重庆高速公路融资及债务优化研究

发布时间：2018-03-08 19:21

本文选题：重庆高速　切入点：综合财务能力　出处：《重庆交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：在信贷紧缩和“去政府融资平台”改革的双重压力下,高速公路、铁路等重大基础设施建设企业的债务问题不断凸显,融资环境进一步恶化,特别是中西部地区高速公路大都处在建设期,面临的债务问题更加严峻,近年来部分地区甚至出现了高速公路停建的现象,高速公路企业的债务风险问题成为全社会关注的热点问题。因此,结合重庆高速公路建设的实际,开展重庆高速公路融资及债务优化研究,非常必要。重庆已建成通车的“二环八射”近2000公里高速公路,基本是由重庆高速公路集团有限公司(以下简称“高速集团”)通过抵押收费权贷款来融资建设的。然而,大规模的负债建设给高速集团带来了一系列债务风险隐患,为保持集团的可持续发展,本文通过分析和评价集团综合财务能力(营运能力、盈利能力、偿还能力、发展能力),识别和评价集团债务风险,提出了债务优化方案以及股权转让、收费收益权资产证券化、组建财务公司、保理融资和回租融资等融资方案,使高速集团将被动融资的意识转变为主动融资的战略意识,积极探索新型筹融资发展模式,保持高速集团的可持续性发展,防范潜在债务风险。论文的主要研究结论： 1、实现多元化经营,利用财务杠杆增强盈利水平,是集团发展的经营方针。 2、适度扩大债务融资规模,调节结构性债务失衡,是集团发展的经济策略。 3、重点开展股权融资和组建财务公司,全面增强融资互补性,是集团发展的战略部署。 4、积极推进政策性债务重组,为持续经营创造有利条件,是集团可持续发展的外部条件。
[Abstract]:Under the dual pressure of the credit crunch and the reform of the "go to government financing platform", the debt problem of major infrastructure construction enterprises such as highways and railways has been constantly highlighted, and the financing environment has further deteriorated. In particular, most of the highways in the central and western regions are in the period of construction, and the debt problem facing them is even more severe. In recent years, some areas have even seen the phenomenon of freeway construction being stopped. The debt risk of expressway enterprises has become a hot issue in the whole society. Therefore, it is necessary to carry out the research on the financing and debt optimization of Chongqing freeway according to the reality of highway construction in Chongqing. The nearly 2000 km expressway of Chongqing, which has been built and opened to traffic, was basically financed by Chongqing Expressway Group Co., Ltd (hereinafter referred to as "High-Speed Group") through a mortgage loan. However, The large-scale debt construction has brought a series of hidden risks to the high speed group's debt. In order to maintain the group's sustainable development, this paper analyzes and evaluates the group's comprehensive financial ability (operation ability, profitability, repayment ability). Developing capacity, identifying and evaluating group debt risk, proposing debt optimization schemes and equity transfer, securitization of charging income rights assets, formation of financial companies, factoring financing and rent-back financing, etc. The main conclusions of this paper are as follows: (1) to change the consciousness of passive financing into the strategic consciousness of active financing, to actively explore the new financing development model, to maintain the sustainable development of the high-speed group and to guard against potential debt risk. 1, realize diversification, use financial lever to enhance profit level, it is the management policy of group development. 2. Moderate expansion of debt financing scale and adjustment of structural debt imbalance are the economic strategies of group development. Third, focus on equity financing and the formation of financial companies, comprehensive enhancement of financing complementarity, is the strategic deployment of the Group's development. 4. To actively promote the restructuring of policy debt, to create favorable conditions for continuing operation, is the external conditions for the sustainable development of the group.
【学位授予单位】：重庆交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F542.6

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