【摘要】：電力企業(yè)融資方式的發(fā)展演化表明,國內(nèi)銀行貸款、債券融資、股票融資、項(xiàng)目融資等各種融資方式都有其固有的優(yōu)點(diǎn),但也存在一些缺陷和不可避免的風(fēng)險(xiǎn)。項(xiàng)目融資作為資本密集型的電力企業(yè)一種行之有效的融資方式,相對(duì)于傳統(tǒng)的融資方式更加適應(yīng)國際政治、經(jīng)濟(jì)、法律環(huán)境和社會(huì)因素的不斷變化。因此,對(duì)電力企業(yè)項(xiàng)目融資風(fēng)險(xiǎn)的研究是十分必要的。 本文通過對(duì)華潤浙江蒼南發(fā)電廠項(xiàng)目融資的風(fēng)險(xiǎn)進(jìn)行識(shí)別,進(jìn)而建立華潤浙江蒼南發(fā)電廠項(xiàng)目融資風(fēng)險(xiǎn)綜合評(píng)價(jià)指標(biāo)體系,運(yùn)用多層次模糊綜合評(píng)價(jià)模型對(duì)華潤浙江蒼南發(fā)電廠項(xiàng)目融資風(fēng)險(xiǎn)進(jìn)行具體綜合評(píng)價(jià),最后針對(duì)相應(yīng)風(fēng)險(xiǎn)提出了風(fēng)險(xiǎn)防范措施和建議。 研究結(jié)果認(rèn)為,華潤浙江蒼南發(fā)電廠項(xiàng)目融資的風(fēng)險(xiǎn),隨類型不同其風(fēng)險(xiǎn)程度也是不同的,甚至差距甚大。通過對(duì)融資風(fēng)險(xiǎn)的綜合評(píng)價(jià),華潤浙江蒼南發(fā)電廠項(xiàng)目融資風(fēng)險(xiǎn)可以被歸納為嚴(yán)重風(fēng)險(xiǎn)、較嚴(yán)重風(fēng)險(xiǎn)、一般風(fēng)險(xiǎn)、輕微風(fēng)險(xiǎn)等四級(jí)風(fēng)險(xiǎn)。其中地區(qū)政府主管部門不利的行政行為、上網(wǎng)電價(jià)風(fēng)險(xiǎn)、突發(fā)性自然災(zāi)難風(fēng)險(xiǎn)等嚴(yán)重風(fēng)險(xiǎn)為Ⅰ級(jí)風(fēng)險(xiǎn)；國內(nèi)宏觀政策對(duì)火電行業(yè)的影響、通貨膨脹風(fēng)險(xiǎn)、爆炸、化學(xué)污染引起的風(fēng)險(xiǎn)、成本超支風(fēng)險(xiǎn)等較嚴(yán)重風(fēng)險(xiǎn)為Ⅱ級(jí)風(fēng)險(xiǎn)；環(huán)保風(fēng)險(xiǎn)、經(jīng)營和維護(hù)風(fēng)險(xiǎn)、招標(biāo)風(fēng)險(xiǎn)、項(xiàng)目業(yè)主風(fēng)險(xiǎn)、延期完工風(fēng)險(xiǎn)等一般風(fēng)險(xiǎn)為Ⅲ級(jí)風(fēng)險(xiǎn)；無法完工風(fēng)險(xiǎn)等輕微風(fēng)險(xiǎn)為Ⅳ級(jí)風(fēng)險(xiǎn)。 通過對(duì)華潤浙江蒼南發(fā)電廠項(xiàng)目融資風(fēng)險(xiǎn)綜合評(píng)價(jià)分析,不僅清楚地了解項(xiàng)目的風(fēng)險(xiǎn)層次,還可以相應(yīng)提出風(fēng)險(xiǎn)防范措施和建議,對(duì)項(xiàng)目進(jìn)行有策略、有重點(diǎn)的風(fēng)險(xiǎn)管理,既把握了全局,又能關(guān)注重點(diǎn),統(tǒng)籌人力物力,提高效率。
[Abstract]:The development and evolution of financing methods of electric power enterprises show that domestic bank loans, bond financing, stock financing, project financing and other financing methods have their inherent advantages, but there are also some defects and inevitable risks. Project financing, as an effective financing method for capital-intensive power enterprises, is more suitable for the continuous change of international political, economic, legal environment and social factors than the traditional financing method. Therefore, it is very necessary to study the project financing risk of electric power enterprises. This paper identifies the risk of project financing in Cangnan Power Plant of China Resources Zhejiang Province, and then establishes the comprehensive evaluation index system of project financing risk of Cangnan Power Plant in Zhejiang Province of China Resources. The multi-level fuzzy comprehensive evaluation model is used to evaluate the project financing risk of Cangnan Power Plant in Zhejiang Province. Finally, the risk prevention measures and suggestions are put forward. The results show that the risk of project financing in Cangnan Power Plant of China Resources Zhejiang Province is different with different types, and even the difference is very large. Through the comprehensive evaluation of the financing risk, the project financing risk of Cangnan Power Plant in China Resources Zhejiang Province can be classified into four levels of risk, such as serious risk, more serious risk, general risk, mild risk and so on. Among them, the serious risks such as the adverse administrative behavior, the risk of electricity price and the risk of sudden natural disaster are grade I risk, and the serious risks such as the influence of domestic macro policy on thermal power industry, inflation risk, explosion, risk caused by chemical pollution, cost overexpenditure risk and so on are grade II risks, and the serious risks such as the influence of domestic macro policy on thermal power industry, inflation risk, explosion, chemical pollution risk, cost overexpenditure risk and so on. The general risks, such as environmental protection risk, operation and maintenance risk, bidding risk, project owner risk, delay completion risk and so on, are grade III risks, while minor risks such as uncompleted risks are grade IV risks. Through the comprehensive evaluation and analysis of the project financing risk of Cangnan Power Plant in China Resources Zhejiang Province, we can not only clearly understand the risk level of the project, but also put forward the corresponding risk prevention measures and suggestions, carry out strategic and key risk management of the project, not only grasp the overall situation, but also pay attention to the key points, coordinate the manpower and material resources, and improve the efficiency.
【學(xué)位授予單位】：華北電力大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F426.61

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