本文選題：哈西客站　切入點：融資方案設(shè)計　出處：《吉林大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：哈爾濱西客站項目作為哈大高鐵的始發(fā)終到車站，是國家與地方共同投資的重大基礎(chǔ)設(shè)施建設(shè)項目。西客站項目包括了哈西客站工程建設(shè)、附屬工程建設(shè)及哈爾濱西客站地區(qū)的開發(fā)改造。其中項目內(nèi)所包含的52.6平方公里西客站地區(qū)的開發(fā)改造在全國的大城市更新改造與擴(kuò)張過程中具有典型意義，其融資工作也具有普遍代表性。 本文以哈爾濱西客站建設(shè)項目二期融資為研究對象，在針對一期融資需求及方案實施現(xiàn)狀進(jìn)行詳細(xì)調(diào)研的基礎(chǔ)上，對項目二期融資需求及所面臨的融資環(huán)境進(jìn)行了深入分析，，根據(jù)項目現(xiàn)有融資平臺情況，設(shè)計了哈西客站項目二期融資方案,并針對二期融資方案，提出了相應(yīng)的保障措施。項目一期實施初期國家金融政策較為寬松，因此融資方式仍以傳統(tǒng)的信用貸款為主，建設(shè)過程中國家宏觀金融政策調(diào)整，清理整頓政府融資平臺，傳統(tǒng)融資方式遇到障礙，為了保證哈西客站項目實施，必須探索新的融資途徑。二期融資方案的設(shè)計過程中，如何通過創(chuàng)新融資渠道和方式來滿足融資需求就變得至關(guān)重要。本文通過對項目可以利用的四個融資平臺以及項目實際情況的分析，在土地收入與銀行信貸這兩大融資途徑的基礎(chǔ)上，設(shè)計了長短結(jié)合、項目貸款與土地儲備貸款結(jié)合、傳統(tǒng)融資方式與創(chuàng)新融資渠道相結(jié)合的融資方案。在中短期融資方面設(shè)計了工程款保理、授信項下的結(jié)構(gòu)化融資、短期融資券等多種方式，保證項目建設(shè)期用款高峰時的融資需求；在中長期融資方面，設(shè)計了融資租賃、企業(yè)債券、開發(fā)性金融合作等多種方式，保證項目可持續(xù)發(fā)展；同時根據(jù)項目的進(jìn)展和平臺的完善情況提出了資產(chǎn)證券化、借殼上市等遠(yuǎn)期融資途徑建議，目標(biāo)是與資本市場直接接軌。 上述設(shè)計從理論與實踐層面可以滿足哈西客站二期項目融資需求，對地方政府大型基礎(chǔ)設(shè)施建設(shè)及區(qū)域開發(fā)項目的融資工作具有一定借鑒性的指導(dǎo)意義。一是要充分利用現(xiàn)有政策環(huán)境和條件創(chuàng)新融資渠道。二是要盡量培育市場化融資平臺，避免政策風(fēng)險。從長遠(yuǎn)看，應(yīng)當(dāng)調(diào)整中央與地方財權(quán)與事權(quán)不匹配的矛盾，建立規(guī)范的地方政府舉債制度與市場，從而避免由于地方政府債務(wù)給金融行業(yè)帶來的系統(tǒng)性風(fēng)險。
[Abstract]:The Harbin West passenger Station project, as the beginning and final arrival of the Harbin high-speed railway, is a major infrastructure project jointly invested by the state and the local authorities. The West passenger Station project includes the construction of the Haxi Railway Station project. The subsidiary engineering construction and the development and transformation of the area of Harbin West passenger Station. The development and transformation of the 52.6 square kilometer area of the West passenger Station included in the project is of typical significance in the process of the renewal, transformation and expansion of the big cities throughout the country. Its financing work also has universal representativeness. This paper takes the second phase financing of Harbin West Railway Station as the research object, on the basis of the detailed investigation on the financing needs of the first phase and the status quo of the implementation of the project, the paper makes a deep analysis of the financing needs and the financing environment faced by the second phase of the project. According to the existing financing platform of the project, this paper designs the second phase financing scheme of the Haxi passenger station project, and puts forward the corresponding safeguard measures for the second phase financing scheme. The national financial policy is relatively loose at the beginning of the first phase of the project. Therefore, the financing mode is still dominated by traditional credit loans. In the process of construction, the national macro-financial policies are adjusted, the government financing platforms are cleaned up and rectified, and the traditional financing methods encounter obstacles in order to ensure the implementation of the projects of the Haxi Railway Station. We must explore new ways of financing. In the design of the second stage financing scheme, How to meet the financing needs through innovative financing channels and methods is very important. This paper analyzes the four financing platforms that can be used by the project and the actual situation of the project. On the basis of the two major financing channels of land revenue and bank credit, we have designed a combination of long and short loans, project loans and land reserve loans. The combination of traditional financing and innovative financing channels. In the medium and short term financing, we have designed a variety of ways, such as engineering factoring, structured financing under credit, short-term financing bills, etc. In the aspect of medium and long term financing, the financing lease, enterprise bond, development financial cooperation and so on are designed to ensure the sustainable development of the project. At the same time, according to the progress of the project and the perfection of the platform, the paper puts forward some forward financing ways such as asset securitization, backdoor listing and so on, the goal of which is to connect directly with the capital market. The above design can meet the financing needs of the second phase of the Haxi Railway Station from the theoretical and practical aspects. It has some guiding significance for the financing of large-scale infrastructure construction and regional development projects of local governments. First, it is necessary to make full use of the existing policy environment and conditions to innovate the financing channels; second, to cultivate market-oriented financing platforms as far as possible. In the long run, we should adjust the contradiction between central and local financial power and administrative power, establish a standardized borrowing system and market of local government, so as to avoid the systemic risk caused by local government debt to the financial industry.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F532.8

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