本文選題：股權境外融資 + 建設資金短缺　； 參考：《重慶交通大學》2013年碩士論文

【摘要】：高速公路作為一項基礎設施工程，它的建設周期比較長、涉及面較廣泛、總投資額巨大，但收益回報卻很慢。截止2012年12月底，重慶市全路網通車路段已達1856km，在建路段里程828.25km，現(xiàn)有的融資模式已經滿足不了其建設需求。如何建立一種新型融資模式，打開重慶市高速公路建設所面臨的困局，為重慶高速集團能夠可持續(xù)性發(fā)展具有極其深遠的影響。 論文首先介紹了重慶市高速公路建設特點、目前融資的方法及這些方法在重慶市高速公路融資中實施的可能性。然后，結合重慶市高速公路日趨龐大的資產如何在運營期間實現(xiàn)效益最大化的問題，通過實現(xiàn)“走出去”的戰(zhàn)略，本文提出了通過搭建境外融資平臺，出售滿足條件的高速公路的部分股權，引入外資緩解高速公路建設資金短缺問題的境外股權融資模式。 文中采用了OD調查法、財務評價法對標的高速公路進行了前期調查及相關準備工作。通過建立發(fā)生/吸引交通量模型預測未來交通量，建立合理的財務評價指標體系，對標的高速公路的盈利能力和償債能力進行分析判斷，尋找對項目有不影響程度的敏感性因素，，為這種模式在運作過程中可能面臨的風險建立指標體系，通過模糊綜合評價法對其進行分析，并做好防范或規(guī)避措施。在成立境內特殊目的公司時，不同階段采用不同方案，所產生的結果有較大不同，因此，論文對三各不同的資產剝離方案進行了比較分析。境外特殊目的公司在成立地點上也有多種不同選擇，論文對在不同國家和地區(qū)成立特殊目的公司的利弊點進行了比較說明。通過對境外融資模式運作過程的分析，得出要成功運用該模式的關鍵在于：境內股權轉讓協(xié)議要在第三方投資者成為境外公司Ⅱ的股東后生效。 重慶渝合高速公路股權境外融資案例，在實踐中證明了這種新融資模式的可行性和有效性。
[Abstract]:Expressway as an infrastructure project, its construction cycle is relatively long, involving a wide range, the total investment is huge, but the return on income is very slow. By the end of December, 2012, the number of roads in Chongqing has reached 1856km, and the mileage of the road under construction is 828.25km. the existing financing mode can not meet its construction needs. How to set up a new financing mode and open up the difficulties faced by Chongqing expressway construction has a profound influence on the sustainable development of Chongqing High Speed Group. The paper first introduces the characteristics of Chongqing expressway construction, the current financing methods and the possibility of these methods in Chongqing expressway financing. Then, according to the problem of how to maximize the benefit of Chongqing expressway's increasingly large assets during operation, through the strategy of "going out", this paper puts forward to build an overseas financing platform. The foreign equity financing mode is introduced to alleviate the shortage of funds for highway construction. OD survey method and financial evaluation method are adopted in this paper. By establishing the occurrence / attraction traffic volume model to predict the future traffic volume and establishing a reasonable financial evaluation index system, the profitability and solvency of the underlying highway are analyzed and judged. This paper looks for the sensitive factors which have no influence on the project, establishes the index system for the risk that the model may face in the course of operation, analyzes it through the fuzzy comprehensive evaluation method, and makes the preventive or evasive measures. In the establishment of a domestic special purpose company, different schemes are adopted in different stages, and the results are quite different. Therefore, three different asset stripping schemes are compared and analyzed in this paper. There are also many different options for setting up a foreign special purpose company. This paper compares the advantages and disadvantages of setting up a special purpose company in different countries and regions. Based on the analysis of the operation process of the offshore financing model, the key to the successful application of the model is that the domestic equity transfer agreement should be effective after the third party investor becomes the shareholder of the foreign company 鈪

本文編號：1949357