本文選題：包茂高速公路粵境段 + 投融資��； 參考：《西北大學(xué)》2012年碩士論文

【摘要】：高速公路是國家現(xiàn)代化進(jìn)程的重要組成部分和標(biāo)志,在我國國民經(jīng)濟(jì)發(fā)展與社會進(jìn)步過程中起著至關(guān)重要的作用。高速公路是一種典型的資金密集型產(chǎn),其建設(shè)與發(fā)展耗費(fèi)大量的財(cái)力、人力和物力;為滿足日益增長的國民經(jīng)濟(jì)需求,縮小不斷增大的高速公路項(xiàng)目資金缺口,應(yīng)結(jié)合國家“十二五”規(guī)劃要求,本文在深入分析區(qū)域經(jīng)濟(jì)對高速公路項(xiàng)目投融資影響的基礎(chǔ)上,結(jié)合國內(nèi)外研究現(xiàn)狀和項(xiàng)目投融資理論,以目前我國擬建的包頭至茂名粵境段高速公路為研究對象,以經(jīng)濟(jì)效益和財(cái)務(wù)評價(jià)為指標(biāo),研究高速公路的投融資及風(fēng)險(xiǎn)管理等保障措施,為我國其他高速公路建設(shè)投融資提供借鑒。 本文在分析高速公路的經(jīng)濟(jì)性質(zhì)和產(chǎn)品性質(zhì),投融資對高速公路建設(shè)的影響和控制,高速公路的成本和經(jīng)濟(jì)效益,高速公路項(xiàng)目的投融資模式影響因素的基礎(chǔ)上,對包頭至茂名粵境段高速公路進(jìn)行了投資估算：全線總造價(jià)為1006615.25萬元,其中靜態(tài)投資部分為923737萬元,動態(tài)投資部分為建設(shè)期貸款利息82879萬元。 本文對項(xiàng)目投資所需資金設(shè)計(jì)了四種融資模式：融資模式Ⅰ(市場經(jīng)營模式,25%自籌資金+75%銀行貸款)；融資模式Ⅱ(政府補(bǔ)貼模式,自籌資金+銀行貸款+政府補(bǔ)助)；融資模式Ⅲ(提高資本金比例)；融資模式Ⅳ(政府還貸模式)。財(cái)務(wù)分析結(jié)果表明：(1)在融資模式Ⅰ下,采用20年和25年運(yùn)營期項(xiàng)目的總投資收益均小于資本機(jī)會成本,財(cái)務(wù)狀況較差,達(dá)不到期望的盈利能力；(2)在融資模式Ⅱ下,若使資本金財(cái)務(wù)內(nèi)部收益率達(dá)到基準(zhǔn)收益率4%,需獲得占總投資19.2%的政府資金補(bǔ)貼,補(bǔ)貼金額為188934萬元�？傮w來說,本項(xiàng)目還是可以按照貸款條件償還長期借款的；生存能力分析結(jié)果表明,本項(xiàng)目運(yùn)營期內(nèi)能實(shí)現(xiàn)自身的資金平衡,保持項(xiàng)目財(cái)務(wù)持續(xù)生存能力�？傮w上看,采用政府適當(dāng)補(bǔ)貼,市場化的融資方案進(jìn)行經(jīng)營性方式運(yùn)作本項(xiàng)目,財(cái)務(wù)上是可行的；(3)在融資模式Ⅲ下,采用25年運(yùn)營期時(shí),若資本金比例達(dá)35%以上時(shí),項(xiàng)目投資能達(dá)到期望盈利能力。當(dāng)資本金比例達(dá)45%以上時(shí),項(xiàng)目資本金能達(dá)到期望盈利能力；(4)在融資模式Ⅳ下,當(dāng)資本金比例上調(diào)至51.7%(504312萬元)時(shí),項(xiàng)目基本上能在預(yù)定的年限內(nèi)償清銀行貸款及利息。綜合分析,并充分考慮項(xiàng)目建設(shè)實(shí)際和項(xiàng)目承建單位的經(jīng)濟(jì)狀況,確定項(xiàng)目融資模式Ⅱ即政府投資補(bǔ)助+市場化融資模式為最佳融資方式,既可保證項(xiàng)目建設(shè)資金,又可提高項(xiàng)目經(jīng)濟(jì)效益。 另外,本文從風(fēng)險(xiǎn)管理、項(xiàng)目管理和資金管理三個(gè)方面闡述了包頭至茂名粵境段高速公路投融資的保障措施。
[Abstract]:Expressway is an important part and symbol of national modernization process, which plays an important role in the process of national economic development and social progress. Expressway is a kind of typical capital-intensive production, its construction and development consume a lot of financial, manpower and material resources, in order to meet the increasing demand of national economy, reduce the increasing gap of expressway project funds. According to the requirements of the 12th Five-Year Plan, this paper, on the basis of deeply analyzing the impact of regional economy on the investment and financing of expressway projects, combines the current research situation and the theory of project investment and financing at home and abroad. Taking Baotou-Maoming Yuejing Expressway, which is to be built in our country, as the research object, taking economic benefit and financial evaluation as the index, the paper studies the investment, financing and risk management of expressway, and so on. To provide reference for other highway construction investment and financing in China. Based on the analysis of the economic and product properties of the expressway, the influence and control of investment and financing on the expressway construction, the cost and economic benefit of the expressway, the influencing factors of the investment and financing mode of the expressway project, The total cost of the expressway from Baotou to Maoming was estimated to be 10.0661525 billion yuan, of which the static investment part was 9.23737 billion yuan, and the dynamic investment part was 828.79 million yuan loan interest during the construction period. This paper designs four financing modes for project investment: financing mode 鈪，

本文編號：1862715