本文選題：鐵路建設 + 債券融資�。� 參考：《天津商業(yè)大學》2015年碩士論文

【摘要】：債券融資對鐵路企業(yè)的籌金籌集有著重要意義,不僅可以獲取較充足的資金,而且可使用的時間較長,更重要的是債券融資不會導致公司控制權(quán)的變動,也不涉及公司的管理體制。國外鐵路企業(yè)的融資經(jīng)驗說明,債券融資是鐵路建設資金的最有效、最實用的融資途徑之一,不但降低了企業(yè)的融資成本,還降低了全社會的運輸成本。據(jù)統(tǒng)計,在國外鐵路企業(yè)的融資結(jié)構(gòu)中,債券融資往往占據(jù)長期負債的80%以上,為最主要的外源融資方式。而我國鐵路的債券融資占融資結(jié)構(gòu)的比重尚不足20%,雖然有我國國情和我國資本市場不發(fā)達的原因,但主要還是因為我國鐵路企業(yè)更喜歡利用股權(quán)來進行融資的原因。所以,作為鐵路建設的主要籌資途徑之一,債券融資在我國還有很大的發(fā)展空間。作為天津市唯一的鐵路建設投融資平臺,TJ公司肩負著巨大的建設任務和巨額的資金需求。解決融資問題可以使公司健康、可持續(xù)發(fā)展,進而滿足天津經(jīng)濟快速發(fā)展導致的鐵路運輸需求。文章從地方鐵路企業(yè)的視角出發(fā),首先分析了TJ公司的基本現(xiàn)狀、以及其所屬行業(yè)的現(xiàn)狀及前景,認為公司所在行業(yè)正面臨著巨大的發(fā)展機遇;其次,公司面臨的巨額資金需求是公司采取債券進行融資的主要原因,同時結(jié)合案例,對募集資金用于的天津至于家堡鐵路項目分析了其重要性,風險及措施,認為公司應進一步發(fā)展債券融資的規(guī)模;然后在對公司的主要財務指標進行分析后,認為公司良好的財務狀況,政府的支持優(yōu)勢以及天津市快速發(fā)展的經(jīng)濟環(huán)境都是公司能夠按時償還債務的保障;最后,分析了債券融資對公司發(fā)展的影響,風險及對策,對比同行業(yè)鐵路企業(yè)融資結(jié)構(gòu),在擴大債券發(fā)行規(guī)模、選擇優(yōu)勢項目融資、豐富債券品種、加強債券融資的全程監(jiān)控方面提出建議。希望通過本文的分析研究,能為公司提供解決融資瓶頸的思路,為各地合資鐵路公司的債券融資提供參考,從而加快各地鐵路建設的現(xiàn)代化進程,對促進鐵路跨越式發(fā)展具有重要意義。
[Abstract]:Bond financing plays an important role in raising funds for railway enterprises. It can not only obtain more sufficient funds, but also can be used for a long time. More importantly, bond financing will not lead to changes in the control rights of companies. Also does not involve the company's management system. The financing experience of foreign railway enterprises shows that bond financing is one of the most effective and practical ways to finance railway construction funds, which not only reduces the financing cost of enterprises, but also reduces the transportation cost of the whole society. According to statistics, in the financing structure of foreign railway enterprises, bond financing often accounts for more than 80% of long-term debt, which is the main external financing method. However, the proportion of bond financing in the financing structure of railway in China is still less than 20%. Although there are some reasons for the underdevelopment of our country's capital market and the situation of our country, it is mainly because our railway enterprises prefer to use equity to finance. Therefore, as one of the main financing ways of railway construction, bond financing in China still has a lot of room for development. As the sole investment and financing platform of railway construction in Tianjin, TJ Company shoulders huge construction task and huge capital demand. Solving the financing problem can make the company healthy and sustainable, and then meet the demand of railway transportation caused by the rapid development of Tianjin economy. From the point of view of local railway enterprises, this paper first analyzes the basic status quo of TJ Company, and the status quo and prospects of its industry, and thinks that the industry of TJ company is facing enormous development opportunities. The huge capital demand faced by the company is the main reason for the company to take bonds for financing. At the same time, combined with a case study, the importance, risks and measures of the Tianjin Yuanjiabao Railway Project, which was used to raise funds, were analyzed. Holding that the company should further develop the scale of bond financing, and then, after analyzing the main financial indicators of the company, that the company is in good financial condition, The advantages of government support and the rapid development of economic environment in Tianjin are the guarantee for the company to repay its debts on time. Finally, the paper analyzes the impact, risks and countermeasures of bond financing on the development of the company, and compares the financing structure of railway enterprises in the same industry. Some suggestions are put forward to enlarge the scale of bond issuance, to select superior project financing, to enrich the variety of bonds and to strengthen the whole process monitoring of bond financing. It is hoped that through the analysis and study of this paper, it can provide the company with the idea of solving the financing bottleneck and provide reference for the bond financing of local joint-venture railway companies, so as to speed up the modernization process of railway construction in various parts of the country. It is of great significance to promote the development of railway by leaps and bounds.
【學位授予單位】：天津商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F406.7;F426.92

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