重庆高速公路境外股权融资模式研究

发布时间：2018-05-29 03:44

  本文选题：股权境外融资 + 建设资金短缺　； 参考：《重庆交通大学》2013年硕士论文

【摘要】：高速公路作为一项基础设施工程，它的建设周期比较长、涉及面较广泛、总投资额巨大，但收益回报却很慢。截止2012年12月底，重庆市全路网通车路段已达1856km，在建路段里程828.25km，现有的融资模式已经满足不了其建设需求。如何建立一种新型融资模式，打开重庆市高速公路建设所面临的困局，为重庆高速集团能够可持续性发展具有极其深远的影响。 论文首先介绍了重庆市高速公路建设特点、目前融资的方法及这些方法在重庆市高速公路融资中实施的可能性。然后，结合重庆市高速公路日趋庞大的资产如何在运营期间实现效益最大化的问题，通过实现“走出去”的战略，本文提出了通过搭建境外融资平台，出售满足条件的高速公路的部分股权，引入外资缓解高速公路建设资金短缺问题的境外股权融资模式。 文中采用了OD调查法、财务评价法对标的高速公路进行了前期调查及相关准备工作。通过建立发生/吸引交通量模型预测未来交通量，建立合理的财务评价指标体系，对标的高速公路的盈利能力和偿债能力进行分析判断，寻找对项目有不影响程度的敏感性因素，，为这种模式在运作过程中可能面临的风险建立指标体系，通过模糊综合评价法对其进行分析，并做好防范或规避措施。在成立境内特殊目的公司时，不同阶段采用不同方案，所产生的结果有较大不同，因此，论文对三各不同的资产剥离方案进行了比较分析。境外特殊目的公司在成立地点上也有多种不同选择，论文对在不同国家和地区成立特殊目的公司的利弊点进行了比较说明。通过对境外融资模式运作过程的分析，得出要成功运用该模式的关键在于：境内股权转让协议要在第三方投资者成为境外公司Ⅱ的股东后生效。 重庆渝合高速公路股权境外融资案例，在实践中证明了这种新融资模式的可行性和有效性。
[Abstract]:Expressway as an infrastructure project, its construction cycle is relatively long, involving a wide range, the total investment is huge, but the return on income is very slow. By the end of December, 2012, the number of roads in Chongqing has reached 1856km, and the mileage of the road under construction is 828.25km. the existing financing mode can not meet its construction needs. How to set up a new financing mode and open up the difficulties faced by Chongqing expressway construction has a profound influence on the sustainable development of Chongqing High Speed Group. The paper first introduces the characteristics of Chongqing expressway construction, the current financing methods and the possibility of these methods in Chongqing expressway financing. Then, according to the problem of how to maximize the benefit of Chongqing expressway's increasingly large assets during operation, through the strategy of "going out", this paper puts forward to build an overseas financing platform. The foreign equity financing mode is introduced to alleviate the shortage of funds for highway construction. OD survey method and financial evaluation method are adopted in this paper. By establishing the occurrence / attraction traffic volume model to predict the future traffic volume and establishing a reasonable financial evaluation index system, the profitability and solvency of the underlying highway are analyzed and judged. This paper looks for the sensitive factors which have no influence on the project, establishes the index system for the risk that the model may face in the course of operation, analyzes it through the fuzzy comprehensive evaluation method, and makes the preventive or evasive measures. In the establishment of a domestic special purpose company, different schemes are adopted in different stages, and the results are quite different. Therefore, three different asset stripping schemes are compared and analyzed in this paper. There are also many different options for setting up a foreign special purpose company. This paper compares the advantages and disadvantages of setting up a special purpose company in different countries and regions. Based on the analysis of the operation process of the offshore financing model, the key to the successful application of the model is that the domestic equity transfer agreement should be effective after the third party investor becomes the shareholder of the foreign company 鈪

本文编号：1949357