公用事业发展中的债务融资安排

发布时间：2018-06-03 21:01

本文选题：公用事业 + 债务融资　；参考：《浙江大学》2004年硕士论文

【摘要】：随着公用事业的快速发展,传统的公用事业融资体制严重阻碍了公用事业进一步健康、快速发展的步伐。由于制度上的限制和思想观念的束缚,我国公用事业上市公司一直稳定地偏好股权融资这一外部融资方式,债务融资方式没有得到足够的重视。如何完善资本结构,降低资本成本,实现公用事业行业利益最大化,已成为摆在公用事业面前的重大课题。本文通过介绍国内外公用事业行业的投融资经验,并从公用事业的产品和支出性质等方面论述了城市建设举债的理论基础。根据城市建设举债理论,以美国公用事业举债的实践为参照,从融资结构和负债规模占GDP的比重两个方面进行分析,提出公用事业债务融资的适度规模。在此基础上,本文介绍了目前各种主要的债务融资工具并对其进行比较、分析,最后提出符合公用事业运营特点和收益特征的债务融资安排,即“做大债券融资的规模,并将它作为筹集公用事业建设资金的主要方式;积极争取国际金融组织贷款、外国政府贷款和国内政策性贷款;灵活利用集合委托贷款和信托投资;逐步降低对商业性贷款的依赖,减少商业性贷款大量进入公用事业建设的潜在风险。最后本文对促进债务融资方式的发展提出政策建议。
[Abstract]:With the rapid development of public utilities, the traditional public utility financing system seriously hinders the further healthy and rapid development of public utilities. Due to institutional restrictions and ideological constraints, public utility companies in China have consistently preferred equity financing as an external mode of financing, and debt financing has not received sufficient attention. How to perfect the capital structure, reduce the capital cost, realize the public utility industry benefit maximization, has become the important subject in front of the public utility. This paper introduces the investment and financing experience of the public utilities industry at home and abroad, and discusses the theoretical basis of the urban construction borrowing from the aspects of the products and the nature of the expenditure of the public utilities. Based on the theory of borrowing for urban construction and the practice of public utility borrowing in the United States, this paper analyzes the financing structure and the proportion of debt to GDP, and puts forward the appropriate scale of public utility debt financing. On this basis, this paper introduces various main debt financing instruments, compares them, analyzes them, and finally puts forward a debt financing arrangement that conforms to the characteristics of public utilities' operation and income, that is, "making the scale of bond financing larger," It should be regarded as the main way to raise funds for public utilities construction; actively seeking loans from international financial organizations, foreign governments and domestic policy loans; flexible use of pooled entrustment loans and trust investments; Gradually reduce the dependence on commercial loans and reduce the potential risks of commercial loans entering public utilities construction. Finally, this paper puts forward some policy suggestions to promote the development of debt financing.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2004
【分类号】：F062.6

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