包头至茂名粤境段高速公路项目投融资方案设计

发布时间：2018-05-08 19:20

  本文选题：包茂高速公路粤境段 + 投融资　； 参考：《西北大学》2012年硕士论文

【摘要】：高速公路是国家现代化进程的重要组成部分和标志,在我国国民经济发展与社会进步过程中起着至关重要的作用。高速公路是一种典型的资金密集型产,其建设与发展耗费大量的财力、人力和物力;为满足日益增长的国民经济需求,缩小不断增大的高速公路项目资金缺口,应结合国家“十二五”规划要求,本文在深入分析区域经济对高速公路项目投融资影响的基础上,结合国内外研究现状和项目投融资理论,以目前我国拟建的包头至茂名粤境段高速公路为研究对象,以经济效益和财务评价为指标,研究高速公路的投融资及风险管理等保障措施,为我国其他高速公路建设投融资提供借鉴。 本文在分析高速公路的经济性质和产品性质,投融资对高速公路建设的影响和控制,高速公路的成本和经济效益,高速公路项目的投融资模式影响因素的基础上,对包头至茂名粤境段高速公路进行了投资估算：全线总造价为1006615.25万元,其中静态投资部分为923737万元,动态投资部分为建设期贷款利息82879万元。 本文对项目投资所需资金设计了四种融资模式：融资模式Ⅰ(市场经营模式,25%自筹资金+75%银行贷款)；融资模式Ⅱ(政府补贴模式,自筹资金+银行贷款+政府补助)；融资模式Ⅲ(提高资本金比例)；融资模式Ⅳ(政府还贷模式)。财务分析结果表明：(1)在融资模式Ⅰ下,采用20年和25年运营期项目的总投资收益均小于资本机会成本,财务状况较差,达不到期望的盈利能力；(2)在融资模式Ⅱ下,若使资本金财务内部收益率达到基准收益率4%,需获得占总投资19.2%的政府资金补贴,补贴金额为188934万元。总体来说,本项目还是可以按照贷款条件偿还长期借款的；生存能力分析结果表明,本项目运营期内能实现自身的资金平衡,保持项目财务持续生存能力。总体上看,采用政府适当补贴,市场化的融资方案进行经营性方式运作本项目,财务上是可行的；(3)在融资模式Ⅲ下,采用25年运营期时,若资本金比例达35%以上时,项目投资能达到期望盈利能力。当资本金比例达45%以上时,项目资本金能达到期望盈利能力；(4)在融资模式Ⅳ下,当资本金比例上调至51.7%(504312万元)时,项目基本上能在预定的年限内偿清银行贷款及利息。综合分析,并充分考虑项目建设实际和项目承建单位的经济状况,确定项目融资模式Ⅱ即政府投资补助+市场化融资模式为最佳融资方式,既可保证项目建设资金,又可提高项目经济效益。 另外,本文从风险管理、项目管理和资金管理三个方面阐述了包头至茂名粤境段高速公路投融资的保障措施。
[Abstract]:Expressway is an important part and symbol of national modernization process, which plays an important role in the process of national economic development and social progress. Expressway is a kind of typical capital-intensive production, its construction and development consume a lot of financial, manpower and material resources, in order to meet the increasing demand of national economy, reduce the increasing gap of expressway project funds. According to the requirements of the 12th Five-Year Plan, this paper, on the basis of deeply analyzing the impact of regional economy on the investment and financing of expressway projects, combines the current research situation and the theory of project investment and financing at home and abroad. Taking Baotou-Maoming Yuejing Expressway, which is to be built in our country, as the research object, taking economic benefit and financial evaluation as the index, the paper studies the investment, financing and risk management of expressway, and so on. To provide reference for other highway construction investment and financing in China. Based on the analysis of the economic and product properties of the expressway, the influence and control of investment and financing on the expressway construction, the cost and economic benefit of the expressway, the influencing factors of the investment and financing mode of the expressway project, The total cost of the expressway from Baotou to Maoming was estimated to be 10.0661525 billion yuan, of which the static investment part was 9.23737 billion yuan, and the dynamic investment part was 828.79 million yuan loan interest during the construction period. This paper designs four financing modes for project investment: financing mode 鈪，

本文编号：1862715