本文選題：高速公路融資　切入點：融資結構　出處：《吉林大學》2015年碩士論文　論文類型：學位論文

【摘要】：高速公路作為現(xiàn)代化國家的標志，在國家經(jīng)濟發(fā)展中扮演著重要角色，我國現(xiàn)階段將高速公路建設作為為國家重點戰(zhàn)略。但我國高速公路建設相較于主流發(fā)達國家起步較晚，大部分省份直至20世紀90年代才開始高速公路建設，使得必須在較短時間內(nèi)進行大規(guī)模的集中建設。數(shù)據(jù)顯示，近年來，我國高速公路建設發(fā)展勢頭迅猛，2013年全年，全國新增完工高速公路里程8286公里，累計高速公路里程達104468公里，已躍居全世界第一，國民經(jīng)濟對于高速公路的需求十分旺盛。但與此同時，建設資金問題成為了高速公路建設快速發(fā)展的瓶頸。以吉林省為例，2014年，吉林省規(guī)劃開工建設高速公路里程630公里，投資金額490億元。而2013年，吉林省公共預算地方級財政收入為1157億元。僅靠財政投入，很難完成現(xiàn)階段的高速擴張。因此，在適應國家及地區(qū)經(jīng)濟實力，不過度增加政府財政負擔的前提下，如何統(tǒng)籌、規(guī)劃高速公路建設，突破資金瓶頸，是當前研究的重點，具有重要意義。 本文通過吉高集團高速公路融資為例，，對此問題進行研究。首先，通過描述性統(tǒng)計分析，對吉高集團近年財務報表進行剖析，搞清楚其資金構成及融資情況，明確了其融資規(guī)劃目前面臨兩個主要問題，一是資金的缺口較大，資金到位率低；二是在融資結構上，間接融資比重較大，直接融資能力較弱。然后，通過對理論的學習分析，了解主流的融資理論，進行知識儲備，從而分析具體問題。最后，通過對相關文獻進行整理、梳理，并結合吉高集團的實際情況，找出造成吉高集團目前融資問題的成因，即內(nèi)源融資出現(xiàn)瓶頸指、負債融資規(guī)劃不合理以及融資方式缺乏創(chuàng)新，融資渠道單一、市場化程度不足。并針對具體的成因，給出了相應的解決策略。 通過本文的論述，從兩個方面對吉高集團高速公路的融資策略進行了規(guī)劃。首先對目前吉高集團高速公路建設的資金缺口尋找解決措施，解決當前的資金短缺問題；同時制定權益融資、負債融資、混合工具融資等規(guī)劃，多種方式配合，整合資源，拓寬吉高集團高速公路的融資渠道，激活、提升吉高集團高速公路建設融資的潛在能力。經(jīng)過研究發(fā)現(xiàn)，吉高集團高速公路融資中的問題并非個案，在全國范圍內(nèi)，存在較多高速公路企業(yè)有與吉高集團類似的問題。由于其癥結相似、成因類似，大體特征較為相近，因此，對于此類高速公路企業(yè)，針對吉高集團而規(guī)劃的融資策略具有普適性，同樣可作為參考。這對于厘清當前形勢，響應國家戰(zhàn)略布局，積極投入以“一帶一路”為代表的基礎設施項目建設，特別是新形勢下的高速公路建設，具有較為正面的作用。
[Abstract]:Expressway, as the symbol of modern country, plays an important role in the national economic development. At the present stage, the expressway construction is regarded as the national key strategy in our country. However, compared with the mainstream developed countries, the expressway construction in our country starts relatively late. Most provinces did not start highway construction until 1990s, making it necessary to carry out large-scale centralized construction in a relatively short period of time. Data show that in recent years, highway construction in China has developed rapidly, and in 2013, the whole year. The mileage of the newly completed expressway nationwide reached 8,286km, and the total mileage of the expressway reached 104468 km, ranking first in the world. The national economy is in great demand for freeways. But at the same time, The problem of construction funds has become the bottleneck of the rapid development of highway construction. In 2014, Jilin Province planned to start construction of expressway mileage of 630km, with an investment of 49 billion yuan. Jilin Province's public budget revenue at the local level is 115.7 billion yuan. Relying on financial input alone, it is very difficult to complete the rapid expansion at this stage. Therefore, under the premise of adapting to the economic strength of the country and region and not excessively increasing the financial burden of the government, how to coordinate the overall plan, Planning highway construction, breaking through the bottleneck of funds, is the focus of current research, has an important significance. This paper studies this problem by way of highway financing of Jigao Group. Firstly, through descriptive statistical analysis, the paper analyzes the financial statements of Jigao Group in recent years, and finds out its capital composition and financing situation. It is clear that its financing planning faces two main problems at present, one is that the gap of funds is large and the rate of capital arrival is low; the other is that the proportion of indirect financing is large and the ability of direct financing is relatively weak in the financing structure. Then, through the study and analysis of the theory, Understand the mainstream financing theory, carry out knowledge reserve, and then analyze specific problems. Finally, through sorting out the relevant documents, combing and combining the actual situation of Jigao Group, we can find out the causes of the current financing problems of Jigao Group. That is, the bottleneck of endogenous financing refers to the unreasonable planning of debt financing, the lack of innovation in financing methods, the singleness of financing channels and the insufficient degree of marketization. Through the discussion of this paper, the paper plans the financing strategy of Jigao Group Expressway from two aspects. Firstly, it looks for the solution to the fund gap in the construction of Jigao Group Expressway at present to solve the current shortage of funds. At the same time, we should formulate plans such as equity financing, debt financing, mixed tools financing, and so on, coordinate in various ways, integrate resources, broaden the financing channels of Jigao Group Expressway, and activate them. Enhance the potential capacity of Jigao Group for Expressway Construction financing. Through research, it has been found that the problems in JGG Expressway financing are not individual cases, and are nationwide. There are many expressway enterprises with similar problems as those of Jigao Group. Because of their similar causes, similar causes and similar general characteristics, for such expressway enterprises, The financing strategy planned for Jigao Group is universal and can also be used as a reference. It is useful for clarifying the current situation, responding to the strategic layout of the country, and actively investing in the construction of infrastructure projects represented by "Belt and Road". In particular, highway construction under the new situation has a more positive role.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F542.6;F540.58

【參考文獻】

相關期刊論文 前2條

1 盧震玲;;試析售后回租在高速公路融資中的運用[J];企業(yè)導報;2009年06期

2 何秋璐;文擁軍;;我國高速公路融資方式探析[J];商場現(xiàn)代化;2009年08期

本文編號：1599878