先导控股洋湖垸项目融资方案与风险控制

发布时间：2019-02-25 16:06

【摘要】：我国从2009年开始的银根和地根的收紧，使城市开发和基础设施建设公司的融资遭遇了前所未有的寒流。本文从长沙先导投资控股有限公司（以下简称“先导控股”）的战略定位、商业模式和资金需要出发，结合其自身特点和实际案例针对公司融资模式的创新进行研究。文章介绍了城市建设投融资的历史和现状，回顾了关于城市建设融资模式国内外的主要研究成果。但随着全球经济形势的变化，必须探索城市建设融资体制的改革思路，探索更加科学有效的城市建设融资模式。通过将天津泰达和上海金桥这两家成功企业作为标杆，，研究其发展历史和融资特点，发现成功的经验主要在于融资主体和融资手段的多元化，构建上市公司平台，实现了“大资本循环体系”。对比了土地融资、银行融资和非银行融资三种融资手段，特别是逐一对非银行融资中的公司债券、中期票据、信托、股权投资基金、资产证券化、项目融资和上市融资模式进行分析，并比照市场上城市建设领域采用同一融资模式的经典案例。丰富了先导控股的融资手段。深入剖析公司的融资实例，揭示了该企业怎样充分运用其股东背景优势和政策优势，在立足对国内现有金融工具、产品的深入研究基础上，及时把握市场窗口机遇，将银信合作产品、信政合作产品相结合，并灵活运用信托融资平台及产品的综合功能，面向市场设计出了一款适合先导控股的相对独特的伞形股权信托融资产品，最终成功融通资金40亿元人民币。其案例最显著的特点之一是类优先股融资，使融资者不仅优化了融资结构，防范了公司的过度负债，抬高了公司的信用层级；而且还使公司在保障管理权获利权不被稀释的状况下充分享受了“利息税蔽”的实惠。结合上述分析研究，总结出先导控股改变个体债权融资局面，实现股权融资与债权融资、行政机关引资与民间社会融资一体化，建立多层次融资体系，全面构建良性“资本大循环体系”的新型融资模式。
[Abstract]:Since 2009, the tightening of monetary and local roots in China has caused the financing of urban development and infrastructure construction companies to encounter an unprecedented cold current. Starting from the strategic orientation, business model and capital requirement of Changsha pilot Investment Holdings Co., Ltd (hereinafter referred to as "pilot holding"), this paper studies the innovation of company financing mode in combination with its own characteristics and practical cases. This paper introduces the history and present situation of urban construction investment and financing, and reviews the main research results of urban construction financing model at home and abroad. However, with the change of the global economic situation, it is necessary to explore the reform ideas of urban construction financing system and to explore a more scientific and effective financing mode for urban construction. By using Tianjin Teda and Shanghai Jinqiao as the benchmark, the development history and financing characteristics of Tianjin Teda and Shanghai Jinqiao are studied. It is found that the successful experience mainly lies in the diversification of the main body and means of financing, and the construction of the platform of listed companies. The "big capital circulation system" has been realized. This paper compares land financing, bank financing and non-bank financing, especially for corporate bonds, medium-term notes, trusts, equity investment funds and asset securitization in non-bank financing. The model of project financing and listing financing is analyzed and compared with the classic case of the same financing mode used in the field of urban construction in the market. Enriched the pilot holding means of financing. An in-depth analysis of the financing examples of the company reveals how the enterprise makes full use of its shareholder background advantages and policy advantages, and on the basis of in-depth research on existing domestic financial instruments and products, timely grasp the market window opportunities. Based on the combination of silver and credit cooperation products, and the flexible use of trust financing platform and the comprehensive functions of the products, a relatively unique umbrella equity trust financing product suitable for pilot holding is designed for the market. Finally, successful financing of 4 billion yuan. One of the most prominent features of the case is the financing of preferred stocks, which not only optimizes the financing structure, prevents the excessive debt of the company, and raises the credit level of the company. It also enables the company to fully enjoy the benefits of "interest tax blinding" without dilution of the right to management. Combined with the above analysis and research, this paper concludes that the pilot holding can change the situation of individual creditor's rights financing, realize equity financing and creditor's rights financing, integrate administrative organs' attracting investment with civil society financing, and set up multi-level financing system. Comprehensive construction of a benign "capital cycle system" of the new financing model.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.92;F275

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