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| Title: | 永續能源資產定價分析：以太陽能電廠為例
The Analysis of Assets Pricing for Sustainable Energy : The Case of Solar Photovoltaic Plant |
| Authors: | 張安興
Chang, An-Hsing |
| Contributors: | 林士貴
Lin, Shi-Gui
張安興
Chang, An-Hsing |
| Keywords: | 太陽能電廠
均數復歸
日照時數
Solar power plant
Peak sunshine hours
Mean-reverting process |
| Date: | 2023 |
| Issue Date: | 2023-03-09 18:35:21 (UTC+8) |
| Abstract: | 本文以太陽能電廠爲例，探討永續能源資產之定價與相關財務金融問題。首先，本研究使用均數復歸過程刻畫電廠日照時數，並透過傅立葉級數描繪其季節性特徵，同時將模組溫度對發電系統之影響納入考量，建立合理時間序列模型以有效模擬案址於殘存合約期間之可能日照時數。其次，本文結合風險貼水概念探討電廠應投入資金成本，結合案場設備串聯隻基本衰退率、利率及匯率評定太陽能電廠之資產價格，並評估電廠投資可行性與效益分析。最後更進一步將評價得到之結果與實際電廠分割化模式之市售價格比較，實證結果表明，本研究之評價結果貼近終端電廠購買之投資者的願購價格，可供未來相關學術研究之延伸發展、投資者與相關單位之實務操作提供參考與借鑒。
By taking the solar power plant as an example, this thesis discusses about the pricing of sustainable energy asset and related financial issues. First of all, I model the peak sunshine hours (PSH) as following the mean-reverting process and describe the seasonal characteristic by Fourier series. To simulate the possible sunshine hours during the remaining contract period, I establish a time series model with the influence of module temperature considered. Secondly, by discussing about the risk premium and the capital cost of the power plant, I evaluate the investment feasibility and draw benefit analysis of the plant with considerations of equipment decline rate, interest rate, and the exchange rate. Finally, I further compare the pricing results with the market price of the power plant segments. The empirical results show that the simulated prices are close to the willing purchase prices from the investors of the plants, which indicates that this thesis can provide reference for further academic researches and investors in practical operations. |
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30.熊佳苓 (2016)， 考慮營運風險下分散式太陽能電站投資評估模型之模擬研究-以A公司為例, 逢甲大學科技管理研究所碩士學位論文，未出版，台中。 |
| Description: | 博士
國立政治大學
金融學系
100352506 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0100352506 |
| Data Type: | thesis |
| Appears in Collections: | [金融學系] 學位論文
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