本文關鍵詞： 光伏 光伏電站 資產(chǎn)證券化　出處：《上海交通大學》2013年碩士論文　論文類型：學位論文

【摘要】：光伏發(fā)電是可再生能源發(fā)展的一個重要分支,具有戰(zhàn)略意義。而光伏電站隸屬于資本密集型產(chǎn)業(yè)，其前期投入巨大，往往需要企業(yè)事先墊資建設電站從而產(chǎn)生較大的資金沉淀。業(yè)主資金在今后的業(yè)務拓展過程中將面臨困境，因此需要盡快實現(xiàn)資金的回流，以備再投資。但目前對光伏電站業(yè)主來說，融資渠道有限，，融資困難。為解決該困難本文通過綜合考慮光伏電站的特點——擁有較穩(wěn)定的現(xiàn)金流，對其設計資產(chǎn)證券化產(chǎn)品實現(xiàn)資金的迅速回流，提高資本利用效率。 本文首先回顧了資產(chǎn)證券化的理論基礎以及國內資產(chǎn)證券化的應用案例；對流動性不強，但有穩(wěn)定現(xiàn)金流的資產(chǎn)可以通過資產(chǎn)證券化的方式進行融資。然后分析了光伏電站的行業(yè)情況，介紹了光伏電站的行業(yè)發(fā)展態(tài)勢，盈利方式，補貼政策，以及當前的融資現(xiàn)狀、存在問題和進行資產(chǎn)證券化的條件。之后以青海區(qū)域光伏電站為例分析光伏電站資產(chǎn)證券化的可行性，并以ABC公司青海區(qū)域2010年完工且并網(wǎng)的光伏電站為目標資產(chǎn)設計了信托型資產(chǎn)證券化方案。 SPT選擇為信托公司或者證券公司，資產(chǎn)池根據(jù)不同情況分為50MW電站未來5年現(xiàn)金流（無銀行貸款，電站自身為擔保物）和80MW電站未來5年現(xiàn)金流（有銀行貸款，外部擔保）兩大類分析。資產(chǎn)結構分為優(yōu)先級四級和次級貸款一級，共五級模式，這里對各級的發(fā)行額比例分配設計如下：次級比例為10%；優(yōu)先級A為14.2%，優(yōu)先級B為19.9%，優(yōu)先級C為27%，優(yōu)先級D為28.9%。針對光伏電站證券化產(chǎn)品的特點,結合資本資產(chǎn)定價模型,做了各級利率分析和盈利分析。采用靜態(tài)利率差原理，在利率期限結構上我們采用最新的銀行中短期票據(jù)收益率即期利率結構，靜態(tài)利差參考市場上的案例試算得到，設計的產(chǎn)品利率如下：1年期為5%，3年期為5.5%，4和5年期分別為6%和6.2%。并對交易流程和信用增強與信用評級等層面一一剖析。 本文采用比較研究法、定性和定量相結合、理論研究和實證研究相結合、統(tǒng)計學等方法來開展光伏電站資產(chǎn)證券化可行性分析,并提出了具體實施方案設計相關建議。
[Abstract]:Photovoltaic power generation is an important branch of renewable energy development, which has strategic significance. Photovoltaic power plants belong to capital-intensive industry, and its early investment is huge. It is often necessary for enterprises to build power stations in advance so as to produce a large amount of capital precipitation. Owners' funds will face difficulties in the process of future business expansion, so it is necessary to realize the return of funds as soon as possible. But for photovoltaic power plant owners, the financing channels are limited, financing is difficult. In order to solve this problem, this paper considers the characteristics of photovoltaic power plants-has a relatively stable cash flow. The design of asset securitization products to realize the rapid return of funds, improve the efficiency of capital use. This paper first reviews the theoretical basis of asset securitization and domestic asset securitization application cases; The assets with stable cash flow can be financed by asset securitization. Then the paper analyzes the industry situation of photovoltaic power plants and introduces the industry development situation and profitability of photovoltaic power plants. The subsidy policy, the current financing situation, the existing problems and the conditions for asset securitization. Then the feasibility of asset securitization of photovoltaic power plants in Qinghai Province is analyzed. The project of trust asset securitization is designed based on the photovoltaic power station completed in 2010 and connected to the grid in Qinghai area of ABC Company. SPT is chosen as a trust company or securities company, the asset pool is divided into 50 MW power plant cash flow for the next 5 years (no bank loans) according to different circumstances. There are two types of cash flow (bank loan, external guarantee) and cash flow (bank loan, external guarantee) in the next five years. The asset structure is divided into four priority levels and a sub-loan level, a total of five levels model. Here the distribution of distribution at all levels of the design is as follows: the sub-ratio is 10; Priority A is 14.2B, priority B is 19.9b, priority C is 27and priority D is 28.9. according to the characteristics of securitization products of photovoltaic power station, the paper combines the capital asset pricing model. By using the principle of static interest rate difference, we adopt the latest interest rate structure of short and medium term paper in the term structure of interest rate. Static interest rate reference market cases show that the designed product interest rate is as follows: 1 year is 5, 3 years is 5.5%. The four and five year periods are 6% and 6.2 respectively, and the transaction flow, credit enhancement and credit rating are analyzed one by one. This paper uses comparative research, qualitative and quantitative analysis, theoretical and empirical research, statistics and other methods to carry out photovoltaic power plant asset securitization feasibility analysis. And put forward the concrete implementation scheme design related suggestions.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F426.61

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