西部智谷工程项目融资问题研究
发布时间：2018-07-26 09:34
【摘要】：本文通过对西部智谷项目工程融资的研究,得出工程项目融资不同于传统的公司融资.贷款人能否给予项目贷款,主要依据项目的经济强度,而不是借款人的信用。通过对各种融资渠道特点的对比,认为采用资产证券化这一新兴的融资渠道并与银行贷款、发行企业债券几种传统融资模式相结合,来解决西部智谷工程项目建设所需资金是一个较为可行的路径。本文在总结了融资成本、融资风险、融资期限、融资方便性、融资额度和适合情况等融资理论的基础上,对短期银行贷款、中长期贷款、企业债券、短期融资券、再融资(如配股、定向增发、公开增发、可转换公司债券和资产证券化)等多种融资渠道的概念、优势及劣势进行了较为充分的阐述,按照比较原则、资金成本原则、规避融资风险的原则,对西部智谷工程项目融资模式进行了设计,确定该项目的融资模式主要由资产证券化、银行贷款和企业债券三种融资渠道组合构成,并且资产证券化为主导,银行贷款次之,最后是企业债券。本文进一步对融资过程中可能遇到的体制问题以及风险问题进行阐述,提出建立和完善项目投资主体的层次结构体制、投融资运行机制和投融资管理体制等解决体制问题的对策,同时提出规避建设风险的对策,并对运用资产证券化、银行贷款和企业债券三种融资渠道可能会遇到的风险进行较为系统的阐述,同时提出相应的对策。
[Abstract]:Based on the research on project financing of Zhigu project in western China, this paper draws a conclusion that project financing is different from traditional company financing. Whether a lender can grant a project loan depends mainly on the economic strength of the project, not on the borrower's credit. Through the comparison of the characteristics of various financing channels, it is considered that asset securitization is a new financing channel combined with bank loans, and several traditional financing modes of issuing corporate bonds are combined. It is a feasible way to solve the problem of project construction in West China. On the basis of summing up the financing theories, such as financing cost, financing risk, financing term, financing convenience, financing quota and suitable situation, this paper gives a summary of short-term bank loans, medium and long-term loans, corporate bonds, short-term financing bonds, etc. The concept, advantages and disadvantages of refinancing (such as rights issue, directional additional issuance, public issuance, convertible corporate bonds and asset securitization) are fully elaborated. According to the principle of comparison, the principle of capital cost, Based on the principle of avoiding financing risk, this paper designs the financing mode of the project of Zhigu Project in West China, and determines that the financing mode of the project is mainly composed of three financing channels: asset securitization, bank loans and corporate bonds. And asset securitization is the leading, bank loans, and finally corporate bonds. This paper further expounds the institutional problems and risk problems that may be encountered in the process of financing, and puts forward the establishment and improvement of the hierarchical structure system of the main body of project investment. The operation mechanism of investment and financing, the management system of investment and financing, and so on, and the countermeasures to avoid the construction risk, and the application of asset securitization, are put forward. The risks of bank loans and corporate bonds may be discussed systematically, and the corresponding countermeasures are put forward.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.27;F832.4
[Abstract]:Based on the research on project financing of Zhigu project in western China, this paper draws a conclusion that project financing is different from traditional company financing. Whether a lender can grant a project loan depends mainly on the economic strength of the project, not on the borrower's credit. Through the comparison of the characteristics of various financing channels, it is considered that asset securitization is a new financing channel combined with bank loans, and several traditional financing modes of issuing corporate bonds are combined. It is a feasible way to solve the problem of project construction in West China. On the basis of summing up the financing theories, such as financing cost, financing risk, financing term, financing convenience, financing quota and suitable situation, this paper gives a summary of short-term bank loans, medium and long-term loans, corporate bonds, short-term financing bonds, etc. The concept, advantages and disadvantages of refinancing (such as rights issue, directional additional issuance, public issuance, convertible corporate bonds and asset securitization) are fully elaborated. According to the principle of comparison, the principle of capital cost, Based on the principle of avoiding financing risk, this paper designs the financing mode of the project of Zhigu Project in West China, and determines that the financing mode of the project is mainly composed of three financing channels: asset securitization, bank loans and corporate bonds. And asset securitization is the leading, bank loans, and finally corporate bonds. This paper further expounds the institutional problems and risk problems that may be encountered in the process of financing, and puts forward the establishment and improvement of the hierarchical structure system of the main body of project investment. The operation mechanism of investment and financing, the management system of investment and financing, and so on, and the countermeasures to avoid the construction risk, and the application of asset securitization, are put forward. The risks of bank loans and corporate bonds may be discussed systematically, and the corresponding countermeasures are put forward.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.27;F832.4
【参考文献】
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