本文選題：合同能源管理 + 融資模式　； 參考：《天津大學(xué)》2012年碩士論文

【摘要】：隨著經(jīng)濟(jì)、社會(huì)的高速發(fā)展，能源需求每日劇增，全球性能源危機(jī)的爆發(fā)及生態(tài)環(huán)境的惡化使如何合理的、有效的利用能源成為亟需解決的命題。作為應(yīng)對(duì)之策的節(jié)能減排在經(jīng)濟(jì)、社會(huì)發(fā)展進(jìn)程中發(fā)揮著越來越重要的作用。合同能源管理（EPC）作為一種主要實(shí)現(xiàn)節(jié)能減排功能的商業(yè)模式，在國(guó)內(nèi)外得到廣泛發(fā)展。但是EPC模式在發(fā)展推廣過程中，遇到了一系列問題，其中節(jié)能服務(wù)公司（ESCO）缺乏有效融資渠道，面臨融資困難就是阻礙該模式快速發(fā)展的障礙之一。 通過相關(guān)文獻(xiàn)研究及實(shí)踐調(diào)查發(fā)現(xiàn)，當(dāng)前EPC項(xiàng)目融資研究中，尚缺乏對(duì)EPC項(xiàng)目自身可用來融資潛力的挖掘，比如EPC項(xiàng)目的穩(wěn)定未來現(xiàn)金流。本文針對(duì)這一不足，在聚焦EPC項(xiàng)目未來現(xiàn)金流的基礎(chǔ)上，研究設(shè)計(jì)基于EPC項(xiàng)目的融資模式。而資產(chǎn)證券化作為一種以基礎(chǔ)資產(chǎn)未來現(xiàn)金流為基礎(chǔ)的新型融資模式，即可為EPC項(xiàng)目融資服務(wù)。本文將該融資模式引入到EPC項(xiàng)目融資中，構(gòu)建EPC資產(chǎn)證券化融資模式，并研究設(shè)計(jì)詳細(xì)的融資流程，以期能夠有效拓寬ESCO的融資渠道，為解決EPC節(jié)能模式融資難問題提供幫助。 本文首先對(duì)EPC模式國(guó)內(nèi)外發(fā)展現(xiàn)狀進(jìn)行梳理，對(duì)該模式的國(guó)內(nèi)外研究?jī)?nèi)容進(jìn)行綜述，結(jié)合實(shí)踐案例、及節(jié)能行業(yè)相關(guān)專家的調(diào)研，分析EPC項(xiàng)目融資困難的原因。同時(shí)在深入分析EPC項(xiàng)目運(yùn)作特點(diǎn)及資產(chǎn)證券化融資條件基礎(chǔ)上，得出可以嘗試EPC項(xiàng)目資產(chǎn)證券化這一融資模式來破解融資難題。隨后本文分析了EPC項(xiàng)目進(jìn)行資產(chǎn)證券化的可行性，在資產(chǎn)證券化基本原理的基礎(chǔ)上，，設(shè)計(jì)構(gòu)建了EPC項(xiàng)目資產(chǎn)證券化融資模式，并對(duì)這一融資模式中關(guān)鍵環(huán)節(jié)進(jìn)行了研究分析。然后著重對(duì)這一融資模式的核心問題——資產(chǎn)證券化信用評(píng)級(jí)進(jìn)行了研究，構(gòu)建了基于灰色系統(tǒng)理論的EPC項(xiàng)目資產(chǎn)證券化信用評(píng)級(jí)模型。最后，本文從完善相關(guān)制度、建立規(guī)范的證券交易市場(chǎng)、完善相關(guān)配套服務(wù)三個(gè)方面提出了EPC資產(chǎn)證券化融資模式相關(guān)實(shí)施建議。
[Abstract]:With the rapid development of economy and society, the daily energy demand increases dramatically, the global energy crisis and the deterioration of the ecological environment make the rational and effective use of energy become an urgent problem to be solved. Energy saving and emission reduction as countermeasures play an increasingly important role in the process of economic and social development. Contract Energy Management (EPC), as a business model which mainly realizes the function of energy saving and emission reduction, has been widely developed at home and abroad. However, in the process of developing and popularizing EPC model, it has encountered a series of problems, among which energy saving service company is lack of effective financing channel, and the difficulty of financing is one of the obstacles to the rapid development of EPC model. Through the research of relevant literature and practice, it is found that in the current research of EPC project financing, there is still a lack of excavating the financing potential of EPC project itself, such as the stable future cash flow of EPC project. In this paper, we focus on the future cash flow of EPC project and design the financing model based on EPC project. Asset securitization, as a new financing mode based on the future cash flow of basic assets, can serve the financing of EPC projects. This paper introduces this financing mode into EPC project financing, constructs the EPC asset securitization financing model, and studies and designs the detailed financing process, in order to effectively widen the financing channel of ESCO and provide help to solve the financing difficulty of EPC energy-saving mode. This paper firstly combs the current situation of the development of EPC model at home and abroad, summarizes the domestic and foreign research contents of the model, and analyzes the reasons for the financing difficulties of EPC project by combining the practical cases and the investigation of experts in the energy saving industry. At the same time, on the basis of deeply analyzing the operating characteristics of EPC project and the financing conditions of asset securitization, it is concluded that the financing mode of EPC project asset securitization can be tried to solve the financing problem. Then this paper analyzes the feasibility of asset securitization of EPC project, designs and constructs the financing mode of asset securitization of EPC project on the basis of the basic principle of asset securitization, and studies and analyzes the key link of this financing mode. Then, the credit rating of asset securitization is studied, and the credit rating model of EPC project asset securitization based on grey system theory is constructed. Finally, this paper puts forward some suggestions on the implementation of EPC asset securitization financing model from three aspects: perfecting the relevant system, establishing a standardized securities trading market and perfecting the related supporting services.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F206;F830.5

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