本文選題：融資租賃　切入點(diǎn)：境外水電項(xiàng)目融資　出處：《云南財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：近年來,在全球經(jīng)濟(jì)不景氣的大背景下,受國(guó)內(nèi)經(jīng)濟(jì)結(jié)構(gòu)調(diào)整、投資增速放緩等眾多因素影響,我國(guó)經(jīng)濟(jì)增速減慢,致使全社會(huì)電力需求增速疲軟。自2015年以來,國(guó)家先后出臺(tái)一系列穩(wěn)增長(zhǎng)、促改革的政策,宏觀經(jīng)濟(jì)出現(xiàn)了企穩(wěn)回升的勢(shì)頭,但未來仍存在經(jīng)濟(jì)增速進(jìn)一步放緩的可能性。作為基礎(chǔ)性產(chǎn)業(yè),電力行業(yè)的經(jīng)營(yíng)發(fā)展與經(jīng)濟(jì)形勢(shì)密切相關(guān)。面對(duì)風(fēng)云變幻的國(guó)際政治局勢(shì)以及錯(cuò)綜復(fù)雜的國(guó)內(nèi)外經(jīng)濟(jì)環(huán)境,“走出去”是電力企業(yè)開拓市場(chǎng)空間、優(yōu)化產(chǎn)業(yè)結(jié)構(gòu)、獲取優(yōu)質(zhì)資源的必然選擇。縱觀電力企業(yè)在海外進(jìn)行投資的特點(diǎn)和現(xiàn)狀,不難發(fā)現(xiàn),資金瓶頸一直是制約著我國(guó)電力企業(yè)“走出去”的重要因素。前期投資大、建設(shè)期長(zhǎng)、完工風(fēng)險(xiǎn)大、資金回收慢是電力項(xiàng)目的重要特點(diǎn),這些特點(diǎn)在海外電力項(xiàng)目的建設(shè)和運(yùn)營(yíng)中更加突出,中國(guó)電力企業(yè)進(jìn)行海外投資面臨的融資困難更加明顯。電力企業(yè)的融資方式主要為債務(wù)融資和股權(quán)融資。債務(wù)融資主要是用負(fù)債的方式來籌集資金,主要有銀行融資、發(fā)行債券和民間借貸等方式。股權(quán)融資指通過出讓部分企業(yè)的所有權(quán)來籌措資金,主要有公開發(fā)行股票和私募發(fā)售等方式。中國(guó)企業(yè)發(fā)行債券一直受到較為嚴(yán)格的控制,在進(jìn)行海外投資時(shí)大多使用銀行貸款的方式進(jìn)行融資。而銀行在面對(duì)較高的投資金額、較長(zhǎng)的融資期限、較大的完工風(fēng)險(xiǎn)和境外較多不確定因素時(shí),往往會(huì)增加貸款審批手續(xù)、提高融資利率和費(fèi)率,甚至不愿意為企業(yè)提供境外項(xiàng)目貸款。這給電力企業(yè)“走出去”帶來了嚴(yán)重的困難。本文以柬埔寨LSS水電項(xiàng)目為案例,從企業(yè)投資的層面全面分析了該項(xiàng)目所在國(guó)家的風(fēng)險(xiǎn)情況、電力市場(chǎng)情況、項(xiàng)目開發(fā)協(xié)議的情況、建設(shè)工期情況,進(jìn)而總結(jié)了項(xiàng)目特有的融資困難,以及常見的融資模式不適用于該項(xiàng)目的原因,得出了通過創(chuàng)新的融資租賃模式可以較好地解決項(xiàng)目資金困難的結(jié)論。本文還歸納了柬埔寨LSS水電項(xiàng)目融資租賃的創(chuàng)新之處,以及通過該模式使項(xiàng)目的資金能及時(shí)到位、開工能正常進(jìn)行、融資成本得到了有效降低,并為境外水電項(xiàng)目投資提供了全新的融資途徑等方面的意義。
[Abstract]:In recent years, against the backdrop of the global economic downturn, China's economic growth rate has slowed down due to many factors, such as the restructuring of the domestic economy and the slowdown in the growth rate of investment. Since 2015, the growth rate of the whole society's electricity demand has been weak. The state has successively introduced a series of policies to stabilize growth and promote reform. The macroeconomic has shown a momentum of stabilization and recovery, but there is still the possibility of further slowing down economic growth in the future. As a basic industry, The development of electric power industry is closely related to the economic situation. In the face of the changing international political situation and the intricate domestic and foreign economic environment, "going out" is the power enterprise to open up the market space and optimize the industrial structure. It is not difficult to find out that the capital bottleneck has been an important factor restricting the "going out" of the electric power enterprises in our country. The early investment is large and the construction period is long. The high risk of completion and the slow recovery of funds are important characteristics of electric power projects, which are more prominent in the construction and operation of overseas power projects. The financing difficulties faced by Chinese power enterprises in making overseas investments are even more obvious. The financing methods of power enterprises are mainly debt financing and equity financing. Debt financing mainly uses debt to raise funds, mainly bank financing. Issuing bonds and private loans and so on. Equity financing refers to raising funds through the transfer of ownership rights of some enterprises, mainly through public issuance of stocks and private equity issuance. Chinese enterprises have always been subject to strict controls on the issuance of bonds. Most of the overseas investments are financed by bank loans. When banks are faced with higher investment amounts, longer financing periods, higher completion risks and more uncertainties abroad, they tend to increase loan approval procedures. Raising the interest rate and rate of financing, and not even offering loans to enterprises for overseas projects, has brought serious difficulties to power enterprises "going out". This paper takes the LSS hydropower project in Cambodia as an example. From the aspect of enterprise investment, the paper comprehensively analyzes the risk situation of the country where the project is located, the situation of the electricity market, the situation of the project development agreement, the situation of the construction period, and sums up the special financing difficulties of the project. And the reasons why the common financing mode is not suitable for the project, and the conclusion that the financial difficulty of the project can be solved better by the innovative financing lease mode. The paper also summarizes the innovation of the finance lease of the LSS hydropower project in Cambodia. Through this mode, the project funds can be put in place in time, the construction can be carried out normally, the financing cost has been effectively reduced, and the new financing channel has been provided for overseas hydropower project investment.
【學(xué)位授予單位】：云南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F416.61

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本文編號(hào)：1670414