本文關(guān)鍵詞： 合同能源管理 融資模式 金融工具創(chuàng)新 信息不對稱　出處：《重慶大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

【摘要】：合同能源管理(EPC)作為一種市場化的節(jié)能改造新機(jī)制,在國外得到了廣泛應(yīng)用,而EPC“先投資,后收益”的特點,使融資問題成為EPC必須首先解決的固有問題。目前,EPC領(lǐng)域存在金融創(chuàng)新力度不大、缺乏有效的融資擔(dān)保機(jī)制、節(jié)能效果難以評估等一系列問題,已經(jīng)嚴(yán)重制約了EPC發(fā)展。在解決EPC融資問題時,融資模式的創(chuàng)新是關(guān)鍵,而現(xiàn)有EPC融資模式多是在傳統(tǒng)融資渠道和外部實施環(huán)境上進(jìn)行改善,缺乏與現(xiàn)有EPC投融資交易平臺相結(jié)合的融資模式創(chuàng)新。該論文以國內(nèi)現(xiàn)有EPC投融資交易平臺為基礎(chǔ),構(gòu)建EPC項目多層次融資模式,使EPC項目更好地實現(xiàn)資金籌措。該論文對EPC及EPC項目融資的國內(nèi)外研究現(xiàn)狀進(jìn)行綜述,分析了EPC項目融資困難的原因、EPC機(jī)制的運作特點和操作流程,重點闡述了EPC投融資交易平臺搭建背景、目的及其交易流程和交易規(guī)則。該論文分析了EPC項目進(jìn)行多層次融資的可行性分析,并對國外超級ESCO、SPE、項目管理公司三種創(chuàng)新型融資模式進(jìn)行了總結(jié)和借鑒。在此基礎(chǔ)上,該論文提出了多層次融資的交易原則,構(gòu)建了EPC項目多層次融資模式的框架。該論文著重分析了EPC項目多層次融資模式的兩個核心問題,即:金融工具創(chuàng)新和信息不對稱,初步提出EPC項目多層次融資模式的三種金融工具,即:未來節(jié)能收益權(quán)資產(chǎn)證券化、碳交易、節(jié)能收益?zhèn)?并概略性分析了三種金融工具的適用性和交易流程。該論文對基于EPC投融資交易平臺下的EPC項目多層次融資模式的信息不對稱進(jìn)行了初步研究,闡述、分析了EPC項目多層次融資模式下信息不對稱的類型及原因,并對信息不對稱的主客體及環(huán)境進(jìn)行分析,提出了降低信息不對稱的相關(guān)策略。
[Abstract]:As a new market-oriented energy saving mechanism, contract Energy Management (EPC) has been widely used in foreign countries. At present, there are a series of problems in the field of EPC, such as the lack of financial innovation, the lack of effective financing guarantee mechanism, the difficulty of evaluating the energy saving effect, and so on. In solving the problem of EPC financing, the innovation of financing mode is the key, but the existing EPC financing mode is mostly improved in the traditional financing channel and external implementation environment. This paper is based on the existing EPC investment and financing trading platform in China, and constructs a multi-level financing model for EPC projects. This paper summarizes the domestic and international research status of EPC and EPC project financing, and analyzes the reasons for the difficulty of EPC project financing, including the operation characteristics and operation flow of EPC project financing mechanism. In this paper, the background, purpose, trade flow and transaction rules of EPC investment and financing trading platform are expounded. The feasibility of multi-level financing for EPC project is analyzed in this paper. Three innovative financing models of Esco SPE and Project Management Company are summarized and used for reference. On the basis of this, the paper puts forward the transaction principle of multi-level financing. In this paper, the framework of multi-level financing model of EPC project is constructed. This paper analyzes two core problems of multi-level financing mode of EPC project, that is, innovation of financial instruments and asymmetric information. Three kinds of financial instruments of multi-level financing mode of EPC project are put forward preliminarily, namely: securitization of future energy saving income right assets, carbon trading, energy saving income bond, In this paper, the information asymmetry of the multi-level financing mode of EPC project based on EPC investment and financing platform is studied preliminarily, and the information asymmetry of the multi-level financing mode of EPC project is discussed, which is based on the analysis of the applicability and transaction flow of three kinds of financial instruments. This paper analyzes the types and causes of information asymmetry under the multi-level financing mode of EPC projects, analyzes the subject, object and environment of information asymmetry, and puts forward some relevant strategies to reduce information asymmetry.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F206;F832.4

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