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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
書刊名:營建管理季刊
作者:林明村鄭紹材 引用關係余文德 引用關係
作者(外文):Lin, Ming-tsunCheng, Shao-tsaiYu, Wen-der
出版日期:2012
卷期:92
頁次:頁37-49
主題關鍵詞:太陽光電發電系統銀行融資投資效益財務可行性評估Photovoltaic systemBank financingInvestment effectivenessFinancial feasibility evaluation
原始連結:連回原系統網址new window
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  • 共同引用共同引用:2
  • 點閱點閱:40
「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。
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.
期刊論文
1.陳博亮、林志蒼、鄧振鴻、莊培坤、蔡宛螢(20080900)。運用財務方法改善學生宿舍BOT案投資效益及財務可行性之研究--以國立聯合大學學生宿舍為例。建築學報,65,101-124。new window  延伸查詢new window
研究報告
1.王治平、姜堯民(2001)。民間參與公共建設財務評估模式規劃。諮群企業管理顧問股份有限公司。  延伸查詢new window
2.王銘德、王穆衡、張贊育、陳佩棻(2006)。民間參與交通建設財務計畫與土地開發模式之研究。台北。  延伸查詢new window
學位論文
1.李力威(2008)。兩岸捷運站區聯合開發財務可行性評估系統之研究-以南京市與台北市個案為例(碩士論文)。中華大學。  延伸查詢new window
2.段威(2008)。分散式太陽能發電之成本效益分析--以環球技術學院為例(碩士論文)。環球技術學院。  延伸查詢new window
3.楊文龍(2006)。整合投資指標與風險模擬於私立大學學生宿舍財務可行性分析之研究(碩士論文)。中華大學。  延伸查詢new window
圖書
1.財團法人中國生產力中心(2010)。投資評估與財務規劃。經濟部中小企業處。  延伸查詢new window
其他
1.經濟部(2012)。中華民國一百零一年度再生能源電能躉購費率及其計算公式。  延伸查詢new window
 
 
 
 
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