试论湖南火力发电企业国际融资.pdf

摘 要 中国电力行业是一个特殊的行业,作为发展中国家来说，发挥后发优势引入 国际先进技术是普遍的做法。本文首先对现代企业融资结构理论的发展进行了综 述，在金融全球化和企业融资国际化的背景下，考虑国家，行业和企业的现实情 况，初步提出了国有企业项目国际融资理论。虽然电力体制改革进展缓慢，但在 利用外资方面也取得了一定的成绩，在当前形势下，应当利用人民币升值和国内 外利率差额两个“契机”加速融资国际化的进程，而项目国际融资在不根本触动 “国家所有制”的前提下给我们提供了可行的途径。接着分析了湖南火电产业的 现实和引入项目国际融资的必要性，并对具体的引入项目的国际方式进行了说 明。湖南省的火力发电企业地处我国中部地区，社会整体发展水平较低，火电企 业大部分是依靠国内融资为主，特别是银行贷款，这使得电力企业负债率较高， 资金成本过高，还本付息压力沉重。而项目国际融资有利于缓解这一现实状况， 并且主张采用以 BOT为核心的综合项目国际融资模式。最后参考前面提出的理 论，对大唐湘潭发电有限责任公司三期工程进行了具体的项目国际融资方案设 计。 关键词：火电企业；项目国际融资 I Abstract Chinese electric power industry is a peculiar industry, as a developing country , bringing the queen into play sending out advantage leading into the international advanced technology is common method of work. Development of financing structure theory has carried out the main body of a book on modern enterprise first sum up, before finance globalization and consider the country und er enterprise financing internationalization background,industry and the enterprise actual circumstances, the first step has brought forward state-owned enterprise project international financing theory. Have also got certain achievement in the respect of using foreign funds, under current circumstances although the electric power institutional reform makes slow progress, have ought to make use of RMB appreciation and home and abroad interest rate differences two turning point accelerates financing internationalization course, but the project international finances having provided feasible approach for us on the premise of state ownership in not touching at all. And proceed to have analysed Hunan fire electricity estate reality and the necessity leading into the project