山东铁路建设投资有限公司融资路径优化研究

发布时间：2018-04-01 10:24

本文选题：地方铁路投融资平台　切入点：资本结构　出处：《山东大学》2017年硕士论文

【摘要】：我国铁路建设经历了数十年的大发展,取得了巨大成就,为保障我国经济的持续发展做出了巨大贡献。在铁路投资的快速发展中,地方将承担越来越多的投资任务,如何有效筹集铁路建设资金,是摆在各省面前的巨大难题。山东铁路建设投资有限公司(以下简称"山东铁投公司")自2008年成立,成立以来通过与铁路总公司(以下简称"铁总")合资推进地方铁路建设,带动了山东铁路建设的大发展。山东铁投公司围绕十余条铁路项目开展融资活动,融资路径主要分为财政融资、项目股权融资及债务融资等。近年来,山东铁投公司对外投资模式逐渐由参股向控股转变,资金来源也将发生较大变化,继续沿用原有融资结构及融资方式已不能满足公司长期发展需要。公司当前融资活动面临着股权融资渠道狭窄,市场化融资方式欠缺等突出问题。为保证公司可持续发展,保证投资资金需求,如何有效提升投资项目收益及拓宽各类融资渠道,是摆在公司发展道路上的重要难题。本文将以将经典融资理论和新兴的PPP融资模式为指导,以山东铁投公司成立以来融资活动实际情况为分析基础,对山东铁投公司自成立以来主要融资活动和融资方式进行研究,对公司融资结构、方式等进行系统分析,从而归纳出山东铁投公司融资活动及融资路径存在的问题及其严重性,最后,以企业融资理论等为指导,结合行业特点,就山东铁投公司当前融资路径的改进和优化提出具体建议,主要包括改进优化原有财政融资方式、优化拓展既有的项目股权融资渠道及拓宽债务融资方式并提升债务融资能力。本文在以山东铁投公司为实例分析的基础上,对影响行业发展的共性问题进行了归纳概括,尤其是对该类问题产生的背景、根源及可以采取的变革措施进行了分析阐述,在国内各省份铁路投融资模式高度相似的情况下,这不仅能对山东铁投公司下阶段的各项融资活动提供指导借鉴,更将对其他省份进一步拓展融资渠道,改善铁路融资困境提供借鉴。
[Abstract]:China's railway construction has experienced decades of great development, has made great achievements, and has made great contributions to ensuring the sustainable development of our economy. In the rapid development of railway investment, local governments will undertake more and more investment tasks. How to effectively raise funds for railway construction is a huge problem facing the provinces. Shandong Railway Construction Investment Co., Ltd (hereinafter referred to as "Shandong Railway Investment Company") has been established since 2008. Since its establishment, the local railway construction has been promoted through a joint venture with the Railway Corporation (hereinafter referred to as "the Iron head Office"), which has led the great development of the railway construction in Shandong Province. The Shandong Railway Investment Corporation has launched financing activities around more than 10 railway projects. The financing path is mainly divided into financial financing, project equity financing and debt financing. In recent years, the mode of foreign investment of Shandong Railway Investment Corporation has gradually changed from equity participation to holding stock, and the source of funds will also be greatly changed. Continuing to use the original financing structure and financing methods can no longer meet the long-term development needs of the company. The current financing activities of the company are faced with narrow channels of equity financing, lack of market-oriented financing methods and other outstanding problems. How to ensure the demand of investment funds, how to effectively improve the income of investment projects and how to broaden various financing channels are important problems in the development of the company. This paper will be guided by the classical financing theory and the emerging PPP financing model. Based on the actual situation of the financing activities since the establishment of Shandong Railway Investment Corporation, this paper studies the main financing activities and financing methods of Shandong Railway Investment Corporation since its establishment, and makes a systematic analysis of the financing structure and mode of the company. The problems and the seriousness of the financing activities and financing path of Shandong Railway Investment Company are summarized. Finally, under the guidance of enterprise financing theory and combining with the characteristics of the industry, Specific suggestions are put forward for the improvement and optimization of the current financing path of Shandong Railway Investment Corporation, which mainly includes improving and optimizing the original financial financing methods. Based on the analysis of Shandong Railway Investment Corporation as an example, this paper summarizes the common problems that affect the development of the industry. In particular, the background, origin and reform measures of this kind of problems are analyzed and expounded. In the case of the high similarity of railway investment and financing modes in each province of China, This will not only provide guidance for Shandong Railway Investment Company in the next stage of financing activities, but also provide reference for other provinces to further expand financing channels and improve railway financing difficulties.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.39

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