中文摘要：

在电网技术改造项目融资中,电网企业需要选择合适的融资方式以降低融资成本并获得最大收益。分析了我国融资租赁相关的税收政策,建立了融资租赁的收益净现值计算模型,通过与贷款收益对比研究了融资租赁的节税收益并且得出结论：融资租赁方式下收益值是融资年限的递减函数,年限越短收益越大;贷款方式下收益值是融资年限的递增函数,年限越长收益越大;在其他条件一定时,存在某一临界融资年限使得两种融资方式的收益相等,当融资年限小于该值时融资租赁要优于贷款,反之则贷款要优于融资租赁。最后通过算例分析,验证了上述结论。

英文摘要：

In terms of financing for power grid innovation project, the utilities should choose an appropriate financing model to reduce the cost and gain more benefit. The tax revenue policies of financing lease are analysed firstly. Then the model is established to calculated the net present income value in financing release. Through comparison with loan financing, the tax saving benefit of financing lease is studied and conclusions are drawn as follows ： the net present income value of financing lease is a decreasing function of financing period, while it is an increasing function of financing period in case of loan financing. There is a critical value by which the income of the two financing models are the same. When the financing period is less than the critical value, financing lease is superior to loan. While the loan finaricing is preferred if the financing period is longer than that. Finally the conclusion is verified through an example.