吉高集团高速公路融资策略研究

发布时间：2018-03-11 21:01

本文选题：高速公路融资　切入点：融资结构　出处：《吉林大学》2015年硕士论文　论文类型：学位论文

【摘要】：高速公路作为现代化国家的标志，在国家经济发展中扮演着重要角色，我国现阶段将高速公路建设作为为国家重点战略。但我国高速公路建设相较于主流发达国家起步较晚，大部分省份直至20世纪90年代才开始高速公路建设，使得必须在较短时间内进行大规模的集中建设。数据显示，近年来，我国高速公路建设发展势头迅猛，2013年全年，全国新增完工高速公路里程8286公里，累计高速公路里程达104468公里，已跃居全世界第一，国民经济对于高速公路的需求十分旺盛。但与此同时，建设资金问题成为了高速公路建设快速发展的瓶颈。以吉林省为例，2014年，吉林省规划开工建设高速公路里程630公里，投资金额490亿元。而2013年，吉林省公共预算地方级财政收入为1157亿元。仅靠财政投入，很难完成现阶段的高速扩张。因此，在适应国家及地区经济实力，不过度增加政府财政负担的前提下，如何统筹、规划高速公路建设，突破资金瓶颈，是当前研究的重点，具有重要意义。本文通过吉高集团高速公路融资为例，，对此问题进行研究。首先，通过描述性统计分析，对吉高集团近年财务报表进行剖析，搞清楚其资金构成及融资情况，明确了其融资规划目前面临两个主要问题，一是资金的缺口较大，资金到位率低；二是在融资结构上，间接融资比重较大，直接融资能力较弱。然后，通过对理论的学习分析，了解主流的融资理论，进行知识储备，从而分析具体问题。最后，通过对相关文献进行整理、梳理，并结合吉高集团的实际情况，找出造成吉高集团目前融资问题的成因，即内源融资出现瓶颈指、负债融资规划不合理以及融资方式缺乏创新，融资渠道单一、市场化程度不足。并针对具体的成因，给出了相应的解决策略。通过本文的论述，从两个方面对吉高集团高速公路的融资策略进行了规划。首先对目前吉高集团高速公路建设的资金缺口寻找解决措施，解决当前的资金短缺问题；同时制定权益融资、负债融资、混合工具融资等规划，多种方式配合，整合资源，拓宽吉高集团高速公路的融资渠道，激活、提升吉高集团高速公路建设融资的潜在能力。经过研究发现，吉高集团高速公路融资中的问题并非个案，在全国范围内，存在较多高速公路企业有与吉高集团类似的问题。由于其症结相似、成因类似，大体特征较为相近，因此，对于此类高速公路企业，针对吉高集团而规划的融资策略具有普适性，同样可作为参考。这对于厘清当前形势，响应国家战略布局，积极投入以“一带一路”为代表的基础设施项目建设，特别是新形势下的高速公路建设，具有较为正面的作用。
[Abstract]:Expressway, as the symbol of modern country, plays an important role in the national economic development. At the present stage, the expressway construction is regarded as the national key strategy in our country. However, compared with the mainstream developed countries, the expressway construction in our country starts relatively late. Most provinces did not start highway construction until 1990s, making it necessary to carry out large-scale centralized construction in a relatively short period of time. Data show that in recent years, highway construction in China has developed rapidly, and in 2013, the whole year. The mileage of the newly completed expressway nationwide reached 8,286km, and the total mileage of the expressway reached 104468 km, ranking first in the world. The national economy is in great demand for freeways. But at the same time, The problem of construction funds has become the bottleneck of the rapid development of highway construction. In 2014, Jilin Province planned to start construction of expressway mileage of 630km, with an investment of 49 billion yuan. Jilin Province's public budget revenue at the local level is 115.7 billion yuan. Relying on financial input alone, it is very difficult to complete the rapid expansion at this stage. Therefore, under the premise of adapting to the economic strength of the country and region and not excessively increasing the financial burden of the government, how to coordinate the overall plan, Planning highway construction, breaking through the bottleneck of funds, is the focus of current research, has an important significance. This paper studies this problem by way of highway financing of Jigao Group. Firstly, through descriptive statistical analysis, the paper analyzes the financial statements of Jigao Group in recent years, and finds out its capital composition and financing situation. It is clear that its financing planning faces two main problems at present, one is that the gap of funds is large and the rate of capital arrival is low; the other is that the proportion of indirect financing is large and the ability of direct financing is relatively weak in the financing structure. Then, through the study and analysis of the theory, Understand the mainstream financing theory, carry out knowledge reserve, and then analyze specific problems. Finally, through sorting out the relevant documents, combing and combining the actual situation of Jigao Group, we can find out the causes of the current financing problems of Jigao Group. That is, the bottleneck of endogenous financing refers to the unreasonable planning of debt financing, the lack of innovation in financing methods, the singleness of financing channels and the insufficient degree of marketization. Through the discussion of this paper, the paper plans the financing strategy of Jigao Group Expressway from two aspects. Firstly, it looks for the solution to the fund gap in the construction of Jigao Group Expressway at present to solve the current shortage of funds. At the same time, we should formulate plans such as equity financing, debt financing, mixed tools financing, and so on, coordinate in various ways, integrate resources, broaden the financing channels of Jigao Group Expressway, and activate them. Enhance the potential capacity of Jigao Group for Expressway Construction financing. Through research, it has been found that the problems in JGG Expressway financing are not individual cases, and are nationwide. There are many expressway enterprises with similar problems as those of Jigao Group. Because of their similar causes, similar causes and similar general characteristics, for such expressway enterprises, The financing strategy planned for Jigao Group is universal and can also be used as a reference. It is useful for clarifying the current situation, responding to the strategic layout of the country, and actively investing in the construction of infrastructure projects represented by "Belt and Road". In particular, highway construction under the new situation has a more positive role.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F542.6;F540.58

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