基于期权思想的融资租赁在水电工程中的应用浅析  

Application of Financing Lease in Hydropower Project Based on the Option Theory

作　　者：刘情情[1] 漆文邦[1] 杨清[1] 谢洪钦[1] 

机构地区：[1]四川大学水利水电学院,成都610065

出　　处：《水利科技与经济》2010年第11期1221-1223,共3页Water Conservancy Science and Technology and Economy

摘　　要：针对当前水电项目融资模式单一,前期负债重的问题,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。To solve the problem of single financing model and high liabilities in early stages of hydropower project,a financing method is proposed which is appropriate for the financing of electrical and mechanical equipments in hydroelectric projects.Such financing method which combines the option thought into the manufacturers lease pattern,can make the lessee not pay the rent during the construction period and the early stages of production period,but prefer to start paying the rent when the efficiency is stable and the pressure of other payments is small.For the lessee,it seams to buy an option contract.When the efficiency of the power plant rises,it will receive a higher return.The results of case study show that：this financing method has advantages on others in hydropower projects.At last,several improvements of the financing method has been elaborated.

关 键 词：融资租赁 期权思想 融资模式 水利水电工程 

分 类 号：F4[经济管理—产业经济]