基于投融资交易平台的EPC项目多层次融资模式研究

发布时间：2018-02-12 02:13

本文关键词： 合同能源管理融资模式金融工具创新信息不对称　出处：《重庆大学》2015年硕士论文　论文类型：学位论文

【摘要】：合同能源管理(EPC)作为一种市场化的节能改造新机制,在国外得到了广泛应用,而EPC“先投资,后收益”的特点,使融资问题成为EPC必须首先解决的固有问题。目前,EPC领域存在金融创新力度不大、缺乏有效的融资担保机制、节能效果难以评估等一系列问题,已经严重制约了EPC发展。在解决EPC融资问题时,融资模式的创新是关键,而现有EPC融资模式多是在传统融资渠道和外部实施环境上进行改善,缺乏与现有EPC投融资交易平台相结合的融资模式创新。该论文以国内现有EPC投融资交易平台为基础,构建EPC项目多层次融资模式,使EPC项目更好地实现资金筹措。该论文对EPC及EPC项目融资的国内外研究现状进行综述,分析了EPC项目融资困难的原因、EPC机制的运作特点和操作流程,重点阐述了EPC投融资交易平台搭建背景、目的及其交易流程和交易规则。该论文分析了EPC项目进行多层次融资的可行性分析,并对国外超级ESCO、SPE、项目管理公司三种创新型融资模式进行了总结和借鉴。在此基础上,该论文提出了多层次融资的交易原则,构建了EPC项目多层次融资模式的框架。该论文着重分析了EPC项目多层次融资模式的两个核心问题,即:金融工具创新和信息不对称,初步提出EPC项目多层次融资模式的三种金融工具,即:未来节能收益权资产证券化、碳交易、节能收益债券,并概略性分析了三种金融工具的适用性和交易流程。该论文对基于EPC投融资交易平台下的EPC项目多层次融资模式的信息不对称进行了初步研究,阐述、分析了EPC项目多层次融资模式下信息不对称的类型及原因,并对信息不对称的主客体及环境进行分析,提出了降低信息不对称的相关策略。
[Abstract]:As a new market-oriented energy saving mechanism, contract Energy Management (EPC) has been widely used in foreign countries. At present, there are a series of problems in the field of EPC, such as the lack of financial innovation, the lack of effective financing guarantee mechanism, the difficulty of evaluating the energy saving effect, and so on. In solving the problem of EPC financing, the innovation of financing mode is the key, but the existing EPC financing mode is mostly improved in the traditional financing channel and external implementation environment. This paper is based on the existing EPC investment and financing trading platform in China, and constructs a multi-level financing model for EPC projects. This paper summarizes the domestic and international research status of EPC and EPC project financing, and analyzes the reasons for the difficulty of EPC project financing, including the operation characteristics and operation flow of EPC project financing mechanism. In this paper, the background, purpose, trade flow and transaction rules of EPC investment and financing trading platform are expounded. The feasibility of multi-level financing for EPC project is analyzed in this paper. Three innovative financing models of Esco SPE and Project Management Company are summarized and used for reference. On the basis of this, the paper puts forward the transaction principle of multi-level financing. In this paper, the framework of multi-level financing model of EPC project is constructed. This paper analyzes two core problems of multi-level financing mode of EPC project, that is, innovation of financial instruments and asymmetric information. Three kinds of financial instruments of multi-level financing mode of EPC project are put forward preliminarily, namely: securitization of future energy saving income right assets, carbon trading, energy saving income bond, In this paper, the information asymmetry of the multi-level financing mode of EPC project based on EPC investment and financing platform is studied preliminarily, and the information asymmetry of the multi-level financing mode of EPC project is discussed, which is based on the analysis of the applicability and transaction flow of three kinds of financial instruments. This paper analyzes the types and causes of information asymmetry under the multi-level financing mode of EPC projects, analyzes the subject, object and environment of information asymmetry, and puts forward some relevant strategies to reduce information asymmetry.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F206;F832.4

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