foreign and domestic photovoltaic industry support policies and supporting measures on the photovoltaic industry, we hope to learn from the useful experience and adverse lessons of the past.In order to provide more effective support for the healthy development of photovoltaic enterprises and the successful transformation and upgrading of photovoltaic enterprises, the paper puts forward the methods of perfecting the photovoltaic industry policies of domestic and local governments.After that, this paper introduces the characteristics of different financing models and analyzes the risk factors of different financing modes from the perspective of financing mode and risk management concept.Finally, combined with the characteristics of the financing needs of photovoltaic industry enterprises, the paper further discusses the advantages and disadvantages of different financing modes and how to effectively resolve the risk factors contained in photovoltaic enterprises.And then promote the healthy development of photovoltaic enterprises.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.6;F272.3

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