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284200912GLOBALGEOLOGYVol128No14Dec12009:10045589(2009)040533061,1,21.,130026;2.,100875::,,,:;;:P31412;F832:Adoi:1013969/j1issn1100425589120091041019:2009207203;:2009210223DiscussiononfinancingmodeofgeothermalresourcesinChinaGUOLi2hua1,SUNYou2hong1,WANGLu21.CollegeofConstructionEngineering,JilinUniversity,Changchun130026,China;2.SchoolofEconomicsandBusinessAdministration,BeijingNormalUniversity,Beijing100875,ChinaAbstract:Theauthorsanalyzetheinvestmentpsoptimalscaleandfinancingpsoptimalmodeofgeothermalre2sourcesinChinausingenergyinvestmentmodes.Theresultindicatesthatgeothermalinvestmentfundcancollectsocialfundasanewfinancialproduct,andgeothermalresourcescouldbedevelopedandusedeffectivelyandrea2sonablelythroughprofessionalpsoperationtorealizethesustainabledevelopment.Keywords:geothermalresources;financingmode;sustainabledevelopment,,,:2000,20102020,GDP,38%89%,20102214t,2020251530t[1],,,,[224],,,,,1,[2],,,;2000m20005000m;();,150,,150:(),5000m,;,4050;,1020,1141012/,72,24,56195TWh/a,75194TWh/a,1219%,GB116152289,731611020J,2500t,32108MW;,2,,(1),,,,;,,,,1Fig11Life2cycleofcyclingenergyindustry43528,,Y(t)t,Itt,ItY(t)dI(t)dt=-k[I(t)-vdY(t)dt](1):v=const10(1),,,,,,,,,,3(industrialinvestmentfund),[5]1958,,20061230,6018,20086,60,,,(2),:2Fig12Mapshowingfinancingandapplicationofgeo2thermalindustryinvestmentfund,,;(),;,,,,,,[6](3),:RR=RPIWPI+RPRWPR+RHTWHT(2):RPI,WPI;RPR,WPR;RHT,WHT(1),5354:3Fig13Mapshowingcapitalapplicationofgeothermalindustryinvestmentfund2,(4),,,:,23,1,,,:4Fig14Curvediagramofinvestmentreturnsaboutqua2silistedcompanies,IPORPI:RPI=ni=0Wirpi(3):rpii,WiiPre-IPOrpi=vIPO+vIPO-vv(2)RPR,37,(5),,,,37,DCF()RPR:RPR=ni=0Wirpri(4)635285Fig15Curvediagramofinvestmentreturnsaboutim2portantprojects:rprii;Wiirpri:EV=Tt=1FCFi(1+WACC)i+TVT(1+WACC)T(5):EV;FCFi;WACC;TVi,EVWACC,(3),,,,IPO,,(6)[7,8],,,6Fig16Curvediagramofinvestmentreturnsaboutgrowth2typeenterprises4,,,:[1].[C]//.:,2005:10213.ZHENGKe2yan.GeothermalsustainabledevelopmentinChinamustfollowthecourseofindustrializationdevelop2ment[C]//ProceedingsofChinapssustainabledevel2opmentongeothermalindustryacademicconference.Bei2jing:ChemicalIndustryPress,2005:10213.[2].[M].:,2005:1332136.LIUShi2bin.Thedevelopment,exploitationandprotec2tionofgeothermalresources[M].Beijing:ChemicalIn2dustryPress,2005:1332136.[3].33[J].,2007(1).GAOHui2li.Thepotentialquantityofgeothermalasthirtythousandmilliontonsofstandardcoal[J].GeologicalInvestigationHerald,2007(1).[4].[M].:,2006:36246.ZHUJia2ling.Developmentandexploitationofgeothermal7354:resources[M].Beijing:ChemicalIndustryPress,2006:36246.[5]DavidF.[M].:,2001:68272.DavidF.Thestrategymanagement[M].Beijing:Econ2omyandSciencePress,2001:68272.[6].[M].:,2002:12216.CHENSong2nan.Theinvestment[M].Shanghai:FudanUniversityPress,2002:12216.[7],,,,[J].,2008,27(4):4422448.CHENRui2jun,LINJian2wang,CHENGWan2qing,etal.Researchondynamicsofgeothermalfluidininduratedrockswithoutfreegas[J].GlobalGeology,2008,27(4):4422448.[8].[J].,2008,8(24):30232.GUOLi2hua.Thethoughtsondevelopingthecyclicecon2omyinthedevelopmentofgeothermalresourcesinChina[J].CollectiveEconomyinChina,2008,8(24):30232.(532)YUEChong2wang,WANGZhu2wen.Applicationofgroundpenetratingradarininvestigationonsubterraneancavitation[J].GlobalGeology,2007,26(1):1142117.[8]AndrewB,GiorgioC,MiddlrtonR,etal.Vadosezoneoflowmodelparameterizationusingcross2boreholeradarandresistivityimaging[J].JournalofHydrology,2002,267(3/4):1472159.[9],.[J].,2008,23(5):63421640.CHENJian2sheng,CHENCong2xin.Reviewofboreholeradartechnology[J].ProgressinGeophycisc,2008,23(5):163421640.[10]KrausD,MarhefkaJ.Antennasforallapplications[M].NewYork:McGRAWHILLInc1,2002:3532354.[11]CookJC.Radarexplorationthroughrockinadvanceofmining[J].Trans.SocietyMiningEngineersAIME,1973,254:1402146.83528