LED作为光源,具有节能环保、长寿命三大优势。LED产品应用遍及国民经济各

个方面,有着广阔的市场前景。LED车灯是LED应用的一部分。欧盟在2011年通过日

间行车灯法规,该法规在2012年生效,法规强制在日间行车使用前照灯。只要车辆在

行驶之中,就要幵前照灯,使得LED光源的长寿命、低能耗的优势更明显。在日间行

车灯领域,LED车灯2013年的渗透率大概是30%左右。我们知道,目前奔驰、宝马和

奥迪等高端车型前灯基本都用了 LED。依此推测,在未来三年内,如果10万元以上级

别的车都大规模的使用LED车灯,其贡献的产值将超过215亿元。

本文从项目建设背景、项目市场需求等方面对SZ公司LED车灯项目建设方案进行

了陈述,从项目投资估算、融资的模式和结构及项目的融资方式等方面得出项目总投资

15亿,达产年销售收入约为12亿元。2014-2016年的净现金量12.39亿。项目债权投

资6亿元,用企业的每年利润和折旧费进行偿还,借款偿还期为2.6年(含建设期),具

有一定的清偿能力。项目计划由企业自筹资金3亿元,申请商业银行贷款1.5亿元,贷

款年利率为5.84%,公开发行债券4.5亿元,其余为股票上市筹资6亿元,融资结构合

理。最后,提出了包括项目融资的政策风险、市场风险和管理风险等融资风险及防范措

施。

是否具有完善的资本结构和成熟的筹资融资体系,逐渐成为判断一家企业前景如何

的重要标志;另一方面,LED车灯项目在低碳发展背景下对于国民经济的重要意义不断

加强。从这一角度出发,本文选取LED车灯项目作为研究对象,从最佳资本结构理论

出发,研究各种融资方式的优劣,从而为相关企业及决策者提供参考。

【关键词】LED车灯;项目融资;方案设计

【研究类型】应用研究

Abstract

The LED as light source, include three advantages of energy saving,

environmental protection and long service life. LED products apply in each

aspects of national economy, has a vast market prospects. LED lamp is a part of

automotive lighting. The European Union has imposed rules of the daytime

running lights in 2011.The rules forced in the daytime driving with a head lamp.

As long as the vehicles is running, must open the head lamp, In the daytime

running lights, LED lights 2013 permeability is about 30%. As we know, the

Mercedes Benz, BMW and other high-end models Audi headlights are basically

used LED. So that, in the next three years, if the 100 thousand yuan level cars

are large-scale use of LED lights, the contribution of the output value will

exceed 2150 million yuan.

Full text presented the construction scheme of LED lamp SZ project from

the project background, project of market demand, the project investment

estimation, mode and structure and project financing mode of financing, the

project total investment of 150 million, the annual sales income will reach about

120 million Yuan. Net cash has 123.9 millions from 2014 to 2016. Project

investment 60 million Yuan, annual profit for enterprises and depreciation

charge for repayment, repayment period of loan is 2.6 years (including the

construction period), has a certain degree of solvency. Project planning by the

enterprise self financing 30 millions Yuan, 15 million for commercial bank loans,

loan interest rate of 5.84%, bonds of 45 million, the rest is the stock market

financing 60 million, the reasonable financing structure. Finally, put forward

including financing risks and preventive measures of project financing policy

risk, market risk and management risk etc.

Whether it is capital sfructure perfect and mature financing system, has

gradually become an important mark to judge whether a company's prospects;

on the other hand, LED lighting project in the context of low carbon

development is important to the national economy continued to strengthen.

From tiiis point of view, this paper selects the LED lamp projects as the research

object, starting from the optimal capital structure theory, to study various

financing modes, so as to provide reference for the related companies and policy

makers.

【Key words 】LED Lamp; Project financing; scheme design

[Research Type 】Application Research