基于TOT模式的甘肃省高等级公路受让方财务决策研究

发布时间：2018-03-27 18:14

本文选题：高等级公路　切入点：TOT模式　出处：《西南石油大学》2017年硕士论文

【摘要】：甘肃省高等级公路的建设对于公路沿线地区的国土开发,以及沿线各地区的商业、旅游业和服务业的快速发展,均起到了良好的推动作用;运输效率的提高也成功地降低了运输成本,对甘肃省内重要物资的运输发挥了有效的促进作用,因此,甘肃省政府一直大力推进高等级公路的建设,其建成量日益增加。与此同时,随着高等级公路建成量的快速增长,使得公路项目中部分由政府垫资或已回收所有权的经营性资产出现闲置状况,未能得到充分利用;而且由于甘肃省高等级公路受地域、气候、经济等条件的限制,也使得巨额的建设资金得不到筹集,这些问题已成为甘肃省高等级公路发展的主要障碍。TOT(Transfer-Operate-Transfer)模式,是在BOT模式以后产生的一种新颖的经营性政府工程投融资模式。在TOT模式的运作中,由于涉及的相关方多,从而影响项目特许经营期内成本和效益的因素繁多,这些因素都可能导致项目的财务决策出现较大偏差。然而,作为接手项目的受让方又正是通过项目运营来获取利润的,因此考察并且决策项目是否值得投资以及在协议签订过程中如何与政府洽谈达到自身利益最大化等问题,通常是受让方关注的重点,也是本文的研究重点。本文首先针对甘肃省高等级公路建设资金缺口大的问题,结合其建设特点及发展规划,对比研究了几种常用的融资模式,对TOT模式在甘肃省高等级公路中的适用性进行了研究;然后针对TOT模式下受让方财务分析影响因素多的问题,利用相关理论对受让方的财务决策进行研究,主要是通过研究政府、项目公司、项目使用方和环境条件对受让方财务决策的影响因素,构成受让方财务决策影响因子结构图和影响因素体系表;最后,基于一般新建公路项目的财务流程,运用定性决策和定量决策相结合的方法,构建了适用于TOT高等级公路项目的财务决策模型,并据此对拟转让的甘肃省某高等级公路项目进行了受让方财务决策的实例分析。本研究既为受让方决策接手拟转让项目提供了相对可靠的依据,避免因盲目决策而导致亏损,也为推进新型TOT模式在甘肃省的广泛运用提供一定的理论参考。
[Abstract]:The construction of high grade highway in Gansu Province has played a good role in promoting the land development along the highway, as well as the rapid development of commerce, tourism and service industry along the highway. The improvement of transportation efficiency has also successfully reduced the transportation cost and played an effective role in promoting the transportation of important materials in Gansu Province. Therefore, the Gansu Provincial Government has been vigorously promoting the construction of high-grade highways. At the same time, with the rapid growth of high grade highway construction, some of the operating assets funded by the government or recovered ownership have been idle, and have not been fully utilized; Moreover, due to the restrictions of the region, climate, economy and other conditions on high grade highways in Gansu Province, huge amounts of construction funds cannot be raised. These problems have become the main obstacles to the development of high grade highways in Gansu Province. It is a new mode of investment and financing of government project after BOT mode. In the operation of TOT mode, there are many factors that affect the cost and benefit of the project during the franchise period due to the large number of related parties involved. All of these factors may lead to a large deviation in the financial decisions of the project. However, as the transferee who takes over the project, it is through the operation of the project that the profit is obtained. Therefore, examining and making decisions on whether the project is worth investing and how to negotiate with the government to maximize their own interests in the process of signing the agreement is usually the focus of attention of the transferee. It is also the focal point of this paper. Firstly, aiming at the problem of large fund gap in Gansu Province's high-grade highway construction, combined with its construction characteristics and development plan, this paper contrasts and studies several common financing modes. The applicability of TOT model in high grade highway in Gansu province is studied, and then the financial decision of the transferee is studied by using relevant theories in view of the problem that there are many influencing factors in the financial analysis of the transferee under the TOT mode. Mainly through the study of the government, project company, project users and environmental conditions on the financial decision of the recipient, constitute the transfer party financial decision impact factor chart and impact factor system table; finally, Based on the financial process of general new highway project, the financial decision model suitable for TOT high grade highway project is constructed by using the method of combining qualitative decision and quantitative decision. Based on this, the financial decision of a high grade highway project in Gansu Province is analyzed. This study not only provides a relatively reliable basis for the transferee to take over the project to be transferred, but also avoids the loss caused by blind decision. It also provides a theoretical reference for promoting the wide application of the new TOT model in Gansu Province.
【学位授予单位】：西南石油大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F542.8;F285

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