風(fēng)電項(xiàng)目的融資租賃模式研究
本文選題:風(fēng)電項(xiàng)目 + 融資模式 ; 參考:《華北電力大學(xué)》2017年碩士論文
【摘要】:本文對(duì)我國(guó)的新能源風(fēng)電行業(yè)的行業(yè)狀況、開發(fā)運(yùn)營(yíng)模式、投融資方式等方面進(jìn)行了系統(tǒng)性的論述和分析,其中尤其對(duì)風(fēng)電行業(yè)的籌融資模式進(jìn)行了詳細(xì)深入的研究和探討。在風(fēng)電行業(yè)中,融資方式眾多,無(wú)論是傳統(tǒng)銀行貸款、發(fā)行綠色債券還是通過(guò)融資租賃方式,最終的目的都是盡可能為風(fēng)電項(xiàng)目節(jié)約財(cái)務(wù)成本。融資租賃作為一種已經(jīng)在發(fā)達(dá)國(guó)家非常成熟的融資方式,已經(jīng)在各行各業(yè)中得到了非常廣泛的應(yīng)用。融資租賃在我國(guó)的發(fā)展時(shí)間不算很長(zhǎng),市場(chǎng)滲透率和租賃方式都與發(fā)達(dá)國(guó)家存在不小的差距。近年來(lái),隨著國(guó)家政策的支持以及稅收政策的優(yōu)惠,融資租賃行業(yè)已經(jīng)迎來(lái)了一輪新的發(fā)展高峰期,融資租賃這種融資方式正在飛速的滲透著我國(guó)經(jīng)濟(jì)發(fā)展的許多行業(yè)和眾多環(huán)節(jié)。風(fēng)電行業(yè)近年來(lái),隨著行業(yè)成熟度的越來(lái)越高,行業(yè)內(nèi)存量資產(chǎn)和增量資產(chǎn)規(guī)模都有了很大的提升,資產(chǎn)質(zhì)量也越來(lái)越好。已經(jīng)有越來(lái)越多的風(fēng)電投資人和金融機(jī)構(gòu)把融資租賃開始作為一種可以切實(shí)有效降低投資資金成本的手段不斷的加強(qiáng)應(yīng)用。本文中,首先對(duì)整個(gè)融資行業(yè)的發(fā)展現(xiàn)狀進(jìn)行了梳理,并簡(jiǎn)要介紹了融資租賃這種融資工具的基本原理和操作流程;其次,從風(fēng)電項(xiàng)目入手,剖析了一個(gè)典型風(fēng)電項(xiàng)目的投資構(gòu)成,進(jìn)而逐步引申至探討風(fēng)電項(xiàng)目目前常用的一些融資手段;基于此基礎(chǔ)之上,對(duì)風(fēng)電項(xiàng)目目前使用融資租賃這種融資模式的現(xiàn)狀進(jìn)行了分析;文中選用了兩個(gè)典型的風(fēng)電投資項(xiàng)目,通過(guò)假設(shè)項(xiàng)目的兩種融資方式,即傳統(tǒng)銀行貸款和融資租賃,通過(guò)兩種融資模式的對(duì)比分析,量化計(jì)算,分析得出融資租賃模式在風(fēng)電項(xiàng)目融資中的綜合優(yōu)勢(shì);文中最后在論證出融資租賃模式相對(duì)于銀行貸款的優(yōu)勢(shì)之后,又通過(guò)非線性規(guī)劃求解的研究方式,分析出融資租賃模式本身還有那些值得深入研究的優(yōu)化手段以及在未來(lái)融資租賃在風(fēng)電項(xiàng)目的應(yīng)用中應(yīng)該注意的問題,并結(jié)合整個(gè)行業(yè)現(xiàn)狀提出未來(lái)發(fā)展建議,為希望在風(fēng)電項(xiàng)目中采用融資租賃的開發(fā)商提供決策依據(jù)。
[Abstract]:This paper systematically discusses and analyzes the industry situation, development and operation mode, investment and financing mode of new energy wind power industry in China, especially the research and discussion on the financing mode of wind power industry in detail. In wind power industry, there are many ways of financing, whether traditional bank loans, issuing green bonds or through financial leasing, the ultimate purpose is to save financial costs for wind power projects as much as possible. As a very mature financing method in developed countries, financial leasing has been widely used in various industries. The development of financial leasing in China is not very long, market penetration and leasing methods are not small gap with developed countries. In recent years, with the support of national policies and preferential tax policies, the financial leasing industry has ushered in a new peak period of development. Financing lease is permeating many industries and many links of economic development at full speed. In recent years, with the increasing maturity of wind power industry, the scale of industry storage assets and incremental assets have been greatly improved, and the quality of assets is becoming better and better. More and more wind power investors and financial institutions have started to use financial leasing as a practical and effective means to reduce the cost of investment funds. In this paper, firstly, the development status of the whole financing industry is combed, and the basic principle and operation process of the financing instrument of financing lease are briefly introduced. Secondly, starting with wind power project, This paper analyzes the investment composition of a typical wind power project, and then gradually extends to some commonly used financing methods of wind power project. This paper analyzes the current situation of wind power projects using financial leasing, selects two typical wind power investment projects, and assumes that the two financing methods of the projects are traditional bank loans and financial leases. Through the comparative analysis and quantitative calculation of the two financing modes, the comprehensive advantages of the financial leasing model in wind power project financing are obtained. Finally, after the demonstration of the advantages of the financing lease mode compared with the bank loan, Through the research method of solving nonlinear programming, the paper analyzes the financial leasing model itself and some optimization methods that deserve further study, as well as the problems that should be paid attention to in the application of financial leasing in wind power projects in the future. Combined with the present situation of the whole industry, the future development suggestions are put forward to provide decision basis for the developers who want to use financial leasing in wind power projects.
【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】:2017
【分類號(hào)】:F832.49
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