高速公路公司中期票据融资可行性分析
发布时间：2018-10-20 07:16
【摘要】：2010年以来，，受国家信贷紧缩和政府融资平台监管的双重影响，高速公路建设融资工作存在较大困难，以银行贷款为主的传统单一融资模式已无法保证行业建设资金需求。拓宽高速公路建设融资渠道，破解资金短缺难题，是高速公路建设面临的重要课题。 论文结合作者工作实践，运用经济学相关理论，采用宏观与微观分析、定性与定量分析、实证与规范分析等方法。通过对龙高集团中期票据的发行主体资格、发行方案设计、综合融资成本及投资风险等一系列关键因素进行论证分析，并以高速公路公司为主体发行中期票据融资的新方式进行了系统的研究。 首先，依据中期票据的定义和发行流程，将中期票据与债券市场其他融资方式进行比较，论证了企业选择中期票据融资的优势所在。其次，通过对比中美两国中期票据市场的特点，论述了美国经验对发展我国中期票据市场的借鉴与启示；通过对我国中期票据市场发展历程及市场现状的研究，论述了我国中期票据市场对经济发展的助推作用，并详细论述了影响我国中期票据市场发展的主要因素。再次，深入分析了龙高集团发行中期票据的融资成本，评估了投资者承担的风险；最后，针对我国高速公路公司发行中期票据融资存在的问题提出了解决方案。 研究表明：发行中期票据融资综合成本低，行业违约风险小，易被市场投资者接受，以黑龙江省高速公路集团公司为主体发行中期票据融资是切实可行的；发行中期票据融资符合高速公路行业及社会经济发展趋势，对高速公路公司优化企业债务结构，提升市场信誉和形象，具有重要的现实意义。
[Abstract]:Since 2010, under the influence of the national credit crunch and the supervision of the government financing platform, there are many difficulties in the financing work of highway construction. The traditional single financing mode, which is mainly on bank loans, can no longer guarantee the construction capital demand of the industry. It is an important task for expressway construction to widen the financing channel and solve the problem of fund shortage. Combining with the author's work practice, this paper adopts the methods of macro and micro analysis, qualitative and quantitative analysis, positive and normative analysis and so on. Through the analysis of a series of key factors, such as the qualification of the issuing subject, the design of the issuing scheme, the comprehensive financing cost and the investment risk, etc. And the new way of issuing mid-term bill financing by highway company is studied systematically. Firstly, according to the definition and issuing process of medium-term bills, the paper compares medium-term notes with other financing methods in bond market, and demonstrates the advantages of enterprises in choosing medium-term paper financing. Secondly, by comparing the characteristics of the medium-term bill market between China and the United States, the paper discusses the reference and inspiration of the American experience to the development of our country's medium-term bill market, and through the study of the development course and the market present situation of our country's medium-term bill market. This paper discusses the promoting effect of our country's medium-term bill market on the economic development, and discusses in detail the main factors that affect the development of our country's medium-term bill market. Thirdly, the paper analyzes the financing cost of Longgao Group and evaluates the risk that investors bear. Finally, the paper puts forward the solution to the problems existing in the issue of medium-term paper financing by highway companies in China. The research shows that: the comprehensive cost of issuing medium-term paper financing is low, the risk of industry default is small, and it is easy to be accepted by market investors. It is feasible to issue medium-term paper financing with Heilongjiang Highway Group Company as the main body. The issue of medium-term bill financing is in line with the trend of expressway industry and social economic development. It is of great practical significance for expressway companies to optimize the debt structure of enterprises and enhance the market reputation and image.
【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F542.6
本文编号：2282439
[Abstract]:Since 2010, under the influence of the national credit crunch and the supervision of the government financing platform, there are many difficulties in the financing work of highway construction. The traditional single financing mode, which is mainly on bank loans, can no longer guarantee the construction capital demand of the industry. It is an important task for expressway construction to widen the financing channel and solve the problem of fund shortage. Combining with the author's work practice, this paper adopts the methods of macro and micro analysis, qualitative and quantitative analysis, positive and normative analysis and so on. Through the analysis of a series of key factors, such as the qualification of the issuing subject, the design of the issuing scheme, the comprehensive financing cost and the investment risk, etc. And the new way of issuing mid-term bill financing by highway company is studied systematically. Firstly, according to the definition and issuing process of medium-term bills, the paper compares medium-term notes with other financing methods in bond market, and demonstrates the advantages of enterprises in choosing medium-term paper financing. Secondly, by comparing the characteristics of the medium-term bill market between China and the United States, the paper discusses the reference and inspiration of the American experience to the development of our country's medium-term bill market, and through the study of the development course and the market present situation of our country's medium-term bill market. This paper discusses the promoting effect of our country's medium-term bill market on the economic development, and discusses in detail the main factors that affect the development of our country's medium-term bill market. Thirdly, the paper analyzes the financing cost of Longgao Group and evaluates the risk that investors bear. Finally, the paper puts forward the solution to the problems existing in the issue of medium-term paper financing by highway companies in China. The research shows that: the comprehensive cost of issuing medium-term paper financing is low, the risk of industry default is small, and it is easy to be accepted by market investors. It is feasible to issue medium-term paper financing with Heilongjiang Highway Group Company as the main body. The issue of medium-term bill financing is in line with the trend of expressway industry and social economic development. It is of great practical significance for expressway companies to optimize the debt structure of enterprises and enhance the market reputation and image.
【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F542.6
【引证文献】
相关硕士学位论文 前2条
1 李蔚俊;中期票据在我国地方政府投融资平台的应用研究[D];暨南大学;2016年
2 舒明哲;融资租赁业中期票据融资动因及风险分析[D];暨南大学;2015年
本文编号：2282439
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