BT模式对投资人财务结构影响研究

发布时间：2019-03-17 09:16

【摘要】：截止2012年末，我国的城市化率为52.6%，中国城市化进入关键发展阶段。但是城市市政基础设施投资滞后的问题却制约着城市的发展，大中型城市交通拥堵越来越严重，城市供水、燃气、热力管网、无害化污染处理及污水处理等基础设施满足不了城市发展需求，城市基础设施建设资金严重短缺。如何化解政府在基础设施建设中资金缺乏，积极寻求解决办法，已逐渐成为政府、企业、金融界的思考。随着金融市场的充分发展，金融工具不断创新，BT模式这种新型的投融资模式在基础设施及公用项目得到了政府、银行及金融机构的支持，被引入到城市基础设施建设中来，有效的缓解了资金的短缺。同时，，作为BT项目投资人的国有大中型建筑企业通过自身强大的融资能力和施工管理能力，以BT模式参与工程项目的投资建设，抢占市场份额，改变投资渠道，促进了企业转型发展，实现国有资本的保值增值。本文以BT模式运作项目对投资人财务结构的影响为中心，首先从BT模式的融资理论基础进行系统分析，描述了BT模式的特点和运行流程，明确了投资人在BT模式中的关键作用，并对投资人财务结构的含义和影响进行了分析。之后本文重点分了析投资人在BT项目的融资方式对投资人财务结构影响，最后本文以武汉二环线BT项目为案例，分析了投资人如何通过BT模式来运作项目，采取合适融资方式，改善财务指标，优化财务结构。本文的研究将为投资人在BT模式运作项目、优化财务结构、防范债务风险、提升资产运行质量提供借鉴和实际指导意义。
[Abstract]:By the end of 2012, the urbanization rate of China was 52.6%, and the urbanization of China had entered the key stage of development. However, the lagging investment in urban municipal infrastructure is restricting the development of the city. Traffic congestion in large and medium-sized cities is becoming more and more serious, and urban water supply, gas and heat pipe networks are becoming more and more serious. The infrastructure such as harmless pollution treatment and sewage treatment can not meet the needs of urban development, and the capital for urban infrastructure construction is seriously short. How to resolve the lack of funds in infrastructure construction and actively seek solutions has gradually become the thinking of the government, enterprises and financial circles. With the full development of the financial market and the innovation of financial instruments, the new investment and financing model of BT model has been supported by the government, banks and financial institutions in infrastructure and public utilities, and has been introduced into the construction of urban infrastructure. The shortage of funds has been effectively alleviated. At the same time, the large and medium-sized state-owned construction enterprises, as investors in BT projects, participate in the investment and construction of engineering projects with BT mode through their strong financing ability and construction management ability, seize market share, and change the investment channels. Promoted the enterprise transformation development, realizes the state-owned capital to maintain and increase the value. This paper focuses on the influence of BT mode operation project on investor's financial structure. Firstly, it analyzes systematically the financing theory of BT model, describes the characteristics and operation process of BT model, and clarifies the key role of investor in BT model. It also analyzes the meaning and influence of investor's financial structure. In the end, taking Wuhan Erhuan Line BT project as an example, this paper analyzes how investors operate the project through BT mode and adopts appropriate financing mode, and then analyzes the influence of financing mode on the financial structure of the investor in BT project, finally, taking Wuhan Erhuan Line BT project as an example, this paper analyzes how investors operate the project through BT mode. Improve the financial indicators, optimize the financial structure. The research in this paper will provide reference and practical guidance for investors to operate projects in BT mode, optimize financial structure, guard against debt risk, and improve the quality of assets operation.
【学位授予单位】：云南师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F285

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