本文選題：項(xiàng)目融資模式 + PPP模式�。� 參考：《重慶理工大學(xué)》2017年碩士論文

【摘要】：目前重慶和成都已經(jīng)成為西部地區(qū)的兩座國家級中心城市,國務(wù)院對成渝城市群的發(fā)展規(guī)劃提出了更高的要求,在現(xiàn)有的兩條連接成渝的高速公路已經(jīng)出現(xiàn)交通流量趨于飽和的情況下,A高速公路項(xiàng)目(成安渝高速公路)便應(yīng)運(yùn)而生。本文的研究對象是A高速公路項(xiàng)目的四川段,全長175公里�？偼顿Y額達(dá)240.99億元。A高速項(xiàng)目四川段極高的修建成本和相關(guān)區(qū)縣地方政府的財力之間形成了重大的矛盾,項(xiàng)目融資問題凸顯。因此,本文基于現(xiàn)有的A高速項(xiàng)目四川段的公開資料,站在A高速公路項(xiàng)目的項(xiàng)目公司的角度,為項(xiàng)目選擇了融資模式、融資渠道和信托融資運(yùn)作模式,并設(shè)計了最終的項(xiàng)目融資方案。本文基于基礎(chǔ)設(shè)施投融資相關(guān)理論作為理論基礎(chǔ),以A高速項(xiàng)目四川段的現(xiàn)有的融資問題作為研究對象,通過對項(xiàng)目基本建設(shè)情況、項(xiàng)目公司的股權(quán)安排等資料進(jìn)行收集與分析,測算了大股東的融資需求,以層層推進(jìn)的方式為A高速項(xiàng)目公司設(shè)計了融資方案。本文的任務(wù)及主要結(jié)論如下:首先,設(shè)計傳統(tǒng)的基礎(chǔ)設(shè)施融資模式的以及PPP項(xiàng)目融資模式的備選方案,分析兩種模式下每個方案的可行性,結(jié)論是傳統(tǒng)融資模式不可行,A高速項(xiàng)目公司應(yīng)選取基于BOT的新型PPP項(xiàng)目融資模式。其次,為A高速項(xiàng)目公司選擇合適的融資渠道,在對銀行、信托和私募股權(quán)基金這三種渠道進(jìn)行對比后,基于可行性和成本費(fèi)率考慮,選取信托作為融資渠道。第三,在比較了貸款信托、股權(quán)信托、受益權(quán)信托三種信托融資運(yùn)作模式后,基于與高速公路項(xiàng)目的匹配度考慮,本文選擇受益權(quán)信托作為運(yùn)作模式。第四,基于以上分析,本文為A高速項(xiàng)目公司設(shè)計了合適的信托融資方案,確定了融資金額、期限、收益、信托對象。本文的研究保障了A高速公路項(xiàng)目四川段建設(shè)中的資金需求,具有較強(qiáng)的應(yīng)用價值和實(shí)踐意義。在公司層面,為A高速項(xiàng)目公司提供了穩(wěn)定、低成本的融資渠道,保障了項(xiàng)目公司的正常運(yùn)作。在行業(yè)層面,本文的方案選擇和設(shè)計在對比中凸顯了基礎(chǔ)設(shè)施采取新型PPP項(xiàng)目融資模式和信托融資的優(yōu)勢,研究結(jié)論對其他信托公司開發(fā)設(shè)計基礎(chǔ)設(shè)施項(xiàng)目為標(biāo)的的信托計劃提供了參考意義;在社會層面上,本文的研究有助于A高速公路項(xiàng)目四川段以較低的成本獲得融資,保障項(xiàng)目的如期完工,對地方政府及川渝兩地間的交通連接有一定的實(shí)踐意義。
[Abstract]:At present, Chongqing and Chengdu have become two state-level central cities in the western region, and the State Council has put forward higher requirements for the development planning of Chengdu-Chongqing urban agglomeration. Under the condition that the traffic flow of the two existing expressways connecting Chengdu-Chongqing has become saturated, the "A" Expressway project (Chengan-Chongqing Expressway) has emerged. The research object of this paper is the Sichuan section of A Expressway project, which is 175 km long. The total investment of 24.099 billion yuan. A high-speed project in Sichuan section of the extremely high construction costs and the financial resources of the local governments of relevant districts and counties has formed a major contradiction, project financing problems highlighted. Therefore, based on the public information of Sichuan Section of the A Expressway Project, this paper chooses the financing mode, the financing channel and the trust financing operation mode for the project from the perspective of the project company of the A Expressway Project. Finally, the project financing scheme is designed. Based on the theory of infrastructure investment and financing, this paper takes the existing financing problems in Sichuan section of A high-speed project as the research object. This paper collects and analyzes the data of the project company's equity arrangement, calculates the financing needs of the major shareholders, and designs the financing scheme for the A high-speed project company in the way of advancing at every level. The tasks and main conclusions of this paper are as follows: first of all, design the traditional infrastructure financing model and PPP project financing model options, and analyze the feasibility of each scheme under the two models. The conclusion is that the traditional financing mode is not feasible and the new PPP project financing mode based on bot should be selected. Secondly, select the appropriate financing channel for A high-speed project company. After comparing the three channels of bank, trust and private equity fund, based on feasibility and cost rate, select trust as financing channel. Thirdly, after comparing the three operation modes of loan trust, equity trust and benefit right trust, this paper chooses the beneficial right trust as the operation mode based on the matching degree between the trust and the highway project. Fourthly, based on the above analysis, this paper designs a suitable trust financing scheme for A high speed project company, and determines the financing amount, term, income, and trust object. The research in this paper ensures the fund demand in the construction of Sichuan Section of A Expressway Project, which has strong application value and practical significance. At the company level, it provides a stable and low-cost financing channel for the A-speed project company and ensures the normal operation of the project company. At the industry level, the project selection and design of this paper highlight the advantages of new PPP project financing model and trust financing. The results of the study provide a reference for other trust companies to develop and design trust projects for infrastructure projects. On the social level, the research in this paper will help the Sichuan section of the A highway project to obtain financing at a lower cost. The completion of the project on time is of practical significance to the transportation link between the local government and Sichuan and Chongqing.
【學(xué)位授予單位】：重慶理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.92;F406.7

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 馬麗;;我國城市基礎(chǔ)設(shè)施PPP融資模式研究——以安慶市外環(huán)北路為例[J];現(xiàn)代商業(yè);2016年15期

2 金珠;朱睿倩;;云南省公路建設(shè)投融資模式比較及其選擇[J];中國市場;2016年06期

3 徐可;何立華;;PPP模式中BT、BOT與TOT的比較分析——基于模式結(jié)構(gòu)、風(fēng)險分擔(dān)、所有權(quán)三個視角[J];工程經(jīng)濟(jì);2016年01期

4 孫晨光;陳麗娜;趙桂英;;衡水市投融資模式創(chuàng)新研究[J];河北金融;2016年01期

5 馬振濤;;基于成本視角的城鎮(zhèn)化投融資模式創(chuàng)新研究[J];財政研究;2015年05期

6 孫玉恒;;淺談城市軌道交通建設(shè)投融資模式選擇[J];東方企業(yè)文化;2015年05期

7 何天慈;;TOT信托的風(fēng)險成因及防范措施[J];赤峰學(xué)院學(xué)報(自然科學(xué)版);2014年21期

8 周海;;城市基礎(chǔ)設(shè)施建設(shè)的金融支持研究[J];黑龍江金融;2014年03期

9 鞏曉鋒;;城市基礎(chǔ)設(shè)施建設(shè)融資方式分析[J];黑龍江科技信息;2014年07期

10 汪來喜;;深化金融支持城市基礎(chǔ)設(shè)施建設(shè)問題研究[J];金融理論與實(shí)踐;2014年01期

相關(guān)博士學(xué)位論文 前1條

1 喬恒利;基礎(chǔ)設(shè)施項(xiàng)目多元投融資模式選擇研究[D];上海交通大學(xué);2009年

相關(guān)碩士學(xué)位論文 前8條

1 崔光輝;論TOT融資模式在城市污水處理項(xiàng)目應(yīng)用過程中的風(fēng)險管理[D];對外經(jīng)濟(jì)貿(mào)易大學(xué);2015年

2 侯志偉;適合我國特點(diǎn)的高速公路建設(shè)項(xiàng)目投融資方式研究[D];河北工業(yè)大學(xué);2014年

3 王震;房地產(chǎn)信托風(fēng)險管理研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2014年

4 馬國力;我國基礎(chǔ)設(shè)施建設(shè)信托融資問題研究[D];西南財經(jīng)大學(xué);2013年

5 李娟;基礎(chǔ)設(shè)施信托模式研究[D];上海交通大學(xué);2013年

6 曾國亞;城市基礎(chǔ)設(shè)施信托融資案例分析[D];西南財經(jīng)大學(xué);2013年

7 于洋;我國基礎(chǔ)設(shè)施信托運(yùn)作與發(fā)展研究[D];西南財經(jīng)大學(xué);2012年

8 劉家聰;基礎(chǔ)設(shè)施項(xiàng)目利用信托融資的模式研究[D];北京交通大學(xué);2009年

，

本文編號：2105238