我國(guó)高速公路資本市場(chǎng)融資問(wèn)題研究
本文選題:高速公路 + 資本市場(chǎng); 參考:《長(zhǎng)沙理工大學(xué)》2012年碩士論文
【摘要】:作為現(xiàn)代化交通運(yùn)輸?shù)幕,高速公路在各種運(yùn)輸方式之中發(fā)揮著極為重要的作用,并已成為一個(gè)國(guó)家或地區(qū)經(jīng)濟(jì)發(fā)展程度的重要標(biāo)志。但是由于高速公路建設(shè)進(jìn)程加快和貨幣控制不斷緊縮等各種原因,導(dǎo)致我國(guó)目前高速公路建設(shè)資金出現(xiàn)短缺,籌融資狀況不太理想。不能籌措到足量的資金,高速公路的建設(shè)便是無(wú)源之水。我國(guó)連續(xù)五年政府工作報(bào)告中都提到要利用資本市場(chǎng)融資,積極擴(kuò)大直接融資,完善多層次資本市場(chǎng)體系,發(fā)揮好股票、債券、產(chǎn)業(yè)基金等融資工具的作用,,擴(kuò)大股權(quán)和債券融資規(guī)模,優(yōu)化資本市場(chǎng)結(jié)構(gòu),促進(jìn)股票市場(chǎng)穩(wěn)定健康發(fā)展,加快發(fā)展債券市場(chǎng),更好地滿足多樣化投融資需求。因此,如何從資本市場(chǎng)獲得穩(wěn)定的資金來(lái)源,使之成為高速公路建設(shè)的持續(xù)動(dòng)力,是本文需要思考的主要問(wèn)題。 本文針對(duì)目前我國(guó)高速公路資本市場(chǎng)融資的現(xiàn)狀和問(wèn)題,運(yùn)用資本結(jié)構(gòu)、資本成本、優(yōu)序融資等理論依據(jù),從積極爭(zhēng)取財(cái)稅支持、通過(guò)盤活存量資產(chǎn)提高自身融資水平、推廣新型融資手段、優(yōu)化資本市場(chǎng)融資結(jié)構(gòu)、降低融資成本和控制融資風(fēng)險(xiǎn)六方面來(lái)解決問(wèn)題,在資本市場(chǎng)為高速公路建設(shè)提供多渠道融資方式,高效高質(zhì)融資,緩解高速公路建設(shè)融資壓力,解決高速公路融資難題。首先,要保證資本金的及時(shí)到位和獲得國(guó)家政策的支持,才能使我國(guó)高速公路有能力進(jìn)入資本市場(chǎng)融資;其次,在新型融資手段中提出要發(fā)行高速公路集合債券和高速公路超短期融資券等措施,為資本市場(chǎng)融資開辟新渠道;第三,優(yōu)化高速公路資本市場(chǎng)融資結(jié)構(gòu)主要從擴(kuò)大債券融資規(guī)模和提高股權(quán)融資效率兩方面下手;第四,通過(guò)構(gòu)建高速公路資本市場(chǎng)融資成本模型,一定程度上降低融資成本;最后,嚴(yán)格控制資本市場(chǎng)直接融資和間接融資的風(fēng)險(xiǎn)。
[Abstract]:As the cornerstone of modern transportation, expressway plays an extremely important role in various modes of transportation, and has become an important symbol of the economic development of a country or region. However, due to the acceleration of highway construction process and the continuous tightening of monetary control and other reasons, there is a shortage of funds for highway construction in China at present, and the situation of raising and raising funds is not ideal. Unable to raise enough funds, the construction of highway is no source of water. For the fifth consecutive five years, China's government work reports all mentioned the need to make use of capital market financing, actively expand direct financing, improve the multi-level capital market system, and give full play to the role of financing tools such as stocks, bonds, industrial funds, etc. We will expand the scale of equity and bond financing, optimize the structure of the capital market, promote the stable and healthy development of the stock market, speed up the development of the bond market, and better meet the diversified investment and financing needs. Therefore, how to obtain a stable source of capital from the capital market and make it a continuous driving force for highway construction is the main problem to be considered in this paper. In view of the current situation and problems of expressway capital market financing in China, this paper applies the theoretical basis of capital structure, capital cost, priority financing and so on, from actively striving for financial and tax support to improve its own financing level by activating the stock assets. Promote new financing means, optimize capital market financing structure, reduce financing cost and control financing risk to solve the problem, in the capital market to provide multi-channel financing for highway construction, efficient and high-quality financing, Ease the highway construction financing pressure, solve the highway financing problem. First, it is necessary to ensure that the capital is in place in a timely manner and supported by the state policies, so that China's highways can have the ability to enter the capital market for financing. In the new financing means proposed to issue highway bonds and highway ultra-short-term financing bills and other measures to open up new channels for capital market financing; third, Optimizing the financing structure of expressway capital market mainly starts from two aspects: enlarging the scale of bond financing and improving the efficiency of equity financing. Fourthly, by constructing the model of financing cost of expressway capital market, the financing cost can be reduced to a certain extent. Finally, Strictly control the risk of direct and indirect financing in the capital market.
【學(xué)位授予單位】:長(zhǎng)沙理工大學(xué)
【學(xué)位級(jí)別】:碩士
【學(xué)位授予年份】:2012
【分類號(hào)】:F283;F542
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