【摘要】：本文通過對西部智谷項目工程融資的研究,得出工程項目融資不同于傳統(tǒng)的公司融資.貸款人能否給予項目貸款,主要依據(jù)項目的經(jīng)濟(jì)強(qiáng)度,而不是借款人的信用。通過對各種融資渠道特點(diǎn)的對比,認(rèn)為采用資產(chǎn)證券化這一新興的融資渠道并與銀行貸款、發(fā)行企業(yè)債券幾種傳統(tǒng)融資模式相結(jié)合,來解決西部智谷工程項目建設(shè)所需資金是一個較為可行的路徑。本文在總結(jié)了融資成本、融資風(fēng)險、融資期限、融資方便性、融資額度和適合情況等融資理論的基礎(chǔ)上,對短期銀行貸款、中長期貸款、企業(yè)債券、短期融資券、再融資(如配股、定向增發(fā)、公開增發(fā)、可轉(zhuǎn)換公司債券和資產(chǎn)證券化)等多種融資渠道的概念、優(yōu)勢及劣勢進(jìn)行了較為充分的闡述,按照比較原則、資金成本原則、規(guī)避融資風(fēng)險的原則,對西部智谷工程項目融資模式進(jìn)行了設(shè)計,確定該項目的融資模式主要由資產(chǎn)證券化、銀行貸款和企業(yè)債券三種融資渠道組合構(gòu)成,并且資產(chǎn)證券化為主導(dǎo),銀行貸款次之,最后是企業(yè)債券。本文進(jìn)一步對融資過程中可能遇到的體制問題以及風(fēng)險問題進(jìn)行闡述,提出建立和完善項目投資主體的層次結(jié)構(gòu)體制、投融資運(yùn)行機(jī)制和投融資管理體制等解決體制問題的對策,同時提出規(guī)避建設(shè)風(fēng)險的對策,并對運(yùn)用資產(chǎn)證券化、銀行貸款和企業(yè)債券三種融資渠道可能會遇到的風(fēng)險進(jìn)行較為系統(tǒng)的闡述,同時提出相應(yīng)的對策。
[Abstract]:Based on the research on project financing of Zhigu project in western China, this paper draws a conclusion that project financing is different from traditional company financing. Whether a lender can grant a project loan depends mainly on the economic strength of the project, not on the borrower's credit. Through the comparison of the characteristics of various financing channels, it is considered that asset securitization is a new financing channel combined with bank loans, and several traditional financing modes of issuing corporate bonds are combined. It is a feasible way to solve the problem of project construction in West China. On the basis of summing up the financing theories, such as financing cost, financing risk, financing term, financing convenience, financing quota and suitable situation, this paper gives a summary of short-term bank loans, medium and long-term loans, corporate bonds, short-term financing bonds, etc. The concept, advantages and disadvantages of refinancing (such as rights issue, directional additional issuance, public issuance, convertible corporate bonds and asset securitization) are fully elaborated. According to the principle of comparison, the principle of capital cost, Based on the principle of avoiding financing risk, this paper designs the financing mode of the project of Zhigu Project in West China, and determines that the financing mode of the project is mainly composed of three financing channels: asset securitization, bank loans and corporate bonds. And asset securitization is the leading, bank loans, and finally corporate bonds. This paper further expounds the institutional problems and risk problems that may be encountered in the process of financing, and puts forward the establishment and improvement of the hierarchical structure system of the main body of project investment. The operation mechanism of investment and financing, the management system of investment and financing, and so on, and the countermeasures to avoid the construction risk, and the application of asset securitization, are put forward. The risks of bank loans and corporate bonds may be discussed systematically, and the corresponding countermeasures are put forward.
【學(xué)位授予單位】：電子科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F299.27;F832.4

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 楊R，

本文編號：2145583