分布式光伏電站資產(chǎn)證券化研究
發(fā)布時間：2018-11-23 15:42
【摘要】：隨著后工業(yè)時代的高速發(fā)展,傳統(tǒng)化石能源正面臨著儲藏量日益匱乏和對環(huán)境造成的污染日益突出等問題,因此,對新能源的開發(fā)利用受到了全球的廣泛關(guān)注。與新能源領(lǐng)域的其他資源相比,光伏發(fā)電具有可持續(xù)開發(fā)、清潔高效、可規(guī)模化利用等優(yōu)勢。近年來,我國不斷出臺相關(guān)的政策法規(guī)支持光伏行業(yè)的發(fā)展,在政策的推動下我國光伏裝機容量逐年攀升,已超過德國成為世界光伏第一大國。盡管我國不斷出臺政策以支持光伏電站的發(fā)展,但是市場的可接受程度并不高,融資難在這一新的發(fā)展領(lǐng)域再次成為焦點。光伏產(chǎn)業(yè)融資渠道的創(chuàng)新和相關(guān)金融產(chǎn)品的深化發(fā)展,將成為保障光伏行業(yè)穩(wěn)健發(fā)展的重要環(huán)節(jié)。本文介紹了發(fā)展分布式光伏的意義和國內(nèi)外關(guān)于光伏發(fā)電投融資和資產(chǎn)證券化的研究現(xiàn)狀,希望通過借鑒國外成熟市場中分布式光伏投融資模式的經(jīng)驗,來尋找投融資方式創(chuàng)新的突破口。關(guān)于資產(chǎn)證券化的理論概述方面,介紹了資產(chǎn)證券化的基本原理、具體分類和發(fā)展歷程,同時分析了我國目前市場上資產(chǎn)證券化產(chǎn)品種類、交易結(jié)構(gòu)和定價方法,為進行分布式光伏電站資產(chǎn)證券化模型設(shè)計提供理論基礎(chǔ)。通過對國內(nèi)光伏電站的現(xiàn)狀、政策支持以及融資問題的研究,得出國內(nèi)分布式光伏電站應(yīng)以資產(chǎn)證券化的方式進行融資。通過對國內(nèi)光伏電站資產(chǎn)證券化的融資模式的比較和可行性分析,從破產(chǎn)隔離、融資規(guī)模和會計處理三方面著手,創(chuàng)新的構(gòu)建了更適合于分布式光伏電站現(xiàn)階段融資需求的資產(chǎn)證券化融資模式,即基于信托計劃和資產(chǎn)證券化相結(jié)合的雙SPV資產(chǎn)證券化模式。該模式下,通過信托公司資金搭橋的方式,使其發(fā)揮“通道銀行”的作用,有效擴展企業(yè)的融資規(guī)模。雙SPV資產(chǎn)證券化產(chǎn)品交易結(jié)構(gòu)分為兩層:第一層是將分布式光伏電站所產(chǎn)生的的現(xiàn)金流組成資產(chǎn)池,并設(shè)立信托計劃,電站原始權(quán)益人作為該信托計劃的受益人;第二層是將受益權(quán)轉(zhuǎn)讓給資產(chǎn)支持專項計劃,專項計劃的現(xiàn)金流為信托受益權(quán)的預期收益。通過雙SPV的形式,將分散的分布式光伏電站產(chǎn)生的未來現(xiàn)金流匯總?cè)氤卦O(shè)立信托,再將信托受益權(quán)進行資產(chǎn)證券化設(shè)計,可以提高融資效率、降低融資成本,最終支持分布式光伏行業(yè)的發(fā)展。
[Abstract]:With the rapid development of the post-industrial era, the traditional fossil energy is facing the problems of increasing shortage of storage and pollution to the environment. Therefore, the development and utilization of new energy has been paid more and more attention around the world. Compared with other resources in the field of new energy, photovoltaic power generation has the advantages of sustainable development, clean and efficient, large-scale utilization and so on. In recent years, China has continuously issued policies and regulations to support the development of the photovoltaic industry. Under the promotion of policies, the installed capacity of photovoltaic in China has increased year by year, which has surpassed Germany to become the largest photovoltaic country in the world. Although our country has continuously introduced policies to support the development of photovoltaic power plants, but the market is not highly acceptable, financing difficulties in this new development area again become the focus. The innovation of photovoltaic financing channels and the deepening development of related financial products will become an important link to ensure the steady development of photovoltaic industry. This paper introduces the significance of developing distributed photovoltaic and the research status of photovoltaic investment and financing and asset securitization at home and abroad, hoping to learn from the experience of distributed photovoltaic investment and financing model in mature foreign markets. To find a breakthrough in the innovation of investment and financing methods. On the theoretical overview of asset securitization, this paper introduces the basic principle, specific classification and development of asset securitization, and analyzes the types, transaction structure and pricing methods of asset securitization products in China's current market. It provides a theoretical basis for the design of distributed PV power plant asset securitization model. Through the research on the status quo, policy support and financing of domestic photovoltaic power plants, it is concluded that the domestic distributed photovoltaic power plants should be financed by asset securitization. Through the comparison and feasibility analysis of domestic photovoltaic power plant asset securitization financing mode, starting from bankruptcy isolation, financing scale and accounting treatment, An innovative asset securitization model is constructed, which is more suitable for the financing needs of distributed photovoltaic power plants at this stage, that is, the dual SPV asset securitization model based on the combination of trust plan and asset securitization. In this mode, the trust company can play the role of "channel bank" and expand the financing scale of the enterprise effectively. The trading structure of double SPV asset securitization products is divided into two layers: the first layer is to form the asset pool from the cash flow generated by the distributed photovoltaic power station and set up a trust plan in which the original owner of the power station is the beneficiary of the trust plan; The second level is the transfer of beneficial rights to asset support programs, the cash flow of which is expected to benefit from trust benefits. In the form of double SPV, the future cash flow generated by distributed photovoltaic power station is collected into the pool to set up the trust, and then the trust benefit right is designed for asset securitization, which can improve the financing efficiency and reduce the financing cost. Finally, it supports the development of distributed photovoltaic industry.
【學位授予單位】：華北電力大學(北京)
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F426.61
本文編號：2351937
[Abstract]:With the rapid development of the post-industrial era, the traditional fossil energy is facing the problems of increasing shortage of storage and pollution to the environment. Therefore, the development and utilization of new energy has been paid more and more attention around the world. Compared with other resources in the field of new energy, photovoltaic power generation has the advantages of sustainable development, clean and efficient, large-scale utilization and so on. In recent years, China has continuously issued policies and regulations to support the development of the photovoltaic industry. Under the promotion of policies, the installed capacity of photovoltaic in China has increased year by year, which has surpassed Germany to become the largest photovoltaic country in the world. Although our country has continuously introduced policies to support the development of photovoltaic power plants, but the market is not highly acceptable, financing difficulties in this new development area again become the focus. The innovation of photovoltaic financing channels and the deepening development of related financial products will become an important link to ensure the steady development of photovoltaic industry. This paper introduces the significance of developing distributed photovoltaic and the research status of photovoltaic investment and financing and asset securitization at home and abroad, hoping to learn from the experience of distributed photovoltaic investment and financing model in mature foreign markets. To find a breakthrough in the innovation of investment and financing methods. On the theoretical overview of asset securitization, this paper introduces the basic principle, specific classification and development of asset securitization, and analyzes the types, transaction structure and pricing methods of asset securitization products in China's current market. It provides a theoretical basis for the design of distributed PV power plant asset securitization model. Through the research on the status quo, policy support and financing of domestic photovoltaic power plants, it is concluded that the domestic distributed photovoltaic power plants should be financed by asset securitization. Through the comparison and feasibility analysis of domestic photovoltaic power plant asset securitization financing mode, starting from bankruptcy isolation, financing scale and accounting treatment, An innovative asset securitization model is constructed, which is more suitable for the financing needs of distributed photovoltaic power plants at this stage, that is, the dual SPV asset securitization model based on the combination of trust plan and asset securitization. In this mode, the trust company can play the role of "channel bank" and expand the financing scale of the enterprise effectively. The trading structure of double SPV asset securitization products is divided into two layers: the first layer is to form the asset pool from the cash flow generated by the distributed photovoltaic power station and set up a trust plan in which the original owner of the power station is the beneficiary of the trust plan; The second level is the transfer of beneficial rights to asset support programs, the cash flow of which is expected to benefit from trust benefits. In the form of double SPV, the future cash flow generated by distributed photovoltaic power station is collected into the pool to set up the trust, and then the trust benefit right is designed for asset securitization, which can improve the financing efficiency and reduce the financing cost. Finally, it supports the development of distributed photovoltaic industry.
【學位授予單位】：華北電力大學(北京)
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F426.61
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