电力行业海外输电绿地项目投资机会及风险分析

The Analysis of Present Situation and Trend of Investment and Development for Green-field Transmission Project in Overseas Power Sector

本文改变了以往对于企业对外投资采用成因动机和模式选择(跨国并购和绿地投资)等宏观层面的研究思路,而试图从行业的微观分析层面入手,对电力行业中的输电绿地项目投资特点进行研究,分析输电项目类别和发展趋势对投资机会的影响。研究发现:输电绿地投资根据不同国别和地区、开发用途和开发方式,具有不同的投资机会;在项目投资决策前期、建设期和运营期有不同风险。因而中国电力企业开展海外输电绿地项目开发也应采取不同策略。

With regard to OFDI （outward foreign direct investment）, previous studies usually focus on macro-level research approaches, such as motivations, pattern selection （International M^A and Greenfield Investment） etc. This paper tries to adopt a micro-level approach, specifically to focus on the investment characteristics in power transmission sector and analyze the impact of classifications and development tendencies for projects, This study shows that it exists different investment opportunities when transmission project is classified by different countries and regions, purposes and development mode. Meanwhile, it will have different risks during development decision making phase, construction phase and operation phase. Therefore, Investing In overseas Chinese power enterprises should adopt different strategies when transmission Greenfield projects.