路透社关于“欧盟已同意对中国太阳能电池板征收47%（平均）惩罚性进口关税”的报道再度刺激了中国光伏产业的神经，尽管中国政府要求协商谈判的态度一度拔高了光伏公司的股价，但不出意外的是，继美国去年对中国光伏企业征收平均35%惩罚性关税后，作为全球最大光伏市场的欧盟将对中国光伏企业垒高门槛。 

Reuters about"The European Union has agreed to 47% on Chinese solar panels(On average,)Punitive tariffs on imports"Reports of stimulated China's photovoltaic industry nervous again,Although the Chinese government asked the attitude of the negotiations once photovoltaic company's share price soar,But it is no accident,After the us last year, an average of 35% on Chinese pv companies after the punitive tariffs,As the world's biggest solar market in eu will base on China pv enterprises high threshold. 

　　质疑欧美贸易保护主义成为时下最被中国人乐见的方式，并以上世纪30年代因超高关税导致二战爆发为例抨击欧美做法的危险性和不道德，且以欧洲700余家光伏销售企业的反对为依据，但其政策游说能力无法敌过25家光伏制造产业联盟，全面的贸易保护尽管不可能发生，但局部性的行业政策调整却将不可避免。 

Questions about Europe and the United States trade protectionism has become nowadays the most welcome by the Chinese way,Because of high tariffs and above century 30 s criticism led to the outbreak of world war ii, for example in Europe and the approach of danger and immoral,And in Europe more than 700 pv sales enterprise on the basis of the opposition,But its policy lobbying power cannot against 25 photovoltaic manufacturing industry alliance,Full of trade protection though unlikely to happen,But local industry policy adjustment will be inevitable. 

　　兴起于欧洲光伏产业财政补贴政策的中国光伏企业，不能再继续寄希望于欧洲。实际上，即使欧洲光电产业协会(EPIA)也称，欧洲主导太阳能市场的时代可能已经进入尾声，全球市占率已从2011年的74%下降至2012年的55%，这意味着2012年同比几无增长的31亿瓦全球新增太阳能装置主要来自于其他市场，尤其是新能源革命的美国、震灾后的日本。未能提前布局以适应全球产业结构变迁以及提高产业技术附加价值，是尚德、赛维等中国光伏龙头企业难以为继的一大原因。 

Arose in the European photovoltaic industry fiscal subsidy policy of China pv enterprises,Can no longer continue to hope for Europe.In fact,Even if the European photovoltaic industry association(EPIA)Also known as,Europe's leading solar market era may be coming to an end,Global market share has decreased from 74% in 2011 to 55% in 2012,This means little compared to the growth in 2012 of the 2012 watts mainly from new solar installation in other markets around the world,Especially the new energy revolution, the United States/After the earthquake in Japan.Failed to advance and improve the industrial layout and industrial structure to adapt to the global change technical additional value,Suntech is/For China pv enterprises such as unsustainable one big reason. 

　　当然，国内能源政策长期的掣肘也是制约中国光伏企业做大国内市场的原因。国电等传统电力垄断企业长期在光伏产业政策上的制约态度近年来才刚刚转变，工业用电显著高于民用用电的格局将更有利于中国光伏企业迎来分布式发电政策带来的繁荣。近几年来，由于多晶硅成本的快速下降，中国太阳能发电的成本差不多已降到工业用电价格的一半。然而，这种分布式发电依然受到上网定价体制以及前置投资能力的制约。 

Of course,,Domestic energy policy are hampered by restricting China pv enterprises do big domestic market.Guodian traditional power monopoly enterprises such as long-term in photovoltaic industry policy restriction attitude just shift in recent years,Industrial civil power consumption is significantly higher than the pattern of electricity will be more conducive to China pv enterprises usher in distributed generation policy brings prosperity.In recent years,Because of the cost of the polysilicon falling fast,China's solar power costs are almost down to half of the electricity price for industrial.however,This kind of distributed generation is still restricted by Internet pricing system and lead the investment capacity of. 

　　高债务比例的财务结构更是众多中国光伏企业走向惨败的原因。本世纪初10年的繁荣，让中国光伏企业普遍采用高杠杆的负债结构进行扩张，而光伏产业投资周期长、投资回报率低（约10-20%）、“两头在外”的现状让中国光伏企业难以有效地承受经济周期的调整。 

High debt ratios of financial structure but also many Chinese pv companies towards the cause of the fiasco.Ten years of prosperity at the turn of the century,Let China pv enterprises commonly adopt highly leveraged debt structure to expand,And the photovoltaic industry investment cycle is long/Return on investment is low(About 10-20%)/"Two head out"The status quo of China pv enterprises difficult to effectively under the adjustment of the economic cycle. 

　　实际上，光伏产业并非中国经济发展模式的特例，而恰恰代表着中国经济的普遍增长模式。产业发展自有资本积累的不足，只能不断依靠外源融资来满足投资和市场扩张，而一旦后续投资无法跟进，企业马上陷入严重的现金流风险。2008-2012年，中国的固定资产投资累计高达近120万亿元，高达GDP的两倍以上，由此导致企业负债率和政府债务双双高速增长。2011年企业负债率即高达107%，超过OECD90%警戒线；政府财政收入从2005年的3万亿快速增加到2012年的11.7万亿元，但财政依然连年赤字并埋下严重的地方债务隐患。这种投融资体制的弊端也许正是中国最应该反思的地方。

In fact,A special case of the photovoltaic industry is China's economic development pattern,Which represents the common growth model of China's economy.The shortcomings of their own capital accumulation of industry development,Can only continue to rely on foreign financing to meet the investment and market expansion,And once the follow-up investment cannot follow up,Enterprise immediately serious cash flow risk.2008-2012,China's investment in fixed assets amounting to nearly 120 trillion yuan,More than twice as much as GDP,The resulting corporate debt ratio and debt have both high growth.Asset-liability ratio is as high as 107% in 2011,Above OECD90 % stage;Government revenue from 2005 in 3 trillion to the rapid increase to $2012 in 11.7 trillion,But fiscal still running deficit and buried serious local debt risk.The disadvantages of this kind of investment and financing system should think perhaps China's most places.