光伏发电增值税优惠政策效应实物期权分析  

An analysis of the real option for the effect of VAT preference policies on PV power

作　　者：李庆[1] 周艳丽[2] Li Qing;Zhou Yanli(School of Statistics and Mathematics,Zhongnan University of Economics and Law,Wuhan 430073,Hubei,China;School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,Hubei,China)

机构地区：[1]中南财经政法大学统计与数学学院,湖北武汉430073 [2]中南财经政法大学金融学院,湖北武汉430073

出　　处：《科研管理》2020年第1期234-243,共10页Science Research Management

基　　金：教育部人文社会科学研究一般项目(青年基金项目):“基于管理者异质信念的实物期权方法在企业价值评估中的应用研究”(17YJC630236);中南财经政法大学中央高校基本科研业务费专项资金资助:“实物期权视角下绿色电力证书交易机制优化设计”(31511911205)

摘　　要：光伏发电企业容易受到政策不确定性的影响,本文在上网电价和发电成本不确定条件下建立光伏发电增值税收优惠政策实物期权模型,并在上网电价波动率为零的情况下构建标杆上网电价(固定上网电价)时增值税优惠政策效应实物期权模型。不同于现有税收优惠政策模型仅考虑税收优惠率的影响,本文的实物期权模型新方法包含了税收优惠期因素影响。选取实例数据实证分析表明:增值税优惠政策相当于使得光伏发电投资者每千瓦时多获得0. 007元收益;增值税优惠政策虽能促进光伏发电投资,但是现行的较短税收优惠期并不能给投资者带来更大收益,应延长税收优惠期至2024年。Energy shortage,environmental pollution and climate issues are the serious problems of the modern society,low-carbon economy,energy conservation and sustainability are becoming the themes of the modern society,and renewable energy is an important way to solve these problems. Renewable energy electricity is the most important application of renewable energy,due to the features that cost of electricity generation of renewable energy is high,the initial investment cost is irreversible and renewable energy is positive externalities,so renewable energy power projects encounter many obstacles in the process of investment. What’s more,it may face many uncertainties in the investment process of the renewable energy,such as uncertainty of feed-in-tariff and investment cost,the uncertain factors reduce the confidence of investors to invest the renewable energy projects,due to these factors,the development of renewable energy electricity highly depends on government’s policies.In order to effectively encourage the development of renewable energy,many countries have carried out various incentive policies of renewable energy,such as subsidies,tax credits and other financial and tax policies,the bidding policy,feed-in-tariff(FIT),premium price,renewable energy portfolio(RPS),renewable energy certificates(RECs),and electricity pricing policy.At the same time,they have also developed the " Renewable Energy Law" and other laws and regulations to focus on various incentive polices. China government has also introduced the " Renewable Energy Law of People’s Republic of China" and other relevant laws,regulations and incentive polices,the implement of incentive policies reduce the cost of renewable energy investments and investment risks with a large extent,and promote renewable energy industry flourish.But the policies are also affected by many factors,especially in the U. S. and Europe. The change of government,different political Parties have disagreement on the development of renewable energy policy,so that all this will le

关 键 词：光伏发电 标杆上网电价 增值税优惠 实物期权 

分 类 号：F830.9[经济管理—金融学]