【摘要】：我國(guó)從2009年開(kāi)始的銀根和地根的收緊，使城市開(kāi)發(fā)和基礎(chǔ)設(shè)施建設(shè)公司的融資遭遇了前所未有的寒流。本文從長(zhǎng)沙先導(dǎo)投資控股有限公司（以下簡(jiǎn)稱(chēng)“先導(dǎo)控股”）的戰(zhàn)略定位、商業(yè)模式和資金需要出發(fā)，結(jié)合其自身特點(diǎn)和實(shí)際案例針對(duì)公司融資模式的創(chuàng)新進(jìn)行研究。 文章介紹了城市建設(shè)投融資的歷史和現(xiàn)狀，回顧了關(guān)于城市建設(shè)融資模式國(guó)內(nèi)外的主要研究成果。但隨著全球經(jīng)濟(jì)形勢(shì)的變化，必須探索城市建設(shè)融資體制的改革思路，探索更加科學(xué)有效的城市建設(shè)融資模式。通過(guò)將天津泰達(dá)和上海金橋這兩家成功企業(yè)作為標(biāo)桿，，研究其發(fā)展歷史和融資特點(diǎn)，發(fā)現(xiàn)成功的經(jīng)驗(yàn)主要在于融資主體和融資手段的多元化，構(gòu)建上市公司平臺(tái)，實(shí)現(xiàn)了“大資本循環(huán)體系”。對(duì)比了土地融資、銀行融資和非銀行融資三種融資手段，特別是逐一對(duì)非銀行融資中的公司債券、中期票據(jù)、信托、股權(quán)投資基金、資產(chǎn)證券化、項(xiàng)目融資和上市融資模式進(jìn)行分析，并比照市場(chǎng)上城市建設(shè)領(lǐng)域采用同一融資模式的經(jīng)典案例。豐富了先導(dǎo)控股的融資手段。深入剖析公司的融資實(shí)例，揭示了該企業(yè)怎樣充分運(yùn)用其股東背景優(yōu)勢(shì)和政策優(yōu)勢(shì)，在立足對(duì)國(guó)內(nèi)現(xiàn)有金融工具、產(chǎn)品的深入研究基礎(chǔ)上，及時(shí)把握市場(chǎng)窗口機(jī)遇，將銀信合作產(chǎn)品、信政合作產(chǎn)品相結(jié)合，并靈活運(yùn)用信托融資平臺(tái)及產(chǎn)品的綜合功能，面向市場(chǎng)設(shè)計(jì)出了一款適合先導(dǎo)控股的相對(duì)獨(dú)特的傘形股權(quán)信托融資產(chǎn)品，最終成功融通資金40億元人民幣。其案例最顯著的特點(diǎn)之一是類(lèi)優(yōu)先股融資，使融資者不僅優(yōu)化了融資結(jié)構(gòu)，防范了公司的過(guò)度負(fù)債，抬高了公司的信用層級(jí)；而且還使公司在保障管理權(quán)獲利權(quán)不被稀釋的狀況下充分享受了“利息稅蔽”的實(shí)惠。 結(jié)合上述分析研究，總結(jié)出先導(dǎo)控股改變個(gè)體債權(quán)融資局面，實(shí)現(xiàn)股權(quán)融資與債權(quán)融資、行政機(jī)關(guān)引資與民間社會(huì)融資一體化，建立多層次融資體系，全面構(gòu)建良性“資本大循環(huán)體系”的新型融資模式。
[Abstract]:Since 2009, the tightening of monetary and local roots in China has caused the financing of urban development and infrastructure construction companies to encounter an unprecedented cold current. Starting from the strategic orientation, business model and capital requirement of Changsha pilot Investment Holdings Co., Ltd (hereinafter referred to as "pilot holding"), this paper studies the innovation of company financing mode in combination with its own characteristics and practical cases. This paper introduces the history and present situation of urban construction investment and financing, and reviews the main research results of urban construction financing model at home and abroad. However, with the change of the global economic situation, it is necessary to explore the reform ideas of urban construction financing system and to explore a more scientific and effective financing mode for urban construction. By using Tianjin Teda and Shanghai Jinqiao as the benchmark, the development history and financing characteristics of Tianjin Teda and Shanghai Jinqiao are studied. It is found that the successful experience mainly lies in the diversification of the main body and means of financing, and the construction of the platform of listed companies. The "big capital circulation system" has been realized. This paper compares land financing, bank financing and non-bank financing, especially for corporate bonds, medium-term notes, trusts, equity investment funds and asset securitization in non-bank financing. The model of project financing and listing financing is analyzed and compared with the classic case of the same financing mode used in the field of urban construction in the market. Enriched the pilot holding means of financing. An in-depth analysis of the financing examples of the company reveals how the enterprise makes full use of its shareholder background advantages and policy advantages, and on the basis of in-depth research on existing domestic financial instruments and products, timely grasp the market window opportunities. Based on the combination of silver and credit cooperation products, and the flexible use of trust financing platform and the comprehensive functions of the products, a relatively unique umbrella equity trust financing product suitable for pilot holding is designed for the market. Finally, successful financing of 4 billion yuan. One of the most prominent features of the case is the financing of preferred stocks, which not only optimizes the financing structure, prevents the excessive debt of the company, and raises the credit level of the company. It also enables the company to fully enjoy the benefits of "interest tax blinding" without dilution of the right to management. Combined with the above analysis and research, this paper concludes that the pilot holding can change the situation of individual creditor's rights financing, realize equity financing and creditor's rights financing, integrate administrative organs' attracting investment with civil society financing, and set up multi-level financing system. Comprehensive construction of a benign "capital cycle system" of the new financing model.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F426.92;F275

【參考文獻(xiàn)】

相關(guān)期刊論文 前8條

1 楊丹;如何利用杜邦財(cái)務(wù)比率分析法進(jìn)行企業(yè)統(tǒng)計(jì)分析[J];北京統(tǒng)計(jì);2001年09期

2 王霄,張捷;銀行信貸配給與中小企業(yè)貸款——一個(gè)內(nèi)生化抵押品和企業(yè)規(guī)模的理論模型[J];經(jīng)濟(jì)研究;2003年07期

3 孫建國(guó);;存貨資金周轉(zhuǎn)率分析方法剖析[J];會(huì)計(jì)研究;2005年07期

4 宋曉燕;;私募股權(quán)投資基金組織模式分析——一個(gè)治理結(jié)構(gòu)的視角[J];上海財(cái)經(jīng)大學(xué)學(xué)報(bào);2008年05期

5 王愷;馮衛(wèi)華;宋崗新;王新;孫j;;濱海新區(qū)產(chǎn)業(yè)投資基金運(yùn)作模式研究——以渤海產(chǎn)業(yè)投資基金為例[J];天津大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2007年03期

6 胡羽喬;;城市建設(shè)融資研究綜述[J];現(xiàn)代商貿(mào)工業(yè);2010年13期

7 楊輝;張麗潔;;我國(guó)發(fā)展市政債券的戰(zhàn)略選擇[J];中國(guó)貨幣市場(chǎng);2008年03期

8 黃溶冰;王麗艷;;資源型城市經(jīng)濟(jì)轉(zhuǎn)型:城市經(jīng)營(yíng)視角的解讀[J];中國(guó)行政管理;2009年02期

本文編號(hào)：2430340