昆明新都投資有限公司融資模式研究
本文選題:地方政府性融資平臺(tái) 切入點(diǎn):融資 出處:《云南財(cái)經(jīng)大學(xué)》2013年碩士論文 論文類型:學(xué)位論文
【摘要】:我國的地方政府性融資平臺(tái)公司是以各種類型的城投公司為主要載體,其最傳統(tǒng)、最通行的融資模式為“平臺(tái)公司+土地財(cái)政+信貸資金”。隨著各地城建投資量日益加大,融資平臺(tái)債務(wù)過高所引發(fā)的債務(wù)風(fēng)險(xiǎn)及危機(jī)引起了中央政府及金融監(jiān)管機(jī)構(gòu)的高度重視,相繼出臺(tái)了一系列“加強(qiáng)地方政府債務(wù)風(fēng)險(xiǎn)管控、規(guī)范地方融資平臺(tái)”調(diào)控政策,開始大力清理融資平臺(tái),嚴(yán)控對融資平臺(tái)貸款,導(dǎo)致融資平臺(tái)原有的融資模式難以為繼。 由于我國地方政府具有“小財(cái)政—大建設(shè)”亦即事權(quán)大而財(cái)權(quán)小這一特點(diǎn),對于地方建設(shè)資金需求,地方財(cái)政力不從心,建設(shè)資金仍需融資解決。在原有模式已嚴(yán)重受阻的形勢下,如何構(gòu)建行之有效的融資模式,已成為擺在我國地方政府融資平臺(tái)眼前不容回避的重要課題。 本文從我國地方政府融資平臺(tái)的發(fā)展入手,對其融資模式現(xiàn)狀、存在的問題及成因進(jìn)行分析,研究融資平臺(tái)如何構(gòu)建行之有效的融資模式。在參考國內(nèi)外文獻(xiàn)的基礎(chǔ)上,對地方投融資平臺(tái)發(fā)展理論、融資理論及國外融資平臺(tái)的先進(jìn)經(jīng)驗(yàn)對我國的啟示等進(jìn)行了簡要概括和論述。以新都公司為例,運(yùn)用相關(guān)理論和方法,,指出以傳統(tǒng)的“平臺(tái)公司+土地財(cái)政+信貸資金”模式已難以適應(yīng)今后項(xiàng)目投資及公司自身發(fā)展的需要,并從平臺(tái)公司自身的視角,提出了應(yīng)構(gòu)建“自身造血+多元化融資模式的新思路。
[Abstract]:The local government financing platform companies in our country take various types of city investment companies as the main carriers, and the most traditional and most popular financing mode is "the platform company land finance credit funds". With the increasing amount of investment in urban construction, The debt risk and crisis caused by the excessive debt of the financing platform have aroused the great attention of the central government and the financial supervision organization, and a series of regulatory policies have been issued one after another "strengthening the local government debt risk control and standardizing the local financing platform". Began to clean up the financing platform, strict control of the financing platform loans, resulting in the financing platform of the original financing model is difficult to sustain. Because the local government in our country has the characteristics of "small finance-big construction", that is, big power but small financial power, local finance is unable to cope with the demand for local construction funds. Under the situation that the original model has been seriously blocked, how to build an effective financing model has become an important issue that can not be avoided in the present time of the local government financing platform in our country. Starting with the development of local government financing platform in China, this paper analyzes the current situation, existing problems and causes of its financing mode, and studies how to construct an effective financing model. This paper briefly summarizes and discusses the development theory of local investment and financing platform, the financing theory and the enlightenment to our country from the advanced experience of foreign financing platform. Taking Xindu Company as an example, using relevant theories and methods, It is pointed out that the traditional mode of "land finance credit fund of platform company" is difficult to meet the needs of future project investment and the company's own development, and from the perspective of the platform company itself, it is pointed out that, This paper puts forward a new way to construct the self-financing model of hematopoiesis diversification.
【學(xué)位授予單位】:云南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】:碩士
【學(xué)位授予年份】:2013
【分類號(hào)】:F275;F832.39
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