JH高速铁路公司建设项目融资问题研究

发布时间：2018-10-19 17:16

【摘要】：高速铁路作为国家公共基础设施的重要组成部分,它的发展状况已经成为了衡量一个国家经济实力的标志。传统的铁路系统已经成为了制约我国经济的瓶颈,鉴于此情况,在“十二五”规划中,明确提出到2015年末,我国高速铁路将要达到四万公里,占据我国整个铁路系统的三分之一。高速铁路项目建设周期比较长,投资巨大,单纯依靠国家财政支出是不够的,所以探索合理的融资方式成为了我国高速铁路建设迫在眉睫的问题。基于以上背景,我们希望通过研究JH高速铁路的融资方案能给我国高速铁路建设融资提供参考意见。本文首先研究了国外发达国家高速铁路融资的历程,并概括了它们发展过程中共同点,希望对当前我国高速铁路融资提供帮助。然后通过对JH高铁建设背景以及融资结构的分析,提出了京沪高速铁路在融资过程中遇到的三个问题:非公资本主体受到歧视待遇,融资管理方式落后和铁道企业不具备市场化融资的资格。针对上述三个问题JH公司从权益性融资和债务性融资两种渠道设计了解决方案。最后我们对JH公司的融资方案进行了一个财务角度和社会角度的效果评价,并提出了三个保障我国高速铁路融资顺利的措施:(1)多渠道筹集建设资金,以中央财政性资金为引导;(2)逐步向地方和社会资本开放铁路的所有权和经营权;(3)大力推行高铁PPP融资模式本文希望通过对JH公司高速铁路融资案例的深入研究,对我国未来铁路建设融资方式的发展提供一定的理论及实际的借鉴意义。
[Abstract]:As an important part of national public infrastructure, high-speed railway has become a symbol of a country's economic strength. The traditional railway system has become a bottleneck restricting China's economy. In view of this situation, in the 12th Five-Year Plan, it was clearly stated that by the end of 2015, China's high-speed railway will reach 40,000 kilometers. It accounts for 1/3 of our country's entire railway system. The construction period of high-speed railway project is relatively long, the investment is huge, it is not enough to rely solely on the national financial expenditure, so exploring the reasonable financing way has become the urgent problem of the high-speed railway construction in our country. Based on the above background, we hope that the research on the financing scheme of JH high-speed railway can provide reference for the financing of high-speed railway construction in China. This paper first studies the process of high-speed railway financing in foreign developed countries, and summarizes the common ground in their development process, hoping to provide help for the current high-speed railway financing in China. Then through the analysis of the JH high-speed railway construction background and financing structure, the paper puts forward three problems encountered in the financing process of Beijing-Shanghai high-speed railway: the non-public capital subject is treated with discrimination. Financing management backward and railway enterprises do not have market-based financing qualifications. Aiming at the above three problems, JH designs solutions from two channels: equity financing and debt financing. Finally, we evaluate the financial and social effects of the financing scheme of JH Company, and propose three measures to ensure the smooth financing of China's high-speed railway: (1) raising construction funds through multiple channels. Under the guidance of central financial funds; (2) opening up the ownership and operation of railway to local and social capital step by step; (3) vigorously promoting high-speed rail PPP financing mode this paper hopes to further study the case of high-speed railway financing of JH Company. It provides some theoretical and practical reference for the future development of railway construction financing in China.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F532;F283

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