基于期权思想的融资租赁在水电工程中的应用浅析.pdfVIP

16 11 水利科技与经济 V ol16 No11 2010 11 W ater Conservancy Science and Technology and Economy Nov, 2010 刘情情, 漆文邦, 杨 清, 谢洪钦 ( , 610065) [ ] 针对当前水电项目融资模式单 一, 前期 债重的问题, 提出了一种基于期权思想的 适用于水电工程机电设备融资的租赁方式这种融资方式将期权思想融入到厂商租赁模式当 中, 可以使承租方建设期及生产期前期不必支付租金, 而在效益稳定, 其他还款压力较小时开 始支付租金; 对出租方而言, 则相当于买入一份期权合约, 当电站效益上升时, 出租方将会获得 较高的回报通过案例分析, 结果表明: 基于期权思想的融资租赁方式与其他融资方式相比, 在水电工程项目中具有一定的优越性最后对该融资方式的改进方向进行了适当阐述 [ ] 融资租赁; 期权思想; 融资模式; 水利水电工程 [ ] F4 [] A [] 1006- 1 5( 2010) 11- 1221- 03 App lication of F inancing L ease in Hydropow er P roject Based on the Op tion Theory LIU Q ing- qing, YANG Q ing, X IE H ong- q in ( Sichuan un ivercity, College ofW ater Consource and Hydropow er, Chengdu 610065, Sichuan, China) Abs tract: To solve the problem of single financing model and high liabilities in early stages of hydro pow er project, a financing method is proposed w hich is appropriate for the financing of electrical and mechanical equ ipments in hydroelectric projectsSuch financing method wh ich comb ines the option thought into the manufacturers lease pattern, can make the lessee not pay the rent during the con struction period and the early stages of production period, but prefer to start paying the rentw hen the efficiency is stable and the pressure of other payments is smallFor the lessee, it seams to buy an op tion contractWhen the efficiency of the pow er plant rises, it w ill receive a h igher returnThe results of case study show tha:t this financing method has advantages on others in hydropow er projects A t last, several mi provem ents of the financing method has been elaborated Key w ord s: financial leasing; option theory; financing mode;l hydropow er project