我国房地产企业低碳开发的成本融资模式研究

发布时间：2018-05-29 19:19

本文选题：低碳开发 + 低碳房地产项目　；参考：《福州大学》2014年硕士论文

【摘要】：21世纪的生活主题是“低碳、生态、环保、健康”,2009年《哥本哈根协议》的签订标志着全球发展低碳经济序幕的拉开,在国内,低碳化作为我国社会经济发展的一个重要战略目标也已经被搬上日程。在这样的背景环境下,房地产业作为拉动我国经济增长的重要支柱产业,同时又是高能耗、高排放的行业,鼓励其低碳开发可以有效地促进我国的碳减排。然而,由于低碳房地产项目比传统房地产项目初始投入更多,房地产企业面临更大的资金成本压力,消费者也不接受高昂的价格,因而房地产企业低碳开发的意愿并不强烈。如果能寻找到一种合理的融资模式消除房地产企业低碳开发的资金成本压力,那么将极大促进我国低碳房地产市场的发展。因此,本文从低碳开发的成本融资的角度出发,研究房地产企业低碳开发的融资模式,对于促进我国低碳房地产市场的发展具有重要的理论意义与实践意义。本文采用理论研究和应用研究相结合的研究方法。首先将低碳开发的成本融资分为增量成本融资和常规成本融资两部分,并对低碳开发的影响因素和潜在效益进行分析。其次,对房地产企业开发传统项目的融资模式以及低碳融资模式进行研究,为下文构建融资模式做铺垫。然后,进行增量成本与效益回收期的分析,运用委托代理模型分析了引入政府与水电公司的必要性,并在此基础上创新性地研究了低碳房地产项目开发主体与运营主体一致与相分离两种增量成本融资模式。最后,构建了一个三级指标层次的常规成本融资评价体系,并以福州市的一个房地产项目为例进行常规成本融资模式的研究。本文认为我国房地产企业低碳开发的成本融资可以分为增量成本融资与常规成本融资两个阶段。第一阶段的增量成本融资时,通过采用引入水电公司建立的主体一体化和引入碳排放权购买者建立的主体分离化这两种增量成本融资模式,能够把低碳开发的增量成本内部化,为我国房地产企业低碳开发消除增量成本的压力。第二阶段的常规成本融资时,我们可以根据每个房地产项目自身的特点,通过构建常规成本融资模式的评价体系,依据评价体系所得出的评价值对具体项目进行具体分析,从而选择出最优的融资模式。本文认为只有当低碳开发的成本转化为常规成本时,低碳开发才能得到最大的发展。
[Abstract]:In the 21st century, the theme of life is "low carbon, ecology, environmental protection and health". The signing of Copenhagen Accord in 2009 marks the beginning of the global development of low-carbon economy. As an important strategic goal of China's social and economic development, low-carbonization has also been put on the agenda. In such a background environment, real estate industry, as an important pillar industry to stimulate economic growth, is also a high-energy consumption, high-emission industry, encouraging its low-carbon development can effectively promote China's carbon emission reduction. However, because the low carbon real estate project initially invested more than the traditional real estate project, the real estate enterprise faces more pressure of capital cost and consumers do not accept the high price, so the low carbon development desire of the real estate enterprise is not strong. If we can find a reasonable financing mode to eliminate the pressure of capital cost of low carbon development of real estate enterprises, it will greatly promote the development of low carbon real estate market in China. Therefore, from the point of view of low carbon development cost financing, this paper studies the financing mode of low carbon development of real estate enterprises, which has important theoretical and practical significance for promoting the development of low carbon real estate market in China. In this paper, theoretical and applied research methods are used. First, the cost financing of low-carbon development is divided into incremental cost financing and conventional cost financing, and the impact factors and potential benefits of low-carbon development are analyzed. Secondly, the paper studies the traditional project financing model and low-carbon financing model of real estate enterprises, which pave the way for the following construction of financing model. Then, the incremental cost and benefit recovery period is analyzed, and the necessity of introducing the government and hydropower companies is analyzed by using the principal-agent model. On the basis of this, two incremental cost financing modes are studied innovatively: the main body of low carbon real estate development and the main body of operation are consistent with and separated from each other. Finally, a three-level index level of conventional cost financing evaluation system is constructed, and a real estate project in Fuzhou is taken as an example to study the conventional cost financing model. This paper holds that the cost financing of low carbon development of Chinese real estate enterprises can be divided into two stages: incremental cost financing and conventional cost financing. In the first stage of incremental cost financing, two incremental cost financing modes, which are the integration of the main body established by the introduction of hydropower companies and the separation of the main body established by the buyers of carbon emission rights, can internalize the incremental cost of low carbon development. For China's real estate enterprises low-carbon development to eliminate incremental cost pressure. In the second stage of conventional cost financing, according to the characteristics of each real estate project, we can construct the evaluation system of the conventional cost financing model and analyze the specific project according to the evaluation value obtained from the evaluation system. In order to choose the best financing model. This paper holds that only when the cost of low carbon development is converted to conventional cost, can the development of low carbon development be maximized.
【学位授予单位】：福州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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