营口港务股份有限公司融资模式研究

发布时间：2018-07-24 09:30

【摘要】：营口港于1861年开埠,近年来发展迅速,2012年货物吞吐量位列我国沿海港口第九名。“十二五”期间营口港规划了180亿元的投资用于港口建设,计划加强鲅鱼圈港区、仙人岛港区和盘锦新港区的建设,预计于2015年前使货物吞吐量达到4亿吨,未来营口港建设资金需求巨大。港口行业属基础设施类行业,具有一定的自然垄断性和稳定增长的业务基础,其融资模式的合理选择对于港口自身建设、周边地区及至国民经济的发展具有深远的影响.是关系到港口企业未来持续发展和竞争力提升的关键问题。研究营口港上市公司的融资模式,对于港口的建设和今后的长远发展,其理论和现实意义尤为重大。本文探讨了当前我国港口建设资金的主要融资渠道和融资方式,介绍了营口港目前的发展现状、港口未来发展目标和建设资金需求,并对营口港上市公司自2006年以来的融资情况进行了统计。并通过总资产负债率趋势法和融资来源构成比重法衡量了营口港上市公司的融资结构,得出营口港上市公司以外源融资为主内源融资为辅；外源融资中债权融资占绝大比重的融资特点,高负债融资已经成为营口港上市公司融资模式的重要特点。负债融资对于营口港上市公司的经营有诸多帮助,但同时,负债经营也会为公司带来种种风险。文章就营口港上市公司负债经营风险选取了流动比率、速动比率、资产负债率、利息保障倍数等财务指标进行分析,得出营口港上市公司以上财务指标均处于交通运输行业中下游水平,但由于近年来募集的资金支持了港口建设,营口港上市公司近几年业务规模、净利润增长迅速,总体上财务风险可控。所以,高负债融资是适合营口港上市公司发展的融资模式,但未来但营口港未来需在优化上市公司融资结构、协调发展资本市场、拓宽融资渠道上做出努力,同时不断完善公司治理、提高公司资本使用效率、增强公司自我积累能力、合理控制财务费用,谋求更科学有效的融资模式。这是营口港上市公司可持续融资和发展的必然选择。
[Abstract]:Yingkou Port was opened in 1861 and developed rapidly in recent years. During the 12th Five-Year Plan period, Yingkou Port has planned 18 billion yuan of investment for port construction. It plans to strengthen the construction of the Bayuquan, Xianren Island and Panjin new port areas. It is expected that the cargo throughput will reach 400 million tons by 2015. The future Yingkou port construction capital demand is enormous. The port industry belongs to the infrastructure industry and has a certain natural monopoly and stable growth business foundation. The reasonable choice of its financing mode has a far-reaching impact on the port itself construction and the development of the national economy in the surrounding areas. It is a key issue related to the future sustainable development and competitiveness of port enterprises. It is of great theoretical and practical significance to study the financing mode of Yingkou Port listed company for the future development and construction of the port. This paper discusses the main financing channels and financing methods of port construction funds in China, and introduces the present development status, future development objectives and construction capital needs of Yingkou Port. And has carried on the statistics to the Yingkou port listed company's financing situation since 2006. Through the trend of total asset-liability ratio and the proportion of financing sources to measure the financing structure of Yingkou Port listed companies, it is concluded that exogenous financing is the main internal source of financing for Yingkou Port listed companies. High debt financing has become an important feature of Yingkou Port listed companies' financing mode. Debt financing is helpful to the management of listed companies in Yingkou Port, but at the same time, debt management will bring various risks to the company. This paper analyzes the financial indexes such as current ratio, quick ratio, asset-liability ratio, multiple of interest guarantee and so on. It is concluded that the above financial indexes of Yingkou Port listed companies are all in the middle and lower reaches of the transportation industry. However, due to the funds raised in recent years to support the port construction, the Yingkou Port listed companies' business scale in recent years has increased rapidly. Overall financial risk is controllable. Therefore, high debt financing is a financing model suitable for the development of listed companies in Yingkou Port. However, in the future, Yingkou Port will need to make efforts to optimize the financing structure of listed companies, coordinate the development of capital markets, and broaden financing channels. At the same time, we should improve the corporate governance, improve the efficiency of the company's capital use, strengthen the company's self-accumulation ability, reasonably control the financial expenses, and seek a more scientific and effective financing mode. This is Yingkou port listed company sustainable financing and development of the inevitable choice.
【学位授予单位】：大连海事大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F552.6

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