我国分布式光伏产业的融资模式研究

发布时间：2018-03-30 21:17

本文选题：分布式光伏　切入点：融资模式　出处：《上海交通大学》2015年硕士论文

【摘要】：中国在近几年饱受环境污染之苦后,从2013年起决心效仿欧美发达国家的步伐,大力发展光伏产业改善能源结构。我国地面光伏电站供给过剩,推进分布式电站成为光伏产业新的发展方向。分布式电站具有众多优点:改善利用率不足、盈利能力更高、项目投资主体更多样,可吸引更多民间资本进入。虽然国家出台电价补贴等优惠政策,但中国分布式光伏电站建设的步伐仍落后于预期,核心原因在于:融资难。传统银行因为投资回收期较长、回报率不确定、投资规模小等因素,对分布式光伏项目态度不积极。所以推动分布式光伏产业进一步发展的关键在于要解决融资瓶颈。国外分布式光伏领域所应用的一些创新融资模式推动了行业的发展,实例分析了美国三家光伏知名企业:包括太阳城(SolarCity)所采用的基金合资,Terraform的收益公司(YieldCo)等基于未来电费收益的资产证券化产品,以及美国马赛克公司(Mosaic)采用的众筹模式。由于国内分布式光伏电站电费现金流稳定性还不够,目前以未来电费收益为估值基础的资产证券化产品在我国推广还不成熟。众筹已经开展,但由于监管缺位、制度不健全,相关产品风险性较大,短期不适合推广。短期要解决资金需求,可借鉴在大型机械、交运等行业中已被成熟使用的售后回租模式。之后通过模型计算分析比较了采用售后回租模式后对分布式光伏电站盈利能力的提升作用。本文通过分析得出的结论是:比较其他传统融资模式,短期要解决融资难问题应大力推广售后回租模式,引入金融租赁公司解决资金瓶颈。当分布式电站现金流成熟时,未来再发展产业基金合资、成立收益权公司以及众筹等国外创新金融产品。最后分别对传统和创新融资模式在我国光伏产业发展中的应用提出相关建议。
[Abstract]:After suffering from environmental pollution in recent years, China has been determined to follow the steps of the developed countries in Europe and the United States since 2013 and vigorously develop the photovoltaic industry to improve its energy structure. Promoting distributed power plants has become a new development direction of photovoltaic industry. Distributed power plants have many advantages: low utilization rate, higher profitability, more diversified project investment. Although the state has introduced preferential policies such as electricity price subsidies, the pace of construction of distributed photovoltaic power plants in China is still lagging behind expectations. The core reason is that financing is difficult. Traditional banks have a long payback period for investment. Uncertain rate of return, small scale of investment, etc. The key to the further development of the distributed photovoltaic industry lies in solving the financing bottleneck. Some innovative financing models applied in the field of distributed photovoltaic abroad have promoted the development of the industry. Three well-known photovoltaic enterprises in the United States, including the fund joint venture Terraform's income company Yield Co, which is used by Sun City Solar City, are analyzed for asset securitization products based on future electricity revenue. And the crowdfunding model used by Mosaicus, a US company, because the cash flow of domestic distributed photovoltaic power stations is not stable enough. At present, the promotion of asset securitization products based on future electricity revenue is not mature in our country. Crowdfunding has been carried out, but because of the absence of supervision, the system is not perfect, and the related products are riskier. Short term is not suitable for popularizing. In the short term, to solve the need for funds, we can learn from it in large machinery, After-sale rent return mode has been used in transportation and other industries. Then, the effect of after-sale rent-back mode on the profitability of distributed photovoltaic power station is analyzed and compared by model calculation. The conclusion of this paper is given in this paper. The argument is: compare other traditional financing modes, In order to solve the problem of financing difficulty in the short term, we should vigorously promote the model of after-sale rent return and introduce financial leasing companies to solve the capital bottleneck. When the cash flow of distributed power stations matures, we should develop industrial fund joint ventures in the future. Finally, some suggestions are put forward on the application of traditional and innovative financing models in the development of photovoltaic industry in China.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F426.6

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