风电企业融资风险综合评价研究

发布时间：2018-07-20 21:29

【摘要】：能源是经济发展的命脉,能源对于任何国家都具有非常重要的意义,伴随经济的不断向前发展,各国对于能源的需求量也相应不断增加。但化石能源储量是有限的,化石能源的开采速度远远超过了其生成速度,若按照当前速度继续开采适用,用不了多少代人化石能源就会被开采殆尽。为了解决能源需求的不断加大与化石能源的不可再生之间难以调和的矛盾,人们逐渐将视野转向了风力发电、太阳能发电等可再生能源领域,而风力发电由于其独特优势以及技术的成熟性越来越引起人们的重视。但目前风电企业发展过程中面临着一个重要的难题,即国家能源局在“十三五”规划工作中提到的资金支持问题,其指出资金支持问题是风电行业要解决的重点问题,如何有效解决发展过程中的融资问题,为风电企业的持续健康发展提供资金保障,具有较强的研究意义。由此可见,风电企业要想实现持续健康发展,需要解决好融资难题,要解决风电企业的融资难题,首先需要有效应对风电企业融资过程中面临的各类风险,因此,有效识别风电企业融资风险并进行科学分析评价,制定合理的应对措施,有效降低或规避融资风险,具有越来越重要的现实意义。论文在借鉴已有学术研究成果的基础上,依据企业融资理论、融资风险理论等相关原理,对风电企业融资风险的内涵、特点、构成、管理、研究方法进行了归纳总结,多角度阐述分析了风电企业融资风险,并综合以往文献、实践经验和专家意见,构建了评价指标体系并通过构建适当的数学模型进行了评价研究。论文首先分析了风电企业融资风险相关的基础理论,为指标体系的构建奠定理论和分析基础;其次,从内、外部两个维度进行风险识别,其中内部又从内部财务指标和内部非财务指标进行风险识别,挖掘风电企业融资风险影响因素构建了融资风险评价指标体系;再次,构建了基于熵权法和德尔菲法的组合赋权模型赋权法和突变级数法的综合评价模型;最后,选取了三家风力发电企业,应用综合评价模型对三家企业的融资风险进行实例分析,得出评价结论。通过本文的研究,对于丰富风电企业融资风险综合评价方面的研究,帮助风电企业识别和评价融资风险提供一定的参考,为企业管理者、投资者、债权人提供相关决策建议,具有较强的理论和现实意义。
[Abstract]:Energy is the lifeblood of economic development. Energy is of great significance to any country. But the fossil energy reserves are limited, the fossil energy exploitation speed far exceeds its generation speed, if the current rate of exploitation continues to apply, the generation of fossil energy will be exhausted. In order to solve the irreconcilable contradiction between the increasing energy demand and the non-renewable fossil energy, people have gradually turned their attention to the fields of renewable energy, such as wind power generation, solar power generation and so on. Wind power generation has attracted more and more attention because of its unique advantages and mature technology. However, at present, wind power enterprises are facing an important problem in the development process, that is, the state energy bureau mentioned in the "13th Five-Year Plan" the issue of financial support, which points out that the problem of capital support is the key issue to be solved by the wind power industry. How to effectively solve the financing problem in the process of development and provide financial guarantee for the sustainable and healthy development of wind power enterprises is of great significance. It can be seen that if wind power enterprises want to achieve sustainable and healthy development, they need to solve the financing problems, to solve the financing problems of wind power enterprises, first of all, we need to effectively deal with all kinds of risks that wind power enterprises face in the process of financing. It has more and more important practical significance to identify the financing risk of wind power enterprise, to carry on scientific analysis and evaluation, to formulate reasonable countermeasures and to effectively reduce or evade the financing risk. Based on the existing academic research results, the paper summarizes the connotation, characteristics, composition, management and research methods of financing risk in wind power enterprises according to the related principles of enterprise financing theory and financing risk theory. This paper expounds and analyzes the financing risk of wind power enterprise from many angles, and synthesizes the previous literature, practical experience and expert opinion, constructs the evaluation index system and carries on the appraisal research by constructing the appropriate mathematics model. Firstly, the paper analyzes the basic theory of financing risk in wind power enterprise, which lays a theoretical and analytical foundation for the construction of index system. Secondly, it identifies the risk from two dimensions: internal and external. Internal financial indicators and internal non-financial indicators for risk identification, excavated wind power enterprise financing risk factors to build a financing risk evaluation index system; again, In this paper, a comprehensive evaluation model based on entropy weight method and Delphi method is constructed, which is based on the combined weighting model and catastrophe series method. Finally, three wind power enterprises are selected to analyze the financing risk of the three enterprises by using the comprehensive evaluation model. Draw the conclusion of evaluation. Through the research of this paper, it can help wind power enterprises to identify and evaluate financing risks by enriching the research on comprehensive evaluation of financing risks, and to provide relevant decision suggestions for enterprise managers, investors and creditors. It has strong theoretical and practical significance.
【学位授予单位】：华北电力大学(北京)
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.61;F832.4

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