TJ铁路建设投资有限公司债券融资研究

发布时间：2018-05-02 10:27

本文选题：铁路建设 + 债券融资　；参考：《天津商业大学》2015年硕士论文

【摘要】：债券融资对铁路企业的筹金筹集有着重要意义,不仅可以获取较充足的资金,而且可使用的时间较长,更重要的是债券融资不会导致公司控制权的变动,也不涉及公司的管理体制。国外铁路企业的融资经验说明,债券融资是铁路建设资金的最有效、最实用的融资途径之一,不但降低了企业的融资成本,还降低了全社会的运输成本。据统计,在国外铁路企业的融资结构中,债券融资往往占据长期负债的80%以上,为最主要的外源融资方式。而我国铁路的债券融资占融资结构的比重尚不足20%,虽然有我国国情和我国资本市场不发达的原因,但主要还是因为我国铁路企业更喜欢利用股权来进行融资的原因。所以,作为铁路建设的主要筹资途径之一,债券融资在我国还有很大的发展空间。作为天津市唯一的铁路建设投融资平台,TJ公司肩负着巨大的建设任务和巨额的资金需求。解决融资问题可以使公司健康、可持续发展,进而满足天津经济快速发展导致的铁路运输需求。文章从地方铁路企业的视角出发,首先分析了TJ公司的基本现状、以及其所属行业的现状及前景,认为公司所在行业正面临着巨大的发展机遇;其次,公司面临的巨额资金需求是公司采取债券进行融资的主要原因,同时结合案例,对募集资金用于的天津至于家堡铁路项目分析了其重要性,风险及措施,认为公司应进一步发展债券融资的规模;然后在对公司的主要财务指标进行分析后,认为公司良好的财务状况,政府的支持优势以及天津市快速发展的经济环境都是公司能够按时偿还债务的保障;最后,分析了债券融资对公司发展的影响,风险及对策,对比同行业铁路企业融资结构,在扩大债券发行规模、选择优势项目融资、丰富债券品种、加强债券融资的全程监控方面提出建议。希望通过本文的分析研究,能为公司提供解决融资瓶颈的思路,为各地合资铁路公司的债券融资提供参考,从而加快各地铁路建设的现代化进程,对促进铁路跨越式发展具有重要意义。
[Abstract]:Bond financing plays an important role in raising funds for railway enterprises. It can not only obtain more sufficient funds, but also can be used for a long time. More importantly, bond financing will not lead to changes in the control rights of companies. Also does not involve the company's management system. The financing experience of foreign railway enterprises shows that bond financing is one of the most effective and practical ways to finance railway construction funds, which not only reduces the financing cost of enterprises, but also reduces the transportation cost of the whole society. According to statistics, in the financing structure of foreign railway enterprises, bond financing often accounts for more than 80% of long-term debt, which is the main external financing method. However, the proportion of bond financing in the financing structure of railway in China is still less than 20%. Although there are some reasons for the underdevelopment of our country's capital market and the situation of our country, it is mainly because our railway enterprises prefer to use equity to finance. Therefore, as one of the main financing ways of railway construction, bond financing in China still has a lot of room for development. As the sole investment and financing platform of railway construction in Tianjin, TJ Company shoulders huge construction task and huge capital demand. Solving the financing problem can make the company healthy and sustainable, and then meet the demand of railway transportation caused by the rapid development of Tianjin economy. From the point of view of local railway enterprises, this paper first analyzes the basic status quo of TJ Company, and the status quo and prospects of its industry, and thinks that the industry of TJ company is facing enormous development opportunities. The huge capital demand faced by the company is the main reason for the company to take bonds for financing. At the same time, combined with a case study, the importance, risks and measures of the Tianjin Yuanjiabao Railway Project, which was used to raise funds, were analyzed. Holding that the company should further develop the scale of bond financing, and then, after analyzing the main financial indicators of the company, that the company is in good financial condition, The advantages of government support and the rapid development of economic environment in Tianjin are the guarantee for the company to repay its debts on time. Finally, the paper analyzes the impact, risks and countermeasures of bond financing on the development of the company, and compares the financing structure of railway enterprises in the same industry. Some suggestions are put forward to enlarge the scale of bond issuance, to select superior project financing, to enrich the variety of bonds and to strengthen the whole process monitoring of bond financing. It is hoped that through the analysis and study of this paper, it can provide the company with the idea of solving the financing bottleneck and provide reference for the bond financing of local joint-venture railway companies, so as to speed up the modernization process of railway construction in various parts of the country. It is of great significance to promote the development of railway by leaps and bounds.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F406.7;F426.92

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