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題 名 | 運用銀行融資方法分析太陽光電發電系統建置之財務可行性=Financial Feasibility Analysis for Bank Financing of the Photovoltaic System Investment Project |
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作 者 | 林明村; 鄭紹材; 余文德; | 書刊名 | 營建管理季刊 |
卷 期 | 92 2012.11[民101.11] |
頁 次 | 頁37-49 |
分類號 | 448.167、448.167 |
關鍵詞 | 太陽光電發電系統; 銀行融資; 投資效益; 財務可行性評估; Photovoltaic system; Bank financing; Investment effectiveness; Financial feasibility evaluation; |
語 文 | 中文(Chinese) |
中文摘要 | 「太陽光電發電(Photovoltaic,簡稱PV)」是目前再生能源中符合環保時尚潮流的再生潔淨新能源之一。台灣位置屬於亞熱帶地區,太陽光日照充足,太陽能資源豐富,台灣在太陽能電力開發上極富潛力。然過去許多太陽能發電計畫在投資效益上卻未能成功,故系統建置之經濟性與投資效益即成為重要的評估課題。投資建置太陽光電發電系統的方式很多,其中以結合銀行融資與無融資情況下的方案最具發展潛力,故本文以此為主題,利用財務可行性評估,分析其投資效益。經個案分析發現:(1) 無融資的方案之淨現值<0,內部報酬率<折現率,折現後回收年限過長,自償率<1,皆顯示不具投資效益。 (2) 結合銀行融資的方案,若能夠控制好各項因子,將具有投資效益。但在營運收入、融資貸款成數減少及設置成本增加之情形下,則將有投資上的風險。故若能提升太陽光電發電轉換效率並降低設置成本,且政府機關輔以提供擔保協助投資者向銀行融資,並取得較優惠之貸款成數與利率等獎勵措施。如此將可減輕投資者設置期初自有資金籌措的比例,大幅提高誘因,而有助於太陽光電發電系統之發展。 |
英文摘要 | The Photovoltaic (PV) power generation method is currently one of the most environment-friendly and popular sources for renewable and clean energy. As Taiwan is located in the subtropical area, it enjoys abundant sunlight and solar energy. Thus, the solar PV development is of great potential for Taiwan. However, many previous solar PV investment projects didn’t succeed in due to poor financial effectiveness. As a result, the financial feasibility analysis becomes critical for a PV investment project. There have been many ways for investing a PV project, among those the banking financing and the self-financing plans are most promising. This study aims at developing a financial feasibility evaluation method to analyze the investment effectiveness of a PV project. A real world case study is conducted to grasp the following findings: (1) For the self-financing alternative, all the financial indicator show infeasible, e.g., the net present value is less than zero, internal rate of return is less than discount rate, payback period after discounted is too long, and self-liquidating ratio is less than 1; (2) The banking financing alternative is financially feasible if the influential factors are under well controlled. However, it will confront investment risk in case the revenue and financing loan percentage are reduced, and construction cost is increased. This study draws the following conclusions: if conversion efficiency of solar PV generation can be improved and the construction cost can be decreased, the PV investment will be feasible. Moreover, if the government agency can provide bond to investors for banking financing so as to obtain a more favorable loan-to-value ratio and interest rate, it would decrease the requirement of equity fund for the investors in the initial stage of PV investment project. Such strategies may enhance incentives to the investors substantially, so that it helps promote the solar PV system in Taiwan. |
本系統中英文摘要資訊取自各篇刊載內容。