三峡工程与资本市场

Three Gorges Project and capital market

通过对三峡工程建设11年来利用资本市场融资实践的总结,论述了如何把握项目建设开发的内在特点,掌握宏观经济发展和资本市场客观规律,灵活运用债务融资、股权融资两个渠道,充分利用国内、国际资本市场两种资源,加强财务风险动态控制,保持项目稳健的财务结构,通过降低融资成本实现工程投资的有效控制,利用电力运营上市公司平台的搭建,将社会资金有效转化为权益性建设资金,促进水力资源的滚动开发。

By summing up the practice of financing for the construction of the Three Gorges Project in 11 years, the paper describes the ways how to have a full command of internal features of the project development and to control the objective laws for macro-economic development and capital market; to utilize flexibly the two financing channels i.e. debt and equity capital and to make full use of both domestic and international capital markets; to have a tight control of financial risk so as to maintain a stable and sound financial structure and to realize an effective cost control of the project through a low financing cost. The paper depicts that by means of the listed power utilities the social capital is thus turned into equity capital for construction and it will enable the hydropower resources to develop like a ″snowball″.