本文選題：地方鐵路投融資平臺(tái)　切入點(diǎn)：資本結(jié)構(gòu)　出處：《山東大學(xué)》2017年碩士論文

【摘要】：我國鐵路建設(shè)經(jīng)歷了數(shù)十年的大發(fā)展,取得了巨大成就,為保障我國經(jīng)濟(jì)的持續(xù)發(fā)展做出了巨大貢獻(xiàn)。在鐵路投資的快速發(fā)展中,地方將承擔(dān)越來越多的投資任務(wù),如何有效籌集鐵路建設(shè)資金,是擺在各省面前的巨大難題。山東鐵路建設(shè)投資有限公司(以下簡稱"山東鐵投公司")自2008年成立,成立以來通過與鐵路總公司(以下簡稱"鐵總")合資推進(jìn)地方鐵路建設(shè),帶動(dòng)了山東鐵路建設(shè)的大發(fā)展。山東鐵投公司圍繞十余條鐵路項(xiàng)目開展融資活動(dòng),融資路徑主要分為財(cái)政融資、項(xiàng)目股權(quán)融資及債務(wù)融資等。近年來,山東鐵投公司對(duì)外投資模式逐漸由參股向控股轉(zhuǎn)變,資金來源也將發(fā)生較大變化,繼續(xù)沿用原有融資結(jié)構(gòu)及融資方式已不能滿足公司長期發(fā)展需要。公司當(dāng)前融資活動(dòng)面臨著股權(quán)融資渠道狹窄,市場化融資方式欠缺等突出問題。為保證公司可持續(xù)發(fā)展,保證投資資金需求,如何有效提升投資項(xiàng)目收益及拓寬各類融資渠道,是擺在公司發(fā)展道路上的重要難題。本文將以將經(jīng)典融資理論和新興的PPP融資模式為指導(dǎo),以山東鐵投公司成立以來融資活動(dòng)實(shí)際情況為分析基礎(chǔ),對(duì)山東鐵投公司自成立以來主要融資活動(dòng)和融資方式進(jìn)行研究,對(duì)公司融資結(jié)構(gòu)、方式等進(jìn)行系統(tǒng)分析,從而歸納出山東鐵投公司融資活動(dòng)及融資路徑存在的問題及其嚴(yán)重性,最后,以企業(yè)融資理論等為指導(dǎo),結(jié)合行業(yè)特點(diǎn),就山東鐵投公司當(dāng)前融資路徑的改進(jìn)和優(yōu)化提出具體建議,主要包括改進(jìn)優(yōu)化原有財(cái)政融資方式、優(yōu)化拓展既有的項(xiàng)目股權(quán)融資渠道及拓寬債務(wù)融資方式并提升債務(wù)融資能力。本文在以山東鐵投公司為實(shí)例分析的基礎(chǔ)上,對(duì)影響行業(yè)發(fā)展的共性問題進(jìn)行了歸納概括,尤其是對(duì)該類問題產(chǎn)生的背景、根源及可以采取的變革措施進(jìn)行了分析闡述,在國內(nèi)各省份鐵路投融資模式高度相似的情況下,這不僅能對(duì)山東鐵投公司下階段的各項(xiàng)融資活動(dòng)提供指導(dǎo)借鑒,更將對(duì)其他省份進(jìn)一步拓展融資渠道,改善鐵路融資困境提供借鑒。
[Abstract]:China's railway construction has experienced decades of great development, has made great achievements, and has made great contributions to ensuring the sustainable development of our economy. In the rapid development of railway investment, local governments will undertake more and more investment tasks. How to effectively raise funds for railway construction is a huge problem facing the provinces. Shandong Railway Construction Investment Co., Ltd (hereinafter referred to as "Shandong Railway Investment Company") has been established since 2008. Since its establishment, the local railway construction has been promoted through a joint venture with the Railway Corporation (hereinafter referred to as "the Iron head Office"), which has led the great development of the railway construction in Shandong Province. The Shandong Railway Investment Corporation has launched financing activities around more than 10 railway projects. The financing path is mainly divided into financial financing, project equity financing and debt financing. In recent years, the mode of foreign investment of Shandong Railway Investment Corporation has gradually changed from equity participation to holding stock, and the source of funds will also be greatly changed. Continuing to use the original financing structure and financing methods can no longer meet the long-term development needs of the company. The current financing activities of the company are faced with narrow channels of equity financing, lack of market-oriented financing methods and other outstanding problems. How to ensure the demand of investment funds, how to effectively improve the income of investment projects and how to broaden various financing channels are important problems in the development of the company. This paper will be guided by the classical financing theory and the emerging PPP financing model. Based on the actual situation of the financing activities since the establishment of Shandong Railway Investment Corporation, this paper studies the main financing activities and financing methods of Shandong Railway Investment Corporation since its establishment, and makes a systematic analysis of the financing structure and mode of the company. The problems and the seriousness of the financing activities and financing path of Shandong Railway Investment Company are summarized. Finally, under the guidance of enterprise financing theory and combining with the characteristics of the industry, Specific suggestions are put forward for the improvement and optimization of the current financing path of Shandong Railway Investment Corporation, which mainly includes improving and optimizing the original financial financing methods. Based on the analysis of Shandong Railway Investment Corporation as an example, this paper summarizes the common problems that affect the development of the industry. In particular, the background, origin and reform measures of this kind of problems are analyzed and expounded. In the case of the high similarity of railway investment and financing modes in each province of China, This will not only provide guidance for Shandong Railway Investment Company in the next stage of financing activities, but also provide reference for other provinces to further expand financing channels and improve railway financing difficulties.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.39

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