电力投融资：从项目管理到资本市场管理

Power Investment and Financing——From Porject Management to Capital Market Management

目前，尽管已经把“投资体制”扩展为“投融资体制”，但仍然是在项目层次上讲融资。随着电力体制改革的深化、市场主体的完善，必然要求电力投融资体制由项目管理向资本市场管理转变。电力投融资体制必须进行实质性改革，总体目标应该是建立起针对出资人的资信评价体系，以资信等级为依据，实施对出资人融资能力的宏观调控。应该放弃项目的行政审批，形成投资决策、资本决策、信贷决策三权鼎立，相互制约各负其责的投融资格局。同时，要严格金融监管，放松金融准入，严格市场秩序，放松资本管制，培育财务投资者与战略投资者之间良性互动的资金供求机制。

Notwithstanding the 'investment system' being transferred to 'investment and financing system' the financing is still on project level. Along with power reform deepening and market perfection, the power investment and financing system shall be transformed from project management to capital market management.The overall reform target of power investment and financing system shall aim at setting up creditworthiness evaluation system against investors.Project administrative approval should be given up, and an investment and financing pattern featuring the three rights including investment decision, capital decision and credit decision to be not only independent but also mutual constrained should be set up.