重庆A高速路项目信托融资方案设计

发布时间：2018-07-07 14:25

本文选题：项目融资模式 + PPP模式　；参考：《重庆理工大学》2017年硕士论文

【摘要】：目前重庆和成都已经成为西部地区的两座国家级中心城市,国务院对成渝城市群的发展规划提出了更高的要求,在现有的两条连接成渝的高速公路已经出现交通流量趋于饱和的情况下,A高速公路项目(成安渝高速公路)便应运而生。本文的研究对象是A高速公路项目的四川段,全长175公里。总投资额达240.99亿元。A高速项目四川段极高的修建成本和相关区县地方政府的财力之间形成了重大的矛盾,项目融资问题凸显。因此,本文基于现有的A高速项目四川段的公开资料,站在A高速公路项目的项目公司的角度,为项目选择了融资模式、融资渠道和信托融资运作模式,并设计了最终的项目融资方案。本文基于基础设施投融资相关理论作为理论基础,以A高速项目四川段的现有的融资问题作为研究对象,通过对项目基本建设情况、项目公司的股权安排等资料进行收集与分析,测算了大股东的融资需求,以层层推进的方式为A高速项目公司设计了融资方案。本文的任务及主要结论如下:首先,设计传统的基础设施融资模式的以及PPP项目融资模式的备选方案,分析两种模式下每个方案的可行性,结论是传统融资模式不可行,A高速项目公司应选取基于BOT的新型PPP项目融资模式。其次,为A高速项目公司选择合适的融资渠道,在对银行、信托和私募股权基金这三种渠道进行对比后,基于可行性和成本费率考虑,选取信托作为融资渠道。第三,在比较了贷款信托、股权信托、受益权信托三种信托融资运作模式后,基于与高速公路项目的匹配度考虑,本文选择受益权信托作为运作模式。第四,基于以上分析,本文为A高速项目公司设计了合适的信托融资方案,确定了融资金额、期限、收益、信托对象。本文的研究保障了A高速公路项目四川段建设中的资金需求,具有较强的应用价值和实践意义。在公司层面,为A高速项目公司提供了稳定、低成本的融资渠道,保障了项目公司的正常运作。在行业层面,本文的方案选择和设计在对比中凸显了基础设施采取新型PPP项目融资模式和信托融资的优势,研究结论对其他信托公司开发设计基础设施项目为标的的信托计划提供了参考意义;在社会层面上,本文的研究有助于A高速公路项目四川段以较低的成本获得融资,保障项目的如期完工,对地方政府及川渝两地间的交通连接有一定的实践意义。
[Abstract]:At present, Chongqing and Chengdu have become two state-level central cities in the western region, and the State Council has put forward higher requirements for the development planning of Chengdu-Chongqing urban agglomeration. Under the condition that the traffic flow of the two existing expressways connecting Chengdu-Chongqing has become saturated, the "A" Expressway project (Chengan-Chongqing Expressway) has emerged. The research object of this paper is the Sichuan section of A Expressway project, which is 175 km long. The total investment of 24.099 billion yuan. A high-speed project in Sichuan section of the extremely high construction costs and the financial resources of the local governments of relevant districts and counties has formed a major contradiction, project financing problems highlighted. Therefore, based on the public information of Sichuan Section of the A Expressway Project, this paper chooses the financing mode, the financing channel and the trust financing operation mode for the project from the perspective of the project company of the A Expressway Project. Finally, the project financing scheme is designed. Based on the theory of infrastructure investment and financing, this paper takes the existing financing problems in Sichuan section of A high-speed project as the research object. This paper collects and analyzes the data of the project company's equity arrangement, calculates the financing needs of the major shareholders, and designs the financing scheme for the A high-speed project company in the way of advancing at every level. The tasks and main conclusions of this paper are as follows: first of all, design the traditional infrastructure financing model and PPP project financing model options, and analyze the feasibility of each scheme under the two models. The conclusion is that the traditional financing mode is not feasible and the new PPP project financing mode based on bot should be selected. Secondly, select the appropriate financing channel for A high-speed project company. After comparing the three channels of bank, trust and private equity fund, based on feasibility and cost rate, select trust as financing channel. Thirdly, after comparing the three operation modes of loan trust, equity trust and benefit right trust, this paper chooses the beneficial right trust as the operation mode based on the matching degree between the trust and the highway project. Fourthly, based on the above analysis, this paper designs a suitable trust financing scheme for A high speed project company, and determines the financing amount, term, income, and trust object. The research in this paper ensures the fund demand in the construction of Sichuan Section of A Expressway Project, which has strong application value and practical significance. At the company level, it provides a stable and low-cost financing channel for the A-speed project company and ensures the normal operation of the project company. At the industry level, the project selection and design of this paper highlight the advantages of new PPP project financing model and trust financing. The results of the study provide a reference for other trust companies to develop and design trust projects for infrastructure projects. On the social level, the research in this paper will help the Sichuan section of the A highway project to obtain financing at a lower cost. The completion of the project on time is of practical significance to the transportation link between the local government and Sichuan and Chongqing.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.92;F406.7

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