Research On The Financing Of EMC Based On Energy-Saving Benefits Sharing Mode

At present, China is facing severe environmental pollution and energy shortages. Since 1998, the Energy Management Contract(EMC) based on the new mechanism of this energy was introduced to China market, Its effectiveness and flexibility in terms of energy saving has been generally accepted and China is also extremely concerned about the development of this new mechanism. EMC and promoting energy-saving technological are regarded as important means of energy saving during the "five-second" period.With the rapid development, the EMC still exists many problems, which seriously hinder the promotion of the EMC. Among them, the financing problem is the most pressing issue, the development of the EMC are faced with great financing diffculties and financing risks. Firstly, paper introduces the related concepts of financing of the EMC, making the qualitative analysis from the EMC and project financing two aspects. And elaborates the operation mechanism and funding mechanisms of the EMC. Secondly, paper analyzes the current situation of project financing of the EMC, then achieve the financial problems and reasons. This paper focuses on the energy-saving benefits sharing mode, which is representative, carefully analyzes the operation mechanism of this mode. And also analyzes the factors affecting these issues, such as the characteristics of the project and energy services company and market's information asymmetry. Finally, paper proposes innovative models and make relevant recommendations. At the same time, paper also proposes the establishment of large-scale ESCO model, which is reformed from Super ESCO financing model, and the construction of multi-level financing system of the EMC projects, including the multi-level financial market system, multi-level guarantee system and multi-level credit system.Through the paper's related researches, on the basis of the analysis focused on the current financing problems of the energy-saving benefits sharing mode,and by proposing innovative financing models and multi-level financing system. This proposals can be more better to improve project financing, objectively put forward reasonable suggestions for solving financing problems, in order to better promote the development of EMC projects.