發(fā)布時(shí)間：2018-03-24 09:53

  本文選題：高速公路　切入點(diǎn)：融資方案　出處：《吉林大學(xué)》2015年碩士論文

【摘要】：本論文探討國(guó)內(nèi)資產(chǎn)證券化在高速公路領(lǐng)域的應(yīng)用。通過模擬設(shè)計(jì)吉林省高速公路集團(tuán)有限公司（文中簡(jiǎn)稱吉高集團(tuán)）的資產(chǎn)證券化融資方案，論證像高速公路這樣的國(guó)家基礎(chǔ)設(shè)施項(xiàng)目的建設(shè)，能否通過資產(chǎn)證券化這種具有創(chuàng)新性的結(jié)構(gòu)化金融產(chǎn)品來募集資金。最終的研究結(jié)果表明，答案是肯定的。 研究工作起始于吉高集團(tuán)所面臨的資金短缺問題。根據(jù)了解，吉高集團(tuán)之所以資金短缺，原因有三，一是根據(jù)國(guó)家規(guī)劃吉林省要修建若干條高速公路，需要投入大量資金；二是高速公路屬于大型基礎(chǔ)設(shè)施，項(xiàng)目投資收回期教長(zhǎng)，吉高集團(tuán)內(nèi)源融資乏力，，且政府財(cái)政對(duì)高速公路建設(shè)資金投入不足；三是受政策影響，傳統(tǒng)常用的外源融資方式如貸款、發(fā)債和上市都不再可行。很顯然，解決問題的辦法只有一條，那就是為吉高集團(tuán)尋求新的融資渠道。通過對(duì)國(guó)內(nèi)外資本市場(chǎng)的調(diào)查發(fā)現(xiàn)，七十年代起源于美國(guó)的資產(chǎn)證券化，幾十年來得以蓬勃發(fā)展，已經(jīng)成為美國(guó)金融業(yè)一顆耀眼的明星。世界各國(guó)爭(zhēng)相效仿，資產(chǎn)證券化也已成為歐洲和日本金融市場(chǎng)上最具活力的成熟產(chǎn)品。資產(chǎn)證券化在中國(guó)的實(shí)踐，從上世紀(jì)九十年代起就有所探索，后來又歷經(jīng)長(zhǎng)達(dá)六年兩個(gè)階段的試點(diǎn)，不僅成功實(shí)施了幾批項(xiàng)目，而且逐步形成了中國(guó)的特色。隨著證監(jiān)會(huì)文件《證券公司資產(chǎn)證券化業(yè)務(wù)管理規(guī)定》（以下簡(jiǎn)稱《管理規(guī)定》）的出臺(tái)，標(biāo)志著國(guó)內(nèi)企業(yè)資產(chǎn)證券化從試點(diǎn)業(yè)務(wù)轉(zhuǎn)為常規(guī)業(yè)務(wù)。高速公路建設(shè)項(xiàng)目能不能利用這個(gè)金融產(chǎn)品來募集資金？融資方案如何規(guī)劃？需要哪些保障措施？如果這些問題都得到肯定的答案，吉高集團(tuán)資金短缺的問題也就迎刃而解。 圍繞上述三個(gè)問題展開對(duì)資產(chǎn)證券化的進(jìn)一步研究發(fā)現(xiàn)，高速公路收費(fèi)權(quán)能提供穩(wěn)定可靠的現(xiàn)金流入，符合資產(chǎn)證券化的現(xiàn)金流分析原理；把高速公路收費(fèi)權(quán)收益作為基礎(chǔ)資產(chǎn)放入資產(chǎn)池，符合資產(chǎn)證券化的資產(chǎn)重組原理；高速公路是分段建設(shè)并可獨(dú)立核算，適用資產(chǎn)證券化的風(fēng)險(xiǎn)隔離原理；高速公路公司可以利用不動(dòng)產(chǎn)做抵押找到第三方擔(dān)保，適用資產(chǎn)證券化的信用增級(jí)原理。由此可以證明吉高集團(tuán)采用資產(chǎn)證券化融資是可行的。通過研究資產(chǎn)證券化的特點(diǎn)和優(yōu)勢(shì)，并結(jié)合吉高集團(tuán)自身情況和融資困境，發(fā)現(xiàn)資產(chǎn)證券化是最合適吉高集團(tuán)的融資模式，由此得出采用資產(chǎn)證券化融資也是必要的。根據(jù)《管理規(guī)定》等相關(guān)文件，同時(shí)借鑒以往成功案例，本論文從確定資產(chǎn)池、設(shè)計(jì)交易結(jié)構(gòu)、使用信用增級(jí)和安排現(xiàn)金流歸集分配等四個(gè)方面，規(guī)劃出吉高集團(tuán)高速公路資產(chǎn)證券化融資方案的詳細(xì)內(nèi)容。論文的最后就法律法規(guī)、風(fēng)險(xiǎn)防范和制度安排等三個(gè)方面，提出各項(xiàng)實(shí)施保障措施。
[Abstract]:This paper discusses the application of domestic asset securitization in the field of highway. Through the simulation design of Jilin Provincial Highway Group Co., Ltd (referred to as Jigao Group), the financing scheme of asset securitization, To demonstrate whether the construction of national infrastructure projects such as highways can raise funds through the innovative structured financial products such as asset securitization. The final research results show that the answer is yes. The research work begins with the shortage of funds faced by Jigao Group. According to our understanding, there are three reasons for the shortage of funds in Jigao Group: first, according to the national plan, a number of highways need to be built in Jilin Province, which requires a large amount of investment; The second is that the expressway is a large-scale infrastructure, the director of the project investment recovery period, the internal financing of the Jigao Group is weak, and the government financial investment in the highway construction is insufficient; the third is affected by the policy. Traditional foreign financing methods, such as loans, bond issuance and listing, are no longer feasible. Obviously, there is only one solution to the problem, that is, to find new financing channels for Jigao Group. Through a survey of the capital markets at home and abroad, Asset securitization, which originated in the United States in the 1970s, has flourished for decades and has become a dazzling star in the US financial industry. Asset securitization has also become the most dynamic and mature product in the financial markets of Europe and Japan. The practice of asset securitization in China has been explored since the 1990s, and has gone through a six-year, two-stage pilot project. Not only several projects have been successfully implemented, but also Chinese characteristics have been gradually formed. With the introduction of the Securities Regulatory Commission document "regulations on the Management of Asset Securitization Business of Securities companies" (hereinafter referred to as "Management provisions"), Marks the domestic enterprise asset securitization from the pilot business to the regular business. Highway construction project can use this financial product to raise funds? How are the financing options planned? What safeguards are needed? If all these questions are answered in the affirmative, the problem of capital shortage of GIC Group will be solved. The further research on asset securitization based on the above three problems shows that the highway charging power provides stable and reliable cash inflow, which accords with the cash flow analysis principle of asset securitization. Putting the revenue of toll right of expressway into the asset pool as the basic assets conforms to the principle of asset reorganization of asset securitization, the highway is subsection construction and can be independently accounted for, and the principle of risk isolation of asset securitization is applicable. Highway companies can use real estate as collateral to find third party guarantees, Applying the credit enhancement principle of asset securitization, it can be proved that it is feasible for Jigao Group to adopt asset securitization financing. By studying the characteristics and advantages of asset securitization, and combining with its own situation and financing dilemma, It is found that asset securitization is the most suitable financing mode for JIGO Group, and it is also necessary to use asset securitization financing. According to the relevant documents such as "Management regulations" and other relevant documents, this paper makes use of the successful cases in the past to determine the asset pool. Design the transaction structure, use four aspects of credit enhancement and cash flow collection and distribution, and plan the detailed contents of the financing scheme of Jigao Group Expressway Asset Securitization. At the end of the paper, it is about laws and regulations. Three aspects of risk prevention and system arrangement are put forward.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F542.6;F540.58

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