中央建筑企业融资能力研究

发布时间：2018-12-12 06:18

【摘要】：研究目的:近几年,随着我国基础设施建设领域投资力度的不断加大,国内建筑企业特别是中央建筑企业进入了一个快速发展的黄金期,建筑行业的大投入、大产值、充分竞争的特点,对中央建筑企业投融资能力提出了更高的要求。本文从提升融资能力对于提高中央建筑企业的核心竞争力的重要意义出发,重点分析了中央建筑企业的融资实践现状,特别是永续中票、优先股、可交换公司债券等外部融资渠道和PPP、TOD、"投融资+设计施工总承包+回报"等投融资模式,为中央建筑企业突破发展中的资金"瓶颈"问题,不断提升融资能力提供有效参考。研究结论:(1)债券融资、权益融资、信贷融资、融资租赁、出口信贷等外部融资渠道是中央建筑企业解决发展资金问题的重要融资平台;(2)永续中票、优先股、可交换公司债券等股债兼具创新融资品种,既可增加中央建筑企业的权益,又可缓解财务压力,能够有效解决中央建筑企业对长期资金的需求;(3)包括EPC+F、BT、BOT、TOD和PPP项目等在内的产融结合新模式,是进一步提升中央建筑企业参与大型基础设施建设领域的投资建设能力的有效渠道;(4)本研究成果可应用在中央建筑企业提升融资能力领域。
[Abstract]:Research objective: in recent years, with the continuous increase of investment in the field of infrastructure construction in China, domestic construction enterprises, especially central construction enterprises, have entered a golden period of rapid development. The characteristics of full competition put forward higher requirements for the investment and financing ability of central construction enterprises. Based on the significance of improving the financing ability of the central construction enterprises, this paper analyzes the present situation of the financing practice of the central construction enterprises, especially the sustainable vote, preferred stock, and so on. External financing channels such as exchangeable corporate bonds and the investment and financing modes such as PPP,TOD, 's "return on Investment and financing Design and Construction General Contracting" will help central construction enterprises to break through the "bottleneck" of capital in development. Constantly improve the financing capacity to provide effective reference. The main conclusions are as follows: (1) external financing channels such as bond financing, equity financing, credit financing, financing lease and export credit are important financing platforms for central construction enterprises to solve the problem of development finance; (2) shares and bonds, such as perpetual ticket, preferred stock and exchangeable corporate bonds, have both innovative financing varieties, which can not only increase the rights and interests of central construction enterprises, but also alleviate the financial pressure, and can effectively solve the demand for long-term funds of central construction enterprises; (3) the new mode of combination of production and finance, including the EPC project and the PPP project, is an effective channel to further enhance the ability of central construction enterprises to participate in the investment and construction of large-scale infrastructure construction; (4) the research results can be applied in the field of improving the financing ability of central construction enterprises.
【作者单位】：中国中铁股份有限公司;
【分类号】：F426.92;F832.4

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