【摘要】：風(fēng)電項目開發(fā)建設(shè)需要資本市場的有效運作,然而由于風(fēng)電建設(shè)的復(fù)雜性和系統(tǒng)性,決定了風(fēng)電項目具有依賴政府政策、投資額度較大、開發(fā)周期短和回收期長的特點,因此風(fēng)電項目的融資方式是風(fēng)電建設(shè)需要解決的重點問題之一。 本文分析了影響風(fēng)電項目內(nèi)外部因素,通過梳理風(fēng)電項目融資的各種模式,總結(jié)分析各風(fēng)電項目融資模式的特點、運作方式和優(yōu)劣勢。通過國內(nèi)外風(fēng)電項目發(fā)展歷程,總結(jié)和分析了國內(nèi)外風(fēng)電項目的成功經(jīng)驗和不足,為國內(nèi)風(fēng)電項目融資指出方向。 重點剖析了西班牙風(fēng)電發(fā)展歷程,指出西班牙是通過采取高補貼電價下的風(fēng)電項目融資模式,再加上具有合理回報的私人資本投資,促進(jìn)了該國風(fēng)電項目的高速發(fā)展。同時也指出,受西班牙2012年風(fēng)電政策轉(zhuǎn)變,其風(fēng)電項目發(fā)展已大不如前,政策的不延續(xù)、不統(tǒng)一導(dǎo)致西班牙風(fēng)電項目發(fā)展受限。 本文提出我國現(xiàn)階段受風(fēng)電項目融資特點影響,單個風(fēng)電項目可以在充分依靠銀行貸款融資和CDM融資的基礎(chǔ)上,通過融資租賃模式做適當(dāng)補充,積極探索其他融資渠道,實現(xiàn)融資渠道的多樣化,降低融資成本。大型風(fēng)電集團除運用上述融資手段外,還可以通過整體上市和供應(yīng)鏈融資來進(jìn)行大規(guī)模資金的籌措。同時,國家需要為風(fēng)電項目融資創(chuàng)造條件,給予更多的政策支持,提供固定電價的購電合同或特許協(xié)議中政府承諾的特許條件并保持政府政策的一貫性、連續(xù)性和完整性,給投融資者以足夠的信心。 此外,論文還通過對風(fēng)電項目融資能力評價的內(nèi)涵進(jìn)行界定,構(gòu)建了風(fēng)電項目融資能力評價的指標(biāo)體系,明確了利用層次分析法作為風(fēng)電項目融資能力的評價方法,最后通過實例驗證并給出相應(yīng)建議,旨在增強我國風(fēng)電項目的融資能力。
[Abstract]:The development and construction of wind power projects need the effective operation of the capital market. However, due to the complexity and systematization of wind power construction, wind power projects are characterized by relying on government policies, large investment quotas, short development cycles and long payback periods. Therefore, the financing method of wind power project is one of the key problems to be solved in wind power construction. This paper analyzes the internal and external factors affecting the wind power project, through combing the various modes of wind power project financing, summarizes and analyzes the characteristics, operation mode and advantages and disadvantages of each wind power project financing mode. Through the development of wind power projects at home and abroad, this paper summarizes and analyzes the successful experiences and shortcomings of wind power projects at home and abroad, and points out the direction of financing for domestic wind power projects. The development course of Spanish wind power is analyzed emphatically. It is pointed out that Spain has promoted the rapid development of wind power projects in Spain by adopting the financing mode of wind power projects under high subsidized electricity prices and by combining with private capital investment with reasonable returns. It also pointed out that the development of wind power projects in Spain has not been as good as before due to the change of wind power policy in Spain in 2012, and that the lack of continuity of the policy and the lack of uniformity have restricted the development of wind power projects in Spain. This paper points out that under the influence of the financing characteristics of wind power projects in our country at the present stage, individual wind power projects can actively explore other financing channels on the basis of fully relying on bank loans and CDM financing and making appropriate additions through the financing leasing mode. To achieve the diversification of financing channels, reduce financing costs. In addition to the above financing methods, large wind power groups can also raise large-scale funds through the overall listing and supply chain financing. At the same time, the country needs to create the conditions for wind power project financing, to give more policy support, to provide the concession conditions promised by the government in the fixed electricity purchase contract or the concession agreement and to maintain the consistency, continuity and integrity of the government policy. Give investors enough confidence. In addition, the paper defines the connotation of wind power project financing ability evaluation, constructs the index system of wind power project financing ability evaluation, and clarifies the evaluation method of wind power project financing ability using AHP. Finally, some suggestions are given to strengthen the financing ability of wind power projects in China.
【學(xué)位授予單位】：華北電力大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F426.61

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