风电项目的融资租赁模式研究

发布时间：2018-05-21 07:21

本文选题：风电项目 + 融资模式　；参考：《华北电力大学》2017年硕士论文

【摘要】：本文对我国的新能源风电行业的行业状况、开发运营模式、投融资方式等方面进行了系统性的论述和分析,其中尤其对风电行业的筹融资模式进行了详细深入的研究和探讨。在风电行业中,融资方式众多,无论是传统银行贷款、发行绿色债券还是通过融资租赁方式,最终的目的都是尽可能为风电项目节约财务成本。融资租赁作为一种已经在发达国家非常成熟的融资方式,已经在各行各业中得到了非常广泛的应用。融资租赁在我国的发展时间不算很长,市场渗透率和租赁方式都与发达国家存在不小的差距。近年来,随着国家政策的支持以及税收政策的优惠,融资租赁行业已经迎来了一轮新的发展高峰期,融资租赁这种融资方式正在飞速的渗透着我国经济发展的许多行业和众多环节。风电行业近年来,随着行业成熟度的越来越高,行业内存量资产和增量资产规模都有了很大的提升,资产质量也越来越好。已经有越来越多的风电投资人和金融机构把融资租赁开始作为一种可以切实有效降低投资资金成本的手段不断的加强应用。本文中,首先对整个融资行业的发展现状进行了梳理,并简要介绍了融资租赁这种融资工具的基本原理和操作流程;其次,从风电项目入手,剖析了一个典型风电项目的投资构成,进而逐步引申至探讨风电项目目前常用的一些融资手段;基于此基础之上,对风电项目目前使用融资租赁这种融资模式的现状进行了分析;文中选用了两个典型的风电投资项目,通过假设项目的两种融资方式,即传统银行贷款和融资租赁,通过两种融资模式的对比分析,量化计算,分析得出融资租赁模式在风电项目融资中的综合优势;文中最后在论证出融资租赁模式相对于银行贷款的优势之后,又通过非线性规划求解的研究方式,分析出融资租赁模式本身还有那些值得深入研究的优化手段以及在未来融资租赁在风电项目的应用中应该注意的问题,并结合整个行业现状提出未来发展建议,为希望在风电项目中采用融资租赁的开发商提供决策依据。
[Abstract]:This paper systematically discusses and analyzes the industry situation, development and operation mode, investment and financing mode of new energy wind power industry in China, especially the research and discussion on the financing mode of wind power industry in detail. In wind power industry, there are many ways of financing, whether traditional bank loans, issuing green bonds or through financial leasing, the ultimate purpose is to save financial costs for wind power projects as much as possible. As a very mature financing method in developed countries, financial leasing has been widely used in various industries. The development of financial leasing in China is not very long, market penetration and leasing methods are not small gap with developed countries. In recent years, with the support of national policies and preferential tax policies, the financial leasing industry has ushered in a new peak period of development. Financing lease is permeating many industries and many links of economic development at full speed. In recent years, with the increasing maturity of wind power industry, the scale of industry storage assets and incremental assets have been greatly improved, and the quality of assets is becoming better and better. More and more wind power investors and financial institutions have started to use financial leasing as a practical and effective means to reduce the cost of investment funds. In this paper, firstly, the development status of the whole financing industry is combed, and the basic principle and operation process of the financing instrument of financing lease are briefly introduced. Secondly, starting with wind power project, This paper analyzes the investment composition of a typical wind power project, and then gradually extends to some commonly used financing methods of wind power project. This paper analyzes the current situation of wind power projects using financial leasing, selects two typical wind power investment projects, and assumes that the two financing methods of the projects are traditional bank loans and financial leases. Through the comparative analysis and quantitative calculation of the two financing modes, the comprehensive advantages of the financial leasing model in wind power project financing are obtained. Finally, after the demonstration of the advantages of the financing lease mode compared with the bank loan, Through the research method of solving nonlinear programming, the paper analyzes the financial leasing model itself and some optimization methods that deserve further study, as well as the problems that should be paid attention to in the application of financial leasing in wind power projects in the future. Combined with the present situation of the whole industry, the future development suggestions are put forward to provide decision basis for the developers who want to use financial leasing in wind power projects.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.49

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