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  本文選題：分布式光伏　切入點：融資模式　出處：《上海交通大學(xué)》2015年碩士論文

【摘要】：中國在近幾年飽受環(huán)境污染之苦后,從2013年起決心效仿歐美發(fā)達國家的步伐,大力發(fā)展光伏產(chǎn)業(yè)改善能源結(jié)構(gòu)。我國地面光伏電站供給過剩,推進分布式電站成為光伏產(chǎn)業(yè)新的發(fā)展方向。分布式電站具有眾多優(yōu)點:改善利用率不足、盈利能力更高、項目投資主體更多樣,可吸引更多民間資本進入。雖然國家出臺電價補貼等優(yōu)惠政策,但中國分布式光伏電站建設(shè)的步伐仍落后于預(yù)期,核心原因在于:融資難。傳統(tǒng)銀行因為投資回收期較長、回報率不確定、投資規(guī)模小等因素,對分布式光伏項目態(tài)度不積極。所以推動分布式光伏產(chǎn)業(yè)進一步發(fā)展的關(guān)鍵在于要解決融資瓶頸。國外分布式光伏領(lǐng)域所應(yīng)用的一些創(chuàng)新融資模式推動了行業(yè)的發(fā)展,實例分析了美國三家光伏知名企業(yè):包括太陽城(SolarCity)所采用的基金合資,Terraform的收益公司(YieldCo)等基于未來電費收益的資產(chǎn)證券化產(chǎn)品,以及美國馬賽克公司(Mosaic)采用的眾籌模式。由于國內(nèi)分布式光伏電站電費現(xiàn)金流穩(wěn)定性還不夠,目前以未來電費收益為估值基礎(chǔ)的資產(chǎn)證券化產(chǎn)品在我國推廣還不成熟。眾籌已經(jīng)開展,但由于監(jiān)管缺位、制度不健全,相關(guān)產(chǎn)品風(fēng)險性較大,短期不適合推廣。短期要解決資金需求,可借鑒在大型機械、交運等行業(yè)中已被成熟使用的售后回租模式。之后通過模型計算分析比較了采用售后回租模式后對分布式光伏電站盈利能力的提升作用。本文通過分析得出的結(jié)論是:比較其他傳統(tǒng)融資模式,短期要解決融資難問題應(yīng)大力推廣售后回租模式,引入金融租賃公司解決資金瓶頸。當(dāng)分布式電站現(xiàn)金流成熟時,未來再發(fā)展產(chǎn)業(yè)基金合資、成立收益權(quán)公司以及眾籌等國外創(chuàng)新金融產(chǎn)品。最后分別對傳統(tǒng)和創(chuàng)新融資模式在我國光伏產(chǎn)業(yè)發(fā)展中的應(yīng)用提出相關(guān)建議。
[Abstract]:After suffering from environmental pollution in recent years, China has been determined to follow the steps of the developed countries in Europe and the United States since 2013 and vigorously develop the photovoltaic industry to improve its energy structure. Promoting distributed power plants has become a new development direction of photovoltaic industry. Distributed power plants have many advantages: low utilization rate, higher profitability, more diversified project investment. Although the state has introduced preferential policies such as electricity price subsidies, the pace of construction of distributed photovoltaic power plants in China is still lagging behind expectations. The core reason is that financing is difficult. Traditional banks have a long payback period for investment. Uncertain rate of return, small scale of investment, etc. The key to the further development of the distributed photovoltaic industry lies in solving the financing bottleneck. Some innovative financing models applied in the field of distributed photovoltaic abroad have promoted the development of the industry. Three well-known photovoltaic enterprises in the United States, including the fund joint venture Terraform's income company Yield Co, which is used by Sun City Solar City, are analyzed for asset securitization products based on future electricity revenue. And the crowdfunding model used by Mosaicus, a US company, because the cash flow of domestic distributed photovoltaic power stations is not stable enough. At present, the promotion of asset securitization products based on future electricity revenue is not mature in our country. Crowdfunding has been carried out, but because of the absence of supervision, the system is not perfect, and the related products are riskier. Short term is not suitable for popularizing. In the short term, to solve the need for funds, we can learn from it in large machinery, After-sale rent return mode has been used in transportation and other industries. Then, the effect of after-sale rent-back mode on the profitability of distributed photovoltaic power station is analyzed and compared by model calculation. The conclusion of this paper is given in this paper. The argument is: compare other traditional financing modes, In order to solve the problem of financing difficulty in the short term, we should vigorously promote the model of after-sale rent return and introduce financial leasing companies to solve the capital bottleneck. When the cash flow of distributed power stations matures, we should develop industrial fund joint ventures in the future. Finally, some suggestions are put forward on the application of traditional and innovative financing models in the development of photovoltaic industry in China.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F426.6

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本文編號：1687664