广州地铁融资结构研究

发布时间：2018-01-03 14:15

本文关键词：广州地铁融资结构研究　出处：《华南理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：2013年—2016年广州地铁新线建设投资、沿线一二级物业开发以及历史债务还本付息资金总需求将达到1916亿元。面对巨大的资金需求，如何合理安排融资结构以有效规避未来大规模融资带来的财务风险成为广州地铁急需解决的问题之一。本文以广州地铁实际经营情况与战略规划为基础，通过文献查阅、企业实际数据测算与分析、行业交流、专业机构咨询为等多种方法开展研究。首先对广州地铁资金投入与来源、资本结构、盈利状况以及现金流特点等现状进行分析，揭示广州地铁融资潜力所在以及融资结构分析需关注的重点。在此基础上，结合2013-2016年融资需求和政府政策落实情况分析现有融资结构所面临的首要风险，再以首要风险为切入点分别对广州地铁债务期限结构与债务方式结构进行分析，指出当前广州地铁融资结构存在的问题，并提出改进方向与具体措施。通过本文的分析研究，得出以下主要结论：（1）广州地铁债务期限结构与资产结构不匹配，债务融资方式相对单一，存在现金性风险。（2）对融资结构的改进应以规避现金性风险为首要原则，具体改进措施可以分别从延长债务期限、融资方式多元化以及争取随客流量增长的公共服务购买价格机制和房产税减免支持政策三个方面入手。（3）若新的政策难以争取，物业开发业务融资成本会增加2.67亿元，企业债券可发行额度为28亿元；若新的政策能够落实，则物业开发融资成本得以降低，，企业债券可发行额度增加到127亿元。（4）改进后的融资结构在有效规避现金性风险的同时，融资成本也得以降低。希望本文的研究结论能够为广州地铁的融资决策提供支持，并为国内轨道交通行业融资提供借鉴。
[Abstract]:In 2013 - 2016 , the construction investment of Guangzhou metro new line , the second - level property development along the line and the total demand of historical debt service will reach 1916 billion yuan . In the face of huge fund demand , how to reasonably arrange financing structure to effectively avoid the financial risk caused by large - scale financing in the future becomes one of the problems of Guangzhou Metro . Based on the actual operation situation and strategic planning of Guangzhou metro , this paper makes a study on the current situation of Guangzhou metro financing potential and the analysis of financing structure through the analysis of the current situation of the capital investment and source , capital structure , profitability and cash flow characteristics of Guangzhou Metro . Through the analysis and research in this paper , the following main conclusions are drawn : ( 1 ) The debt maturity structure of Guangzhou Metro is not matched with the asset structure , the debt financing way is relatively single , there is cash risk . ( 2 ) If the new policy is difficult to strive for , the financing cost of the property development can be increased to RMB 2.8 billion ; if the new policy can be implemented , the financing cost of the property development can be increased to RMB 127 billion . ( 4 ) The improved financing structure can effectively avoid the cash risk , and the financing cost can be reduced . It is hoped that the research conclusion can provide support for financing decision - making of Guangzhou Metro and provide reference for financing domestic rail transit industry .

【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F572.88;F832.4

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