纵观电力企业在海外进行投资的特点和现状，不难发现，资金瓶颈一直是制
约着我国电力企业“走出去”的重要因素。前期投资大、建设期长、完工风险大、
资金回收慢是电力项目的重要特点，这些特点在海外电力项目的建设和运营中更
加突出，中国电力企业进行海外投资面临的融资困难更加明显
电力企业的融资方式主要为债务融资和股权融资。债务融资主要是用负债的
方式来筹集资金，主要有银行融资、发行债券和民间借贷等方式。股权融资指通
过出让部分企业的所有权来筹措资金，主要有公开发行股票和私募发售等方式
中国企业发行债券一直受到较为严格的控制，在进行海外投资时大多使用银行贷
款的方式进行融资。而银行在面对较高的投资金额、较长的融资期限、较大的完
工风险和境外较多不确定因素时，往往会增加贷款审批手续、提高融资利率和费
率，甚至不愿意为企业提供境外项目贷款。这给电力企业“走出去”带来了严重
的困难
本文以柬埔寨LSS水电项目为案例，从企业投资的层面全面分析了该项目所
在国家的风险情况、电力市场情况、项目开发协议的情况、建设工期情况，进而
总结了项目特有的融资困难，以及常见的融资模式不适用于该项目的原因，得出
了通过创新的融资租赁模式可以较好地解决项目资金困难的结论。本文还归纳了
柬埔寨LSS水电项目融资租赁的创新之处，以及通过该模式使项目的资金能及时
到位、开工能正常进行、融资成本得到了有效降低，并为境外水电项目投资提供
了全新的融资途径等方面的意义。摘要
II
关键词：融资租赁境外水电项目融资项目融资Abstract
III
Abstract
In recent years, given context of the global economic downturn，by the domestic
economic restructuring, investment growth slowdown and many other factors, China&39;s
economic growth slowed down. Electricity demand growth in the whole society is
weak. From 2015, China has introduced a series of steady growth to promote reform
policy. Macroeconomic steady rise in the momentum. There is still the possibility of
further slowdown in economic growth. As a basic industry, the power industry
business development and economic situation are closely related. In the face of
changing international political situation and the intricate domestic and international
economic environment, Going out is the inevitable choice for electric power
enterprises to open up market space, optimize industrial structure and obtain high
quality resources.
Throughout the characteristics and status quo of investment in overseas enterprises, it
is not difficult to find that Capital fund bottleneck has been restricting China&39;s power
enterprises going out as an important factor. Early investment amount is huge, the
risk of completion of project is high, and capital recovery is slow. These are important
features of investment of power projects. These features are more prominent in the
construction and operation of overseas power projects. Coupled with the impact of the
country&39;s risk rating on investment host countries, it is more obviously that Chinese
power companies are facing more and more financing difficulties when investing in
oversea countries.
The financing of electric power enterprises is mainly for debt financing and equity
financing. Debt financing is mainly to use debt to raise funds, mainly bank financing,
found bonds and private lending, etc. Equity financing refers to the transfer of part of
the ownership of enterprises to raise funds, mainly public offering and private
placement and other ways. Chinese corporate bonds have been subject to more
stringent control. Most of the overseas investments are financed by using bank loans.Abstract
IV
In the face of higher investment amount and more uncertainty outside the factors, the
banks Often increase the loan approval procedures and raise the financing rate, or
even reluctant to provide enterprises with foreign project loans. This gives the power
companies going out has brought serious difficulties.
This paper takes Cambodia LSS hydropower project as a case. From the level of
investment in a comprehensive analysis of the project in the country&39;s risk situation,
the electricity market situation, the project development agreement, the situation of
construction period. And summed up the project-specific financing difficulties. As
well as the reasons that common financing model does not apply to Cambodia LSS
hydropower project. And draws the conclusion that the project financing difficulty can
be solved by the innovative finance lease model. This paper also summarizes the
innovation of finance lease of LSS hydropower project in Cambodia. As well as
through the model so that the project can be funded timely, the project can be
constructed as planned, the financing costs of the project can be effectively reduced.
And to provide a new way of financing for overseas hydropower investment projects
and other aspects of significance.
Key words: Financing lease, Foreign hydropower project financing, Project financing目录
V
目录
摘要I
Abstract......III
第一章引言...........1
第一节选题背景及研究意义........1
一、选题背景.....1
二、研究意义.....2
第二节国内外相关研究回顾........3
一、国外研究动态及文献综述3
二、国内研究动态及文献综述4
第三节研究内容与研究方法........7
一、研究内容.....7
二、研究方法.....7
第四节论文结构....8
第二章融资理论与方法.10
第一节融资相关理论和概念......10
一、融资的基本概念...10
二、融资途径的基本概念.......10
第二节融资途径的分类..10
一、内源融资...19
二、外源融资...19
三、权益性融资...........11
四、债务性融资.
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