從2000年初至今太陽能產業發展逐漸達到飽和，業者開始面臨整併或走向垂直整合的商業模式，透過能創造穩定現金流的下游太陽能電廠來持續經營。然系統建置初期所需龐大資金難以單靠自有資金支撐，而在太陽能產業險峻的情形下，透過金融機構貸放之額度也相應受到限縮。2013年由SolarCity首先發起的資產證券化為太陽能業開闢了新的融資模式。本研究為了解太陽能開發商如何透過資產證券化達到降低融資成本之目的，主要探討電廠發電量、躉購電價、維運成本、證券發行價格及電廠專案投資成本對資產證券化資金成本之相關性及影響力，實證結果得出維運成本對資金成本呈正相關且具顯著影響效果，因此太陽能開發商可嘗試透過降低維運成本之方式來達到資產證券化下降低資金成本之目的。

Since the solar photovoltaic market had become saturated in recent year, Solar PV industry had confronted with merge or required to change the business model to maintain operation by collecting stable cash flow via solar systems. However, it’s difficult to raise fund for solar system investment due to limited credit facilities from financial institution as a result of the challenging situation for solar industry. While the securitization of solar assets executed by SolarCity in 2013 created a new financial model to solar industry. On the purpose of developing the method of reducing cost of capital by securitization, the goal of the study is to research the correlation and impact of the cost of securitization of solar photovoltaic asset between power generation, tariff, operation and maintenance, issuance price of solar securities, and project cost. Results show that the operation and maintenance stands a significant positive correlation with cost of securitization. Therefore, originators of solar systems can achieve the target of reducing cost of capital efficiently by decreasing operation and maintenance expenses.

摘要
目錄
一、緒論.................................1
1.1 研究背景與動機..................1
1.2 研究問題.......................2
1.3 研究流程.......................3
二、文獻探討.............................5
2.1 太陽能系統簡介..................5
2.2 太陽能系統融資模式..............10
2.3 太陽能資產證券化................11
三、研究方法.............................15
3.1 研究架構與假設..................15
3.2 資料來源與處理..................17
3.3 變數衡量........................18
3.4 數量分析方法....................23
四、實證結果與分析........................25
4.1 現金折現模型及淨現值法...........25
4.2 敘述性統計......................28
4.3 Pearson相關係數分析.............29
4.4 逐步迴歸模型分析................31
五、研究結論與建議........................35
5.1 研究結論........................35
5.2 研究建議........................36
參考文獻.................................38

1.江華, 金艷梅, 葉幸, 強彥政, 李嘉彤, 與韓鵬 (2020)，「中國光伏產業2019年回顧與2020年展望」，中國光伏行業協會，311。
2.林哲群（2009），「金融資產證券化」，財團法人中華民國證券暨期貨市場發展基金會。
3.財團法人臺灣經濟研究院 (2018)，「再生能源發展策略、躉購及基金費率研析計畫」，全球再生能源投融資發展概況。
4.陳新輝, 與彭筱喆 (2019)，「我國分布式光伏發電投資風險分析」，產業論壇，北方工業大學經濟管理學院。
5.曾寶磁 (2009)，「金融資產證券化之風險分析與評估」，證券櫃檯買賣中心，143。
6.廖麗娟 (2003)，「資產證券化真實買賣之認定對保障投資的影響 – 從會計與稅務面探討」，證券暨期貨市場發展基金會專題。
7.歐陽遠禕（2012），「太陽能電廠證券化初探與獲利因子分析」，碩
士論文，新竹：國立交通大學管理科學研究所。
8.蕭國鑫, 闕棟鴻, 與洪嘉業 (2016)，「再生能源之相關成本分析」，工研技術研究院。
1. Alafita, T. and J. M. Pearce (2014), “Securitization of Residential Solar Photovoltaic Assets: Costs, Risks and Uncertainty,” Energy Policy, 67, 488-498.
2. Borod, R. S. (2013), “The Devil in the Details of Solar Securitization,” Practical International Corporate Finance Strategies.
3. Fabozzi, F. J. and W.A. Roever (2003), “A primer on securitization,” The Journal of Structured and Project Finance 9 (Summer), 5-19.
4. Fabozzi, F. J. and V. Kothari (2008), “Introduction to Securitization,” John Wiley and Sons, Inc.
5. Flen, G. (2017), “Next-Gen Solar,” Asset Securitization Report.
6. Hinkley, J., B. Curtin, J. Hayward, A. Honhas, R. Boyd, C. Grima, A. Tadros, R. Hall, K. Naicker, and A. Mikhail (2011), “Concentrating Solar Power – Drivers and Opportunities for Cost Competitive Electricity”, Technical Report, ResearchGate.
7. Joshi, J. (2012a), “Creating a Market for Solar Securitization,” The Journal of Structured Finance, 18(2), 82-88.
8. Joshi, J. (2012b), “Renewable Energy Finance and Securitization,” The Journal of Structured Finance, 17(4), 174-183.
9. Lowder, T. and M. Mendelsohn (2013), “The Potential of Securitization in Solar PV Finance,” National Renewable Energy Laboratory.
10. Mendelsohn, M. and D. Feldman (2013), “Financing U.S. Renewable Energy Projects Through Public Capital Vehicles: Qualitative and Quantitative Benefits,” National Renewable Energy Laboratory, Technical Report NREL.
11. Miller, I. R. (2012), “Barriers to Tax Equity Syndication for Solar Development,” American Council on Renewable Energy.
12. Stone, C. and A. Zissu (2005), “The Securitization Markets Handbook: Structures and Dynamics of Mortgage-and Asset-Backed Securities,” Bloomberg Press, NY.
13. Talavera, D. L., G. Nofuentes, and J. Aguilera (2010), “The Internal Rate of Return of Photovoltaic Grid-Connected Systems: A Comprehensive Sensitivity Analysis,” Renewable Energy, 35, 101-111.
14. Zhang, Ke Zheng (2012), “The Risk-Isolating Paradox in China’s Asset Securitization,” University of Macau.