哈尔滨西客站建设项目二期融资方案研究

发布时间：2018-03-15 06:21

本文选题：哈西客站　切入点：融资方案设计　出处：《吉林大学》2013年硕士论文　论文类型：学位论文

【摘要】：哈尔滨西客站项目作为哈大高铁的始发终到车站，是国家与地方共同投资的重大基础设施建设项目。西客站项目包括了哈西客站工程建设、附属工程建设及哈尔滨西客站地区的开发改造。其中项目内所包含的52.6平方公里西客站地区的开发改造在全国的大城市更新改造与扩张过程中具有典型意义，其融资工作也具有普遍代表性。本文以哈尔滨西客站建设项目二期融资为研究对象，在针对一期融资需求及方案实施现状进行详细调研的基础上，对项目二期融资需求及所面临的融资环境进行了深入分析，，根据项目现有融资平台情况，设计了哈西客站项目二期融资方案,并针对二期融资方案，提出了相应的保障措施。项目一期实施初期国家金融政策较为宽松，因此融资方式仍以传统的信用贷款为主，建设过程中国家宏观金融政策调整，清理整顿政府融资平台，传统融资方式遇到障碍，为了保证哈西客站项目实施，必须探索新的融资途径。二期融资方案的设计过程中，如何通过创新融资渠道和方式来满足融资需求就变得至关重要。本文通过对项目可以利用的四个融资平台以及项目实际情况的分析，在土地收入与银行信贷这两大融资途径的基础上，设计了长短结合、项目贷款与土地储备贷款结合、传统融资方式与创新融资渠道相结合的融资方案。在中短期融资方面设计了工程款保理、授信项下的结构化融资、短期融资券等多种方式，保证项目建设期用款高峰时的融资需求；在中长期融资方面，设计了融资租赁、企业债券、开发性金融合作等多种方式，保证项目可持续发展；同时根据项目的进展和平台的完善情况提出了资产证券化、借壳上市等远期融资途径建议，目标是与资本市场直接接轨。上述设计从理论与实践层面可以满足哈西客站二期项目融资需求，对地方政府大型基础设施建设及区域开发项目的融资工作具有一定借鉴性的指导意义。一是要充分利用现有政策环境和条件创新融资渠道。二是要尽量培育市场化融资平台，避免政策风险。从长远看，应当调整中央与地方财权与事权不匹配的矛盾，建立规范的地方政府举债制度与市场，从而避免由于地方政府债务给金融行业带来的系统性风险。
[Abstract]:The Harbin West passenger Station project, as the beginning and final arrival of the Harbin high-speed railway, is a major infrastructure project jointly invested by the state and the local authorities. The West passenger Station project includes the construction of the Haxi Railway Station project. The subsidiary engineering construction and the development and transformation of the area of Harbin West passenger Station. The development and transformation of the 52.6 square kilometer area of the West passenger Station included in the project is of typical significance in the process of the renewal, transformation and expansion of the big cities throughout the country. Its financing work also has universal representativeness. This paper takes the second phase financing of Harbin West Railway Station as the research object, on the basis of the detailed investigation on the financing needs of the first phase and the status quo of the implementation of the project, the paper makes a deep analysis of the financing needs and the financing environment faced by the second phase of the project. According to the existing financing platform of the project, this paper designs the second phase financing scheme of the Haxi passenger station project, and puts forward the corresponding safeguard measures for the second phase financing scheme. The national financial policy is relatively loose at the beginning of the first phase of the project. Therefore, the financing mode is still dominated by traditional credit loans. In the process of construction, the national macro-financial policies are adjusted, the government financing platforms are cleaned up and rectified, and the traditional financing methods encounter obstacles in order to ensure the implementation of the projects of the Haxi Railway Station. We must explore new ways of financing. In the design of the second stage financing scheme, How to meet the financing needs through innovative financing channels and methods is very important. This paper analyzes the four financing platforms that can be used by the project and the actual situation of the project. On the basis of the two major financing channels of land revenue and bank credit, we have designed a combination of long and short loans, project loans and land reserve loans. The combination of traditional financing and innovative financing channels. In the medium and short term financing, we have designed a variety of ways, such as engineering factoring, structured financing under credit, short-term financing bills, etc. In the aspect of medium and long term financing, the financing lease, enterprise bond, development financial cooperation and so on are designed to ensure the sustainable development of the project. At the same time, according to the progress of the project and the perfection of the platform, the paper puts forward some forward financing ways such as asset securitization, backdoor listing and so on, the goal of which is to connect directly with the capital market. The above design can meet the financing needs of the second phase of the Haxi Railway Station from the theoretical and practical aspects. It has some guiding significance for the financing of large-scale infrastructure construction and regional development projects of local governments. First, it is necessary to make full use of the existing policy environment and conditions to innovate the financing channels; second, to cultivate market-oriented financing platforms as far as possible. In the long run, we should adjust the contradiction between central and local financial power and administrative power, establish a standardized borrowing system and market of local government, so as to avoid the systemic risk caused by local government debt to the financial industry.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F532.8

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