电网工程项目融资租赁理论与应用研究
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摘要
随着近几年我国电源建设速度的加快,电网建设已严重滞后于电源建设,造成了不同程度的电力输送“瓶颈”制约。要加快电网建设,必须尽快解决电网建设资金不足的问题。因此,改革电网建设现有融资模式,促进多种资本进入电网建设中,已经不仅仅是理论研究的课题,更是我国电网企业现实的需要。
论文研究电网工程项目融资租赁理论与应用,对于创新电网工程融资模式、拓宽融资渠道、促进多种资本进入电网投资中来具有很强的现实意义。另一方面,通过对电网工程项目融资租赁的分析和研究,可以为融资租赁业进入其他基础设施领域提供理论分析框架和方法指导,可以促进融资租赁在基础设施建设中的应用、拓宽融资租赁业的市场领域。
论文主要从微观层面研究项目融资租赁在电网工程中的理论与应用问题,给出了基于出租人的开展电网工程项目融资租赁的理论分析框架和应用的方法模型。其主要研究成果包括:
论文论证了项目融资租赁在电网工程中应用的可行性,并结合电网工程的特性构建了电网工程项目融资租赁的操作模式和操作流程,能够为融资租赁公司开展电网工程项目融资租赁提供指导。
论文从出租人的角度建立了融资租赁项目可行性评价指标体系,基于熵权理论构建的模糊可拓评价模型用于综合评价项目的投资可行性,为出租人的电网项目投资选择提供了一套完整的系统评价方法。论文建立了项目融资租赁经营期风险的多级评价指标体系,基于粗糙集理论构建的项目融资租赁风险模糊综合评价模型,有助于出租人评估项目融资租赁经营期风险大小。
论文研究了电网建设项目融资租赁基准收益率的确定方法,并且计算出了几种常见资本结构时的基准收益率,可以为出租人进行租赁费率谈判提供依据。进而建立了租金偿还的最优化数学模型,并且以等额本金法、等额年金法、等比递增年金法三种租金偿还模式为例,论证了租赁收益与租赁期限、租赁费率等之间的关系,为出租人选择租金偿还模式、租赁期和租赁费率决策提供依据。
论文开发了基于多Agent的项目融资租赁工作流管理系统,有助于提高项目融资租赁实务的信息化管理水平。设计了“动态定义层次及指标的层次分析法评价软件”和“租金计算及决策软件”等支撑工具软件,对决策提供了辅助支持。
With the faster development of power supply construction in China in recent years, the grid construction has lagged far behind of power supply, causing unprecedented“bottleneck”of power transmission in different degrees. In order to speed up grid construction, the shortage problem of grid construction capital must be resolved as soon as possible. Therefore, reforming the present financing modes in grid construction and promoting a various capital into grid construction have been not only the subject of theoretical research, but also the real demand in our grid enterprises.
This dissertation researches on the theory and application of project financing lease in grid engineering, which proposes a strong practical significance to innovate grid engineering financing mode, widen financing source and introduce various capital in grid investment. Furthermore, there provides theoretical analysis framework and method direction for propelling financing lease into other infrastructure facilities industries, promotes the application of financing lease in infrastructure facilities construction and expands the market segments of financing lease through analyzing and researching on project financing lease in grid engineering.
The dissertation mainly researches on the theory and application of project financing lease in grid engineering in micro-level angle, and gives a theory analysis framework and application method and model of developing in grid engineering project based on the benefit of lessor. Its main achievements are as follows:
The dissertation proves that it is feasible to apply project financing leasing to grid engineering. It also establishes the operation modes and operation flow of grid project financing lease combining with the grid engineering characteristics, and provides a direction for the financing lease enterprises to develop such projects.
On behalf of the lessor, the dissertation establishes indicator system of evaluating financing lease project’s feasibility and a fuzzy-extension evaluating model based on entropy weight theory to synthetically evaluate feasibility of investment, which provides lessor with a complete set of systemic appraisals method to choose grid project investment. The dissertation also establishes the multi-level evaluating indicator system of risk in operation period and a fuzzy comprehensive evaluation model based on rough set theory to help lessor to appraise the risks in the project financing lease operation period.
The dissertation researches on the method to determine basic return rate of grid construction financing lease project, then figures out the basic return rate in several kinds of common capital structures, which can provide a basis for the lessor on the negotiation over lease expense rate. Furthermore, it establishes the optimal mathematical model of rent repayment, and exemplifies the relationships among rental income, lease period and lease expense rate through using the equality corpus, the equality annuity and ratio increasing annuity methods, which can present evidence of the lessor’s decision-making on the choice of the rent repayment mode, lease period and lease expense rate.
This dissertation develops a work flow management system of project financing lease based on Multi-Agents, which can enhance the information management levels of project financing lease practice. It designs some support instrument software such as“the Analysis Hierarchy Process(AHP) Evaluation Software of the Dynamic Defined Hierarchy and Indices”and“the Software of Rent-calculating and Decision-making”to provide an assistant support for decision-making.
论文研究电网工程项目融资租赁理论与应用,对于创新电网工程融资模式、拓宽融资渠道、促进多种资本进入电网投资中来具有很强的现实意义。另一方面,通过对电网工程项目融资租赁的分析和研究,可以为融资租赁业进入其他基础设施领域提供理论分析框架和方法指导,可以促进融资租赁在基础设施建设中的应用、拓宽融资租赁业的市场领域。
论文主要从微观层面研究项目融资租赁在电网工程中的理论与应用问题,给出了基于出租人的开展电网工程项目融资租赁的理论分析框架和应用的方法模型。其主要研究成果包括:
论文论证了项目融资租赁在电网工程中应用的可行性,并结合电网工程的特性构建了电网工程项目融资租赁的操作模式和操作流程,能够为融资租赁公司开展电网工程项目融资租赁提供指导。
论文从出租人的角度建立了融资租赁项目可行性评价指标体系,基于熵权理论构建的模糊可拓评价模型用于综合评价项目的投资可行性,为出租人的电网项目投资选择提供了一套完整的系统评价方法。论文建立了项目融资租赁经营期风险的多级评价指标体系,基于粗糙集理论构建的项目融资租赁风险模糊综合评价模型,有助于出租人评估项目融资租赁经营期风险大小。
论文研究了电网建设项目融资租赁基准收益率的确定方法,并且计算出了几种常见资本结构时的基准收益率,可以为出租人进行租赁费率谈判提供依据。进而建立了租金偿还的最优化数学模型,并且以等额本金法、等额年金法、等比递增年金法三种租金偿还模式为例,论证了租赁收益与租赁期限、租赁费率等之间的关系,为出租人选择租金偿还模式、租赁期和租赁费率决策提供依据。
论文开发了基于多Agent的项目融资租赁工作流管理系统,有助于提高项目融资租赁实务的信息化管理水平。设计了“动态定义层次及指标的层次分析法评价软件”和“租金计算及决策软件”等支撑工具软件,对决策提供了辅助支持。
With the faster development of power supply construction in China in recent years, the grid construction has lagged far behind of power supply, causing unprecedented“bottleneck”of power transmission in different degrees. In order to speed up grid construction, the shortage problem of grid construction capital must be resolved as soon as possible. Therefore, reforming the present financing modes in grid construction and promoting a various capital into grid construction have been not only the subject of theoretical research, but also the real demand in our grid enterprises.
This dissertation researches on the theory and application of project financing lease in grid engineering, which proposes a strong practical significance to innovate grid engineering financing mode, widen financing source and introduce various capital in grid investment. Furthermore, there provides theoretical analysis framework and method direction for propelling financing lease into other infrastructure facilities industries, promotes the application of financing lease in infrastructure facilities construction and expands the market segments of financing lease through analyzing and researching on project financing lease in grid engineering.
The dissertation mainly researches on the theory and application of project financing lease in grid engineering in micro-level angle, and gives a theory analysis framework and application method and model of developing in grid engineering project based on the benefit of lessor. Its main achievements are as follows:
The dissertation proves that it is feasible to apply project financing leasing to grid engineering. It also establishes the operation modes and operation flow of grid project financing lease combining with the grid engineering characteristics, and provides a direction for the financing lease enterprises to develop such projects.
On behalf of the lessor, the dissertation establishes indicator system of evaluating financing lease project’s feasibility and a fuzzy-extension evaluating model based on entropy weight theory to synthetically evaluate feasibility of investment, which provides lessor with a complete set of systemic appraisals method to choose grid project investment. The dissertation also establishes the multi-level evaluating indicator system of risk in operation period and a fuzzy comprehensive evaluation model based on rough set theory to help lessor to appraise the risks in the project financing lease operation period.
The dissertation researches on the method to determine basic return rate of grid construction financing lease project, then figures out the basic return rate in several kinds of common capital structures, which can provide a basis for the lessor on the negotiation over lease expense rate. Furthermore, it establishes the optimal mathematical model of rent repayment, and exemplifies the relationships among rental income, lease period and lease expense rate through using the equality corpus, the equality annuity and ratio increasing annuity methods, which can present evidence of the lessor’s decision-making on the choice of the rent repayment mode, lease period and lease expense rate.
This dissertation develops a work flow management system of project financing lease based on Multi-Agents, which can enhance the information management levels of project financing lease practice. It designs some support instrument software such as“the Analysis Hierarchy Process(AHP) Evaluation Software of the Dynamic Defined Hierarchy and Indices”and“the Software of Rent-calculating and Decision-making”to provide an assistant support for decision-making.
引文
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