本文選題：水電工程 + TOT　； 參考：《昆明理工大學(xué)》2013年碩士論文

【摘要】：我國(guó)主要江河流域的水電資源,幾乎完全由大型國(guó)有公司實(shí)行梯級(jí)滾動(dòng)開(kāi)發(fā),資金需求集中而量大。然而,水電行業(yè)自身存在的融資結(jié)構(gòu)單一、融資渠道不暢、水電投資市場(chǎng)不夠開(kāi)放,以及投融資政策不健全等問(wèn)題,在一定程度上束縛了水利水電建設(shè)的快速發(fā)展。其他領(lǐng)域的成功經(jīng)驗(yàn)證明：TOT模式可有效地吸引民間資本進(jìn)入基礎(chǔ)設(shè)施領(lǐng)域,它不僅能為巨量投資的匯集雪中送炭,同時(shí)還能使壬程建設(shè)階段的資金風(fēng)險(xiǎn)大大降低。 本文將TOT項(xiàng)目融資理論引入到水電建設(shè)行業(yè)之中,建立水電投融資的新模式,以鼓勵(lì)民間資本進(jìn)入水利水電的資源開(kāi)發(fā)領(lǐng)域。在相關(guān)融資理論的基礎(chǔ)上,分析了TOT項(xiàng)目融資的特點(diǎn)及運(yùn)作程序,討論了特許經(jīng)營(yíng)期及確定方法、資產(chǎn)評(píng)估等內(nèi)容；運(yùn)用準(zhǔn)公共產(chǎn)品和項(xiàng)目區(qū)分理論并結(jié)合水電工程的資金流動(dòng)特點(diǎn),研究了我國(guó)的政策法規(guī)環(huán)境及經(jīng)濟(jì)制度,確認(rèn)了水電工程采用TOT項(xiàng)目融資模式的可行性及優(yōu)越性。 經(jīng)營(yíng)權(quán)的轉(zhuǎn)讓價(jià)值是水電工程TOT項(xiàng)目融資的核心問(wèn)題。論文中首先分析了水電工程經(jīng)營(yíng)權(quán)的資產(chǎn)屬性,并通過(guò)對(duì)比研究現(xiàn)有主要的資產(chǎn)評(píng)估方法,提出將重置成本法和收益現(xiàn)值法相結(jié)合,獲得了量化評(píng)估水電工程經(jīng)營(yíng)權(quán)價(jià)值的新方法；分別研究確定了各個(gè)相關(guān)的關(guān)鍵參數(shù),并用具體案例演示了這種方法的量化計(jì)算步驟。 任何一種新機(jī)制在試用過(guò)程中都可能出現(xiàn)謬誤。采用問(wèn)題樹(shù)和問(wèn)題清單的方式,預(yù)測(cè)了水電工程實(shí)施TOT項(xiàng)目融資過(guò)程中可能出現(xiàn)的問(wèn)題,并就主要的問(wèn)題探討了原則性應(yīng)對(duì)措施。 除了能夠有效地解決資金來(lái)源問(wèn)題,在水利水電建設(shè)中引入TOT項(xiàng)目融資還具有更為深遠(yuǎn)的意義。這個(gè)過(guò)程將逐漸轉(zhuǎn)變國(guó)企和政府決策人員的思維,將緊盯“增量投入”改為關(guān)注“存量盤(pán)活”；其它經(jīng)營(yíng)主體進(jìn)入水電建設(shè)領(lǐng)域顯然有利于集思廣益,隨之而來(lái)的各種創(chuàng)新管理技能必將促進(jìn)全行業(yè)的進(jìn)步和發(fā)展。
[Abstract]:The hydropower resources of the main river basins in China are almost completely carried out by large-scale state-owned companies, and the demand for funds is concentrated and the amount is large. However, the financing structure of hydropower industry itself is single, the financing channels are not smooth, the hydropower investment market is not open enough, and the investment and financing policies are not perfect, which to some extent constrains the rapid development of water conservancy and hydropower construction. The successful experiences in other fields have proved that the "Tott" model can effectively attract private capital into the field of infrastructure. It can not only bring in a huge amount of investment, but also greatly reduce the capital risk in the stage of construction. In this paper, tot project financing theory is introduced into hydropower construction industry, and a new model of hydropower investment and financing is established to encourage folk capital to enter the field of water conservancy and hydropower resources development. On the basis of relevant financing theory, this paper analyzes the characteristics and operation procedures of tot project financing, discusses the franchise period and its determination method, asset evaluation and so on. Based on the theory of quasi-public goods and project differentiation and the characteristics of capital flow of hydropower projects, this paper studies the environment and economic system of China's policies and regulations, and confirms the feasibility and superiority of adopting tot project financing mode in hydropower projects. The transfer value of management right is the core problem of water power project tot project financing. Firstly, the paper analyzes the property of hydropower project management right, and puts forward the combination of replacement cost method and income present value method by comparing the existing main methods of asset evaluation. A new method for quantifying the value of management rights of hydropower projects is obtained, and the key parameters are studied and determined respectively, and the quantitative calculation steps of this method are demonstrated with concrete cases. Any new mechanism may appear fallacy in the process of trial. By means of problem tree and list of questions, the possible problems in the process of implementing tot project financing in hydropower projects are predicted, and the main problems are discussed in principle. In addition to effectively solving the problem of source of funds, the introduction of tot project financing in the construction of water conservancy and hydropower has more far-reaching significance. This process will gradually change the thinking of state-owned enterprises and government policy makers, and change the focus on "incremental investment" to "invigorate the stock". It is obvious that other operators' entry into the field of hydropower construction is conducive to brainstorming. All kinds of innovative management skills will promote the progress and development of the whole industry.
【學(xué)位授予單位】：昆明理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F426.61

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本文編號(hào)：2069815