【摘要】：2010年以來，，受國家信貸緊縮和政府融資平臺(tái)監(jiān)管的雙重影響，高速公路建設(shè)融資工作存在較大困難，以銀行貸款為主的傳統(tǒng)單一融資模式已無法保證行業(yè)建設(shè)資金需求。拓寬高速公路建設(shè)融資渠道，破解資金短缺難題，是高速公路建設(shè)面臨的重要課題。 論文結(jié)合作者工作實(shí)踐，運(yùn)用經(jīng)濟(jì)學(xué)相關(guān)理論，采用宏觀與微觀分析、定性與定量分析、實(shí)證與規(guī)范分析等方法。通過對(duì)龍高集團(tuán)中期票據(jù)的發(fā)行主體資格、發(fā)行方案設(shè)計(jì)、綜合融資成本及投資風(fēng)險(xiǎn)等一系列關(guān)鍵因素進(jìn)行論證分析，并以高速公路公司為主體發(fā)行中期票據(jù)融資的新方式進(jìn)行了系統(tǒng)的研究。 首先，依據(jù)中期票據(jù)的定義和發(fā)行流程，將中期票據(jù)與債券市場(chǎng)其他融資方式進(jìn)行比較，論證了企業(yè)選擇中期票據(jù)融資的優(yōu)勢(shì)所在。其次，通過對(duì)比中美兩國中期票據(jù)市場(chǎng)的特點(diǎn)，論述了美國經(jīng)驗(yàn)對(duì)發(fā)展我國中期票據(jù)市場(chǎng)的借鑒與啟示；通過對(duì)我國中期票據(jù)市場(chǎng)發(fā)展歷程及市場(chǎng)現(xiàn)狀的研究，論述了我國中期票據(jù)市場(chǎng)對(duì)經(jīng)濟(jì)發(fā)展的助推作用，并詳細(xì)論述了影響我國中期票據(jù)市場(chǎng)發(fā)展的主要因素。再次，深入分析了龍高集團(tuán)發(fā)行中期票據(jù)的融資成本，評(píng)估了投資者承擔(dān)的風(fēng)險(xiǎn)；最后，針對(duì)我國高速公路公司發(fā)行中期票據(jù)融資存在的問題提出了解決方案。 研究表明：發(fā)行中期票據(jù)融資綜合成本低，行業(yè)違約風(fēng)險(xiǎn)小，易被市場(chǎng)投資者接受，以黑龍江省高速公路集團(tuán)公司為主體發(fā)行中期票據(jù)融資是切實(shí)可行的；發(fā)行中期票據(jù)融資符合高速公路行業(yè)及社會(huì)經(jīng)濟(jì)發(fā)展趨勢(shì)，對(duì)高速公路公司優(yōu)化企業(yè)債務(wù)結(jié)構(gòu)，提升市場(chǎng)信譽(yù)和形象，具有重要的現(xiàn)實(shí)意義。
[Abstract]:Since 2010, under the influence of the national credit crunch and the supervision of the government financing platform, there are many difficulties in the financing work of highway construction. The traditional single financing mode, which is mainly on bank loans, can no longer guarantee the construction capital demand of the industry. It is an important task for expressway construction to widen the financing channel and solve the problem of fund shortage. Combining with the author's work practice, this paper adopts the methods of macro and micro analysis, qualitative and quantitative analysis, positive and normative analysis and so on. Through the analysis of a series of key factors, such as the qualification of the issuing subject, the design of the issuing scheme, the comprehensive financing cost and the investment risk, etc. And the new way of issuing mid-term bill financing by highway company is studied systematically. Firstly, according to the definition and issuing process of medium-term bills, the paper compares medium-term notes with other financing methods in bond market, and demonstrates the advantages of enterprises in choosing medium-term paper financing. Secondly, by comparing the characteristics of the medium-term bill market between China and the United States, the paper discusses the reference and inspiration of the American experience to the development of our country's medium-term bill market, and through the study of the development course and the market present situation of our country's medium-term bill market. This paper discusses the promoting effect of our country's medium-term bill market on the economic development, and discusses in detail the main factors that affect the development of our country's medium-term bill market. Thirdly, the paper analyzes the financing cost of Longgao Group and evaluates the risk that investors bear. Finally, the paper puts forward the solution to the problems existing in the issue of medium-term paper financing by highway companies in China. The research shows that: the comprehensive cost of issuing medium-term paper financing is low, the risk of industry default is small, and it is easy to be accepted by market investors. It is feasible to issue medium-term paper financing with Heilongjiang Highway Group Company as the main body. The issue of medium-term bill financing is in line with the trend of expressway industry and social economic development. It is of great practical significance for expressway companies to optimize the debt structure of enterprises and enhance the market reputation and image.
【學(xué)位授予單位】：長(zhǎng)安大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F542.6

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前2條

1 李蔚俊;中期票據(jù)在我國地方政府投融資平臺(tái)的應(yīng)用研究[D];暨南大學(xué);2016年

2 舒明哲;融資租賃業(yè)中期票據(jù)融資動(dòng)因及風(fēng)險(xiǎn)分析[D];暨南大學(xué);2015年

本文編號(hào)：2282439