本文關(guān)鍵詞：經(jīng)營(yíng)性高速公路建設(shè)項(xiàng)目私募債券融資方式研究　出處：《福建師范大學(xué)》2016年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 私募債券 邯臨高速公路 融資方式 經(jīng)驗(yàn)借鑒

【摘要】：私募債發(fā)行的規(guī)模、期限、利率、再融資、回購(gòu)等要素均由資金供求雙方談判并最終確定,能夠?yàn)槠髽I(yè)“量身定制”,為高速公路建設(shè)進(jìn)行債務(wù)融資打開了更廣闊的空間。目前銀行信貸投放受到嚴(yán)格的控制,銀行貸款已出現(xiàn)額度緊張的情況,并向利率高的種類傾斜,高速公路企業(yè)通過(guò)銀行貸款融資已存在一定的困難。除銀行貸款外,雖然近年來(lái)企業(yè)債、短期融資債等直接融資方式在高速公路企業(yè)的融資中所占比重提升,但40%的發(fā)債瓶頸限制了企業(yè)的發(fā)債空間。通過(guò)發(fā)行私募債,高速公路企業(yè)能夠廣泛吸收保險(xiǎn)等機(jī)構(gòu)投資者的資金,緩解資金緊張的局面。因而,私募債有助于高速公路企業(yè)突破融資額度的限制,真正實(shí)現(xiàn)按需融資。高速公路建設(shè)項(xiàng)目私募債券融資有很多優(yōu)勢(shì),如投入資本比較少、沒(méi)有擔(dān)保和信息簡(jiǎn)單透明,與此同時(shí)它也存在著許多不可預(yù)測(cè)的弊端。高速公路建設(shè)項(xiàng)目私募債券必須按照雙方簽訂的合同規(guī)定,在符合要求的投資主體之中運(yùn)作,但是存在比較集中的風(fēng)險(xiǎn)。為了預(yù)防這一弊端,國(guó)外的資本市場(chǎng)要求嚴(yán)密審查高速公路私募債券的運(yùn)作。在審查方法上,海外每個(gè)地區(qū)都有不同的規(guī)避風(fēng)險(xiǎn)的措施。在美國(guó),主要是由政府部門來(lái)進(jìn)行密切監(jiān)督管理,提高了高速公路私募債券的應(yīng)用效率。本文以邯臨高速公路項(xiàng)目為例,在項(xiàng)目融資理論的基礎(chǔ)上,對(duì)其存在的問(wèn)題展開研究和探討,及時(shí)發(fā)現(xiàn)問(wèn)題以及出現(xiàn)的原因,并針對(duì)具體問(wèn)題提出切實(shí)可行的解決方案。本文首先闡述研究背景,研究意義以及國(guó)內(nèi)外研究綜述和研究方法等,并介紹基本概念及理論,包含項(xiàng)目融資理論、風(fēng)險(xiǎn)管理理論以及私募融資理論。然后介紹高速公路私募債券融資現(xiàn)狀,以及高速公路建設(shè)項(xiàng)目采取私募債融資的必要性。接著闡述私募債券融資存在的問(wèn)題,主要是闡述高速公路私募債券融資的相關(guān)風(fēng)險(xiǎn),高速公路私募債融資環(huán)境問(wèn)題,同時(shí)闡述邯臨高速公路私募債券融資問(wèn)題,包括邯臨高速公路建設(shè)項(xiàng)目概述,介紹邯臨高速公路私募債券融資現(xiàn)狀,提出邯臨高速公路私募債券融資存在的問(wèn)題。最后提出邯臨高速公路私募債券問(wèn)題的解決對(duì)策,得到邯臨高速公路建設(shè)私募債融資的啟示,提出高速公路建設(shè)的私募債券融資對(duì)策。
[Abstract]:The scale, duration, interest rate, refinancing, refinancing, repurchase and other factors of private equity debt issuance are all negotiated and determined by both sides of capital supply and demand, and can be customized for the enterprise. Debt financing for highway construction opens up a wider space. Bank lending is now under strict control and bank loans have been strained and tilted towards the types of high interest rates. Expressway enterprises have some difficulties in financing through bank loans. In addition to bank loans, although in recent years, corporate bonds, short-term financing debt and other direct financing methods in the financing of expressway enterprises has increased. By issuing private equity debt, highway companies can widely absorb the funds of institutional investors, such as insurance, so as to ease the situation of capital shortage. Private debt is helpful for freeway enterprises to break through the limit of financing quota and realize on demand financing. There are many advantages of private equity bond financing for highway construction projects, such as less investment capital. Without guarantees and simple transparency of information, it also has many unpredictable drawbacks. Private equity bonds for highway construction projects must be in accordance with the contract signed by both parties. In order to prevent this malpractice, the foreign capital market requires a strict review of the operation of highway private equity bonds. There are different risk-aversion measures in every part of the world. In the United States, it is mainly government departments that closely monitor and manage it. This paper takes Han-Lin Expressway Project as an example, on the basis of project financing theory, the existing problems are studied and discussed. Discover the problems and the causes in time, and put forward practical solutions to the specific problems. Firstly, this paper describes the research background, research significance and domestic and foreign research review and research methods. And introduces the basic concepts and theories, including project financing theory, risk management theory and private equity financing theory. As well as the necessity of using private debt financing in highway construction projects. Then the problems of private equity bond financing are expounded, mainly the related risks of highway private equity bond financing. Expressway private equity debt financing environment problem, at the same time elaborated Han-Lin highway private placement bond financing problem, including Han-Lin highway construction project outline, introduces Han-Lin highway private placement bond financing present situation. Put forward the problems of private bond financing of Han-Lin Expressway. Finally, put forward the solution to the problem of Han-Lin Expressway Private Bonds, get the inspiration of Han-Lin Expressway Construction Private debt financing. Proposed highway construction private equity bond financing countermeasure.
【學(xué)位授予單位】：福建師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：F542.3;F540.58

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本文編號(hào)：1399363