| Energy, as one of the essentials in human beings' survival and development, is an important strategic material in national economic development. Its security, environmental protection and sustainability have been taken into strategically consideration by all countries over the world, as well as China. With fast economic development in the past 3 decades, China has increasing demands for energy and huge amount of energy producing and consuming so far. At the same time, the soaring consuming amount of energy and the consuming structure combined by coal and petroleum leads to serious environmental disaster and air pollution. China has ranged on the top of carbon dioxide and sulfur dioxide emission. Electric power industry occupies over 40% of the carbon dioxide emission. Increasing electricity demands and thermal-electricity as the main supply contribute to high carbon emission in electric power industry. That's why to promote economy and society sustainable development, China has to face the mission that how to increase the electricity supply amount meanwhile exploit new supply channel, optimize energy structure on electric power generation, and build environmental friendly electric power system, to ensure the safe and green supply.Since 1970s, people start to search and develop new energy to replace the traditional fossil energy. New energy includes nuclear energy and renewable energy, while the new energy electric power points at the application of nuclear energy and renewable energy on electric power generation. The statistic from Green Investing 2010 shows in year 2009, there are over 145 billion US dollars invested in the field of new energy electric power (nuclear energy excluded). The utilization of new energy is increasing over 20% per year. In the countries where new energy well developed such as European countries and Japan, new energy development shows the tendency of industrialization and convergence. The International Energy Agency predicts that till 2020, new energy will occupy 30% of global energy consumption. As a country with high energy consumption, energy dependency and high carbon emission country, China should develop new energy industry as soon as possible. As the main application field of new energy, the development of new energy electric power industry ranks the first.Jan 1st,2006, Renewable Energy Law of People's Republic of China had launched, providing policy and legal support for the development of new energy industrialization. Currently, Chinese government is working on the Twelfth "Five-year Program" for Energy Development and Emerging Energy Industry Developing Program of PRC. But the development of new energy electric power industry is not simply updating, improving and innovation of the energy industry itself. It has great meaning in changing economy increasing style, optimizing the industry structure and realizing economy sustainable developments. Upon above, it is strongly believed that in the next 2 or 3 decades, China encounters an important opportunity in the development of new energy electric power industry.Investment is partial capitalizing of the value newly created, is the main route to expand reproduction. Investment finance, investment decision, and investment management etc. joined consecutively in turn to form the capital. Investment is the necessary factor and the accelerator for an industry to form and thrive, also the motivation of technical improvement and structure reform. Energy electric power industry is a capital intensive industry, in which investment plays an important role. Through observation on the countries which have advanced new energy development, it is found that systemic and scientific promoting policy is crucial to the development of an industry, also determines the pace and benefits of this industry. At present domestic market, academic research and analysis of the investment on new energy electric power industry are still at primary stage. By analyzing and summarizing the theory of Microeconomics, Industrial Economic, Investment, Institutional Economics, Public Economics that the investment of new energy electric power industry related, the author seeks to discover the instructional collection of theories for this field, then with the advanced experiences and practice in international market, on the basis of analyzing present situation and problems of this industry in China, finally to make constructive propose to the policy tendency in improving industrial investment.This thesis starts from the attribute of new energy, reveals its private and common owned character, so to draw the conclusion that energy has the character of blended product. Produce and supply of such blended product can't be well collocated only depend on market. Government intervention and market forming complementary and interactive relationship is an important character of new energy investment; public and private departments should engender well-behaved partnership in property rights and action boundary so to complement the advantages and push the industry developed. At the same time, new energy has positive externality on reduction of carbon emission. However, to solve the supply deficiency brought by the externality is the key and difficult point of new energy investment. Theoretically, the author emphasizes the importance of metro investment in searching for the character of new energy electric power industry investment; also emphasizes to pay more attention on the running of micro subjects while pay attention of macro policy conduction, since well combined macro and micro can offer favorable industrial investment environment. On the other hand, the theory of industrial lifecycle and symbiosis of technology and capital are all crucial for the investment of new energy and should be taken into practice with the feature of this industry.Through thorough academic research and abundant proof and statistic analysis, the author proposes the collection of theories for improving the investment on new energy electric power industry, base on which propose relative policy tendency suggestion. The thesis starts from the academic research on Industrial Economics, Microeconomics, Public Economics and Energy Electric Power Subject, combined with the attributes of blended product, natural monopoly, property rights and externality, constructs the instructive collection of theories for investment of new energy, and then has the five theories, Meso Investment, Public and Private Partnership, Symbiosis of Technology and Capital, Industrial Life-cycle and Internalizing of Externality stood out in the instruction and application of new energy investment, finally creatively proposes the policy tendency on four dimension as government, private, industry and technology.Thorough theoretic research contributes to the feature of this thesis, as well as reviewing the existence through theory, drawing conclusion from the existence and making adjustment. Base on above, the suggestions in this thesis are strongly supported by theoretic and practice. The author has read abundant foreign documents and papers, and summarized the international experiences on new energy investment comprehensively. Meanwhile, the author pays attention to sum up from her own daily work, through participation on merger and operation of some international new energy program, does some research on the relevant companies and institutions, and strives to make this thesis more practical for present community and industry. However due to limited academic research and practice experiences, some perspective and research might not be thorough enough, it is welcome of advices from the academic field. |
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