企业用能权资产证券化研究

发布时间：2019-04-09 16:51

【摘要】：本文主要探讨了用能权资产证券化的相关问题。首先,本文介绍了与用能权资产证券化相关的国内外研究动态。其次,对企业用能权资产证券化的概念进行了论述并探讨了与用能权资产证券化相关的理论基础,包括可持续发展理论、企业融资理论、无形资产理论和资产证券化理论。第三,主要从可供开采年限、能耗强度、能源结构以及能源消费与环境污染、经济增长的关系方面分析了用能权资产证券化的必要性;从国家方针政策、用能权交易市场、企业层面分析了用能权资产证券化的可行性。第四,利用委托代理理论中的声誉模型说明了隐性激励机制可以促进参与资产证券化的相关机构进行用能权的资产证券化并通过博弈论模型分析了参与资产证券化的相关机构之间的关系,从而说明企业用能权资产证券化的开展需要有效的监督。第五,从企业用能权资产支持证券的组成要素、企业用能权资产证券化的运作流程、企业用能权资产支持证券的定价构建了其运行机制,并从需求主体、供给主体以及二级市场探讨了企业用能权资产证券化的市场机制的构建。第六,提出了实施企业用能权资产证券化的建议。通过上述研究,本文得出如下结论:首先,企业进行用能权资产证券化具有一定的必要性和可行性,并且企业用能权资产支持证券化具有其特有的组成要素、运作流程和定价机制;其次,从企业用能权资产证券需求方来讲,用能权资产证券化具有一定的发展前景;最后,企业用能权资产证券化的运行机制是以激励机制和监管机制为基础的,需要建立完善的激励机制和监管机制。
[Abstract]:This paper mainly discusses the related problems of securitization of energy-use assets. First of all, this paper introduces the domestic and foreign research trends related to energy-use asset securitization. Secondly, this paper discusses the concept of asset securitization of energy use rights of enterprises and discusses the theoretical basis of asset securitization of energy use rights, including sustainable development theory, enterprise financing theory, intangible assets theory and asset securitization theory. Thirdly, the necessity of securitization of energy-using assets is analyzed from the aspects of the years of exploitation, the intensity of energy consumption, the structure of energy, the relationship between energy consumption and environmental pollution, and economic growth. In this paper, the feasibility of securitization of energy-using assets is analyzed from the national policy, the market of energy-using rights and the enterprise level. Fourth, By using the reputation model of principal-agent theory, this paper illustrates that the implicit incentive mechanism can promote the asset securitization of the relevant institutions involved in asset securitization and analyzes the phase of participating asset securitization through the game theory model. The relationship between the agencies, This shows that the development of asset securitization of enterprise energy use rights needs effective supervision. Fifthly, it constructs its operating mechanism from the components of enterprise energy-use asset-backed securities, the operation process of enterprise energy-use asset-backed securities, and the pricing of enterprise-energy-using rights asset-backed securities, and constructs its operation mechanism from the main body of demand. The main body of supply and the secondary market discuss the construction of the market mechanism of the securitization of the enterprise's energy-using right assets. Sixth, put forward the implementation of enterprise energy-use rights asset securitization recommendations. Through the above-mentioned research, this paper draws the following conclusions: firstly, it is necessary and feasible for enterprises to carry out asset-backed securitization of energy-using rights, and the asset-backed securitization of energy-using rights of enterprises has its unique constituent elements. Operational processes and pricing mechanisms; Secondly, from the demand side of enterprise energy-using asset securities, securitization of energy-using right asset has a certain prospect of development; Finally, the operation mechanism of energy-use asset securitization is based on incentive mechanism and supervision mechanism, which needs to establish perfect incentive mechanism and supervision mechanism.
【学位授予单位】：济南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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