本文選題：股權(quán)境外融資 + 建設(shè)資金短缺��； 參考：《重慶交通大學(xué)》2013年碩士論文

【摘要】：高速公路作為一項(xiàng)基礎(chǔ)設(shè)施工程，它的建設(shè)周期比較長(zhǎng)、涉及面較廣泛、總投資額巨大，但收益回報(bào)卻很慢。截止2012年12月底，重慶市全路網(wǎng)通車路段已達(dá)1856km，在建路段里程828.25km，現(xiàn)有的融資模式已經(jīng)滿足不了其建設(shè)需求。如何建立一種新型融資模式，打開(kāi)重慶市高速公路建設(shè)所面臨的困局，為重慶高速集團(tuán)能夠可持續(xù)性發(fā)展具有極其深遠(yuǎn)的影響。 論文首先介紹了重慶市高速公路建設(shè)特點(diǎn)、目前融資的方法及這些方法在重慶市高速公路融資中實(shí)施的可能性。然后，結(jié)合重慶市高速公路日趨龐大的資產(chǎn)如何在運(yùn)營(yíng)期間實(shí)現(xiàn)效益最大化的問(wèn)題，通過(guò)實(shí)現(xiàn)“走出去”的戰(zhàn)略，本文提出了通過(guò)搭建境外融資平臺(tái)，出售滿足條件的高速公路的部分股權(quán)，引入外資緩解高速公路建設(shè)資金短缺問(wèn)題的境外股權(quán)融資模式。 文中采用了OD調(diào)查法、財(cái)務(wù)評(píng)價(jià)法對(duì)標(biāo)的高速公路進(jìn)行了前期調(diào)查及相關(guān)準(zhǔn)備工作。通過(guò)建立發(fā)生/吸引交通量模型預(yù)測(cè)未來(lái)交通量，建立合理的財(cái)務(wù)評(píng)價(jià)指標(biāo)體系，對(duì)標(biāo)的高速公路的盈利能力和償債能力進(jìn)行分析判斷，尋找對(duì)項(xiàng)目有不影響程度的敏感性因素，，為這種模式在運(yùn)作過(guò)程中可能面臨的風(fēng)險(xiǎn)建立指標(biāo)體系，通過(guò)模糊綜合評(píng)價(jià)法對(duì)其進(jìn)行分析，并做好防范或規(guī)避措施。在成立境內(nèi)特殊目的公司時(shí)，不同階段采用不同方案，所產(chǎn)生的結(jié)果有較大不同，因此，論文對(duì)三各不同的資產(chǎn)剝離方案進(jìn)行了比較分析。境外特殊目的公司在成立地點(diǎn)上也有多種不同選擇，論文對(duì)在不同國(guó)家和地區(qū)成立特殊目的公司的利弊點(diǎn)進(jìn)行了比較說(shuō)明。通過(guò)對(duì)境外融資模式運(yùn)作過(guò)程的分析，得出要成功運(yùn)用該模式的關(guān)鍵在于：境內(nèi)股權(quán)轉(zhuǎn)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(quán)境外融資案例，在實(shí)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(hào)：1949357