分布式光伏电站资产证券化研究

发布时间：2018-11-23 15:42

【摘要】：随着后工业时代的高速发展,传统化石能源正面临着储藏量日益匮乏和对环境造成的污染日益突出等问题,因此,对新能源的开发利用受到了全球的广泛关注。与新能源领域的其他资源相比,光伏发电具有可持续开发、清洁高效、可规模化利用等优势。近年来,我国不断出台相关的政策法规支持光伏行业的发展,在政策的推动下我国光伏装机容量逐年攀升,已超过德国成为世界光伏第一大国。尽管我国不断出台政策以支持光伏电站的发展,但是市场的可接受程度并不高,融资难在这一新的发展领域再次成为焦点。光伏产业融资渠道的创新和相关金融产品的深化发展,将成为保障光伏行业稳健发展的重要环节。本文介绍了发展分布式光伏的意义和国内外关于光伏发电投融资和资产证券化的研究现状,希望通过借鉴国外成熟市场中分布式光伏投融资模式的经验,来寻找投融资方式创新的突破口。关于资产证券化的理论概述方面,介绍了资产证券化的基本原理、具体分类和发展历程,同时分析了我国目前市场上资产证券化产品种类、交易结构和定价方法,为进行分布式光伏电站资产证券化模型设计提供理论基础。通过对国内光伏电站的现状、政策支持以及融资问题的研究,得出国内分布式光伏电站应以资产证券化的方式进行融资。通过对国内光伏电站资产证券化的融资模式的比较和可行性分析,从破产隔离、融资规模和会计处理三方面着手,创新的构建了更适合于分布式光伏电站现阶段融资需求的资产证券化融资模式,即基于信托计划和资产证券化相结合的双SPV资产证券化模式。该模式下,通过信托公司资金搭桥的方式,使其发挥“通道银行”的作用,有效扩展企业的融资规模。双SPV资产证券化产品交易结构分为两层:第一层是将分布式光伏电站所产生的的现金流组成资产池,并设立信托计划,电站原始权益人作为该信托计划的受益人;第二层是将受益权转让给资产支持专项计划,专项计划的现金流为信托受益权的预期收益。通过双SPV的形式,将分散的分布式光伏电站产生的未来现金流汇总入池设立信托,再将信托受益权进行资产证券化设计,可以提高融资效率、降低融资成本,最终支持分布式光伏行业的发展。
[Abstract]:With the rapid development of the post-industrial era, the traditional fossil energy is facing the problems of increasing shortage of storage and pollution to the environment. Therefore, the development and utilization of new energy has been paid more and more attention around the world. Compared with other resources in the field of new energy, photovoltaic power generation has the advantages of sustainable development, clean and efficient, large-scale utilization and so on. In recent years, China has continuously issued policies and regulations to support the development of the photovoltaic industry. Under the promotion of policies, the installed capacity of photovoltaic in China has increased year by year, which has surpassed Germany to become the largest photovoltaic country in the world. Although our country has continuously introduced policies to support the development of photovoltaic power plants, but the market is not highly acceptable, financing difficulties in this new development area again become the focus. The innovation of photovoltaic financing channels and the deepening development of related financial products will become an important link to ensure the steady development of photovoltaic industry. This paper introduces the significance of developing distributed photovoltaic and the research status of photovoltaic investment and financing and asset securitization at home and abroad, hoping to learn from the experience of distributed photovoltaic investment and financing model in mature foreign markets. To find a breakthrough in the innovation of investment and financing methods. On the theoretical overview of asset securitization, this paper introduces the basic principle, specific classification and development of asset securitization, and analyzes the types, transaction structure and pricing methods of asset securitization products in China's current market. It provides a theoretical basis for the design of distributed PV power plant asset securitization model. Through the research on the status quo, policy support and financing of domestic photovoltaic power plants, it is concluded that the domestic distributed photovoltaic power plants should be financed by asset securitization. Through the comparison and feasibility analysis of domestic photovoltaic power plant asset securitization financing mode, starting from bankruptcy isolation, financing scale and accounting treatment, An innovative asset securitization model is constructed, which is more suitable for the financing needs of distributed photovoltaic power plants at this stage, that is, the dual SPV asset securitization model based on the combination of trust plan and asset securitization. In this mode, the trust company can play the role of "channel bank" and expand the financing scale of the enterprise effectively. The trading structure of double SPV asset securitization products is divided into two layers: the first layer is to form the asset pool from the cash flow generated by the distributed photovoltaic power station and set up a trust plan in which the original owner of the power station is the beneficiary of the trust plan; The second level is the transfer of beneficial rights to asset support programs, the cash flow of which is expected to benefit from trust benefits. In the form of double SPV, the future cash flow generated by distributed photovoltaic power station is collected into the pool to set up the trust, and then the trust benefit right is designed for asset securitization, which can improve the financing efficiency and reduce the financing cost. Finally, it supports the development of distributed photovoltaic industry.
【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】：F832.51;F426.61

【参考文献】