“双碳”背景下核电收益权资产证券化定价研究  

Research on the Asset Securitization Pricing of Nuclear Power Income Right Under the Background of"Carbon Peaking and Carborn Neutrality"Goals

作　　者：马智胜[1] 孟寒雪 MA Zhisheng;MENG Hanxue(School of Economics and Management,East China University of Technology,Nanchang 330013,China)

机构地区：[1]东华理工大学经济与管理学院,江西南昌330013

出　　处：《东华理工大学学报（社会科学版）》2022年第5期435-442,共8页Journal of East China University of Technology(Social Science)

基　　金：国家社会科学基金项目“‘一带一路’倡议框架下中国核能国际合作研究”(18BGJ067)。

摘　　要：“双碳”目标背景下,核电作为目前唯一能够大规模代替化石能源基荷电源的绿色能源,面临着“规模化”发展与巨额建设资金缺口的矛盾。资产证券化融资有望补充和完善核电融资体系,为解决核电融资难题提供有益帮助。基于资产证券化理论及定价原理,通过建立静态利差模型,结合大亚湾核电站机组数据进行实证分析,提出核电收益权定价思路,结果表明现阶段静态利差模型能对我国核电收益权进行客观合理的定价。完善核电行业证券化定价,首先要建立政府担保机制,提高核电资产证券化价格抗风险能力;其次要重视数据积累,加强行业协会、金融机构、核电企业等多方合作,加快推进构建行业资产定价参考数据库;最后还要积极利用非系统性风险量化设计风险导向的动态产品价格机制。Under the background of the"carbon peaking and carbon neutrality"goals,nuclear power,as the only green energy source that can replace fossil-based power sources on a large scale,is facing the contradiction of"scaled-up"development and huge construction capital shortage.Asset securitization financing is expected to complement and improve the financing system of nuclear power and provide help for solving the financing problems of nuclear power.Based on the theory of asset securitization and pricing principles,this paper proposes the idea of pricing nuclear power revenue rights by establishing a static spread model and combining it with the data of Daya Bay nuclear power plant units for empirical analysis.The results show that the static spread model can make objective and reasonable pricing for nuclear power revenue rights in China at this stage.Finally,regarding improving the securitization pricing of the nuclear power industry,the paper puts forward such suggestions as establishing a government guarantee mechanism to improve the anti-risk capability of nuclear power asset securitization prices,cooperation among industry associations,financial institutions,nuclear power companies and other parties to accelerate the construction of industry asset pricing reference databases,and further exploring the quantification of unsystematic risk and designing a risk-oriented dynamic product price mechanism.

关 键 词：核电收益权 融资模式 资产证券化 

分 类 号：F416.23[经济管理—产业经济]