经营性高速公路建设项目私募债券融资方式研究

发布时间：2018-01-09 01:04

本文关键词：经营性高速公路建设项目私募债券融资方式研究　出处：《福建师范大学》2016年硕士论文　论文类型：学位论文

【摘要】：私募债发行的规模、期限、利率、再融资、回购等要素均由资金供求双方谈判并最终确定,能够为企业“量身定制”,为高速公路建设进行债务融资打开了更广阔的空间。目前银行信贷投放受到严格的控制,银行贷款已出现额度紧张的情况,并向利率高的种类倾斜,高速公路企业通过银行贷款融资已存在一定的困难。除银行贷款外,虽然近年来企业债、短期融资债等直接融资方式在高速公路企业的融资中所占比重提升,但40%的发债瓶颈限制了企业的发债空间。通过发行私募债,高速公路企业能够广泛吸收保险等机构投资者的资金,缓解资金紧张的局面。因而,私募债有助于高速公路企业突破融资额度的限制,真正实现按需融资。高速公路建设项目私募债券融资有很多优势,如投入资本比较少、没有担保和信息简单透明,与此同时它也存在着许多不可预测的弊端。高速公路建设项目私募债券必须按照双方签订的合同规定,在符合要求的投资主体之中运作,但是存在比较集中的风险。为了预防这一弊端,国外的资本市场要求严密审查高速公路私募债券的运作。在审查方法上,海外每个地区都有不同的规避风险的措施。在美国,主要是由政府部门来进行密切监督管理,提高了高速公路私募债券的应用效率。本文以邯临高速公路项目为例,在项目融资理论的基础上,对其存在的问题展开研究和探讨,及时发现问题以及出现的原因,并针对具体问题提出切实可行的解决方案。本文首先阐述研究背景,研究意义以及国内外研究综述和研究方法等,并介绍基本概念及理论,包含项目融资理论、风险管理理论以及私募融资理论。然后介绍高速公路私募债券融资现状,以及高速公路建设项目采取私募债融资的必要性。接着阐述私募债券融资存在的问题,主要是阐述高速公路私募债券融资的相关风险,高速公路私募债融资环境问题,同时阐述邯临高速公路私募债券融资问题,包括邯临高速公路建设项目概述,介绍邯临高速公路私募债券融资现状,提出邯临高速公路私募债券融资存在的问题。最后提出邯临高速公路私募债券问题的解决对策,得到邯临高速公路建设私募债融资的启示,提出高速公路建设的私募债券融资对策。
[Abstract]:The scale, duration, interest rate, refinancing, refinancing, repurchase and other factors of private equity debt issuance are all negotiated and determined by both sides of capital supply and demand, and can be customized for the enterprise. Debt financing for highway construction opens up a wider space. Bank lending is now under strict control and bank loans have been strained and tilted towards the types of high interest rates. Expressway enterprises have some difficulties in financing through bank loans. In addition to bank loans, although in recent years, corporate bonds, short-term financing debt and other direct financing methods in the financing of expressway enterprises has increased. By issuing private equity debt, highway companies can widely absorb the funds of institutional investors, such as insurance, so as to ease the situation of capital shortage. Private debt is helpful for freeway enterprises to break through the limit of financing quota and realize on demand financing. There are many advantages of private equity bond financing for highway construction projects, such as less investment capital. Without guarantees and simple transparency of information, it also has many unpredictable drawbacks. Private equity bonds for highway construction projects must be in accordance with the contract signed by both parties. In order to prevent this malpractice, the foreign capital market requires a strict review of the operation of highway private equity bonds. There are different risk-aversion measures in every part of the world. In the United States, it is mainly government departments that closely monitor and manage it. This paper takes Han-Lin Expressway Project as an example, on the basis of project financing theory, the existing problems are studied and discussed. Discover the problems and the causes in time, and put forward practical solutions to the specific problems. Firstly, this paper describes the research background, research significance and domestic and foreign research review and research methods. And introduces the basic concepts and theories, including project financing theory, risk management theory and private equity financing theory. As well as the necessity of using private debt financing in highway construction projects. Then the problems of private equity bond financing are expounded, mainly the related risks of highway private equity bond financing. Expressway private equity debt financing environment problem, at the same time elaborated Han-Lin highway private placement bond financing problem, including Han-Lin highway construction project outline, introduces Han-Lin highway private placement bond financing present situation. Put forward the problems of private bond financing of Han-Lin Expressway. Finally, put forward the solution to the problem of Han-Lin Expressway Private Bonds, get the inspiration of Han-Lin Expressway Construction Private debt financing. Proposed highway construction private equity bond financing countermeasure.
【学位授予单位】：福建师范大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F542.3;F540.58

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