我国高速公路资本市场融资问题研究

发布时间：2018-04-22 14:16

本文选题：高速公路 + 资本市场　；参考：《长沙理工大学》2012年硕士论文

【摘要】：作为现代化交通运输的基石，高速公路在各种运输方式之中发挥着极为重要的作用，并已成为一个国家或地区经济发展程度的重要标志。但是由于高速公路建设进程加快和货币控制不断紧缩等各种原因，导致我国目前高速公路建设资金出现短缺，筹融资状况不太理想。不能筹措到足量的资金，高速公路的建设便是无源之水。我国连续五年政府工作报告中都提到要利用资本市场融资，积极扩大直接融资，完善多层次资本市场体系，发挥好股票、债券、产业基金等融资工具的作用，，扩大股权和债券融资规模，优化资本市场结构，促进股票市场稳定健康发展，加快发展债券市场，更好地满足多样化投融资需求。因此，如何从资本市场获得稳定的资金来源，使之成为高速公路建设的持续动力，是本文需要思考的主要问题。本文针对目前我国高速公路资本市场融资的现状和问题，运用资本结构、资本成本、优序融资等理论依据，从积极争取财税支持、通过盘活存量资产提高自身融资水平、推广新型融资手段、优化资本市场融资结构、降低融资成本和控制融资风险六方面来解决问题，在资本市场为高速公路建设提供多渠道融资方式，高效高质融资，缓解高速公路建设融资压力，解决高速公路融资难题。首先，要保证资本金的及时到位和获得国家政策的支持，才能使我国高速公路有能力进入资本市场融资；其次，在新型融资手段中提出要发行高速公路集合债券和高速公路超短期融资券等措施，为资本市场融资开辟新渠道；第三，优化高速公路资本市场融资结构主要从扩大债券融资规模和提高股权融资效率两方面下手；第四，通过构建高速公路资本市场融资成本模型，一定程度上降低融资成本；最后，严格控制资本市场直接融资和间接融资的风险。
[Abstract]:As the cornerstone of modern transportation, expressway plays an extremely important role in various modes of transportation, and has become an important symbol of the economic development of a country or region. However, due to the acceleration of highway construction process and the continuous tightening of monetary control and other reasons, there is a shortage of funds for highway construction in China at present, and the situation of raising and raising funds is not ideal. Unable to raise enough funds, the construction of highway is no source of water. For the fifth consecutive five years, China's government work reports all mentioned the need to make use of capital market financing, actively expand direct financing, improve the multi-level capital market system, and give full play to the role of financing tools such as stocks, bonds, industrial funds, etc. We will expand the scale of equity and bond financing, optimize the structure of the capital market, promote the stable and healthy development of the stock market, speed up the development of the bond market, and better meet the diversified investment and financing needs. Therefore, how to obtain a stable source of capital from the capital market and make it a continuous driving force for highway construction is the main problem to be considered in this paper. In view of the current situation and problems of expressway capital market financing in China, this paper applies the theoretical basis of capital structure, capital cost, priority financing and so on, from actively striving for financial and tax support to improve its own financing level by activating the stock assets. Promote new financing means, optimize capital market financing structure, reduce financing cost and control financing risk to solve the problem, in the capital market to provide multi-channel financing for highway construction, efficient and high-quality financing, Ease the highway construction financing pressure, solve the highway financing problem. First, it is necessary to ensure that the capital is in place in a timely manner and supported by the state policies, so that China's highways can have the ability to enter the capital market for financing. In the new financing means proposed to issue highway bonds and highway ultra-short-term financing bills and other measures to open up new channels for capital market financing; third, Optimizing the financing structure of expressway capital market mainly starts from two aspects: enlarging the scale of bond financing and improving the efficiency of equity financing. Fourthly, by constructing the model of financing cost of expressway capital market, the financing cost can be reduced to a certain extent. Finally, Strictly control the risk of direct and indirect financing in the capital market.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F283;F542

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