本文選題：重慶高速　切入點(diǎn)：綜合財(cái)務(wù)能力　出處：《重慶交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：在信貸緊縮和“去政府融資平臺(tái)”改革的雙重壓力下,高速公路、鐵路等重大基礎(chǔ)設(shè)施建設(shè)企業(yè)的債務(wù)問(wèn)題不斷凸顯,融資環(huán)境進(jìn)一步惡化,特別是中西部地區(qū)高速公路大都處在建設(shè)期,面臨的債務(wù)問(wèn)題更加嚴(yán)峻,近年來(lái)部分地區(qū)甚至出現(xiàn)了高速公路停建的現(xiàn)象,高速公路企業(yè)的債務(wù)風(fēng)險(xiǎn)問(wèn)題成為全社會(huì)關(guān)注的熱點(diǎn)問(wèn)題。因此,結(jié)合重慶高速公路建設(shè)的實(shí)際,開(kāi)展重慶高速公路融資及債務(wù)優(yōu)化研究,非常必要。 重慶已建成通車(chē)的“二環(huán)八射”近2000公里高速公路,基本是由重慶高速公路集團(tuán)有限公司(以下簡(jiǎn)稱“高速集團(tuán)”)通過(guò)抵押收費(fèi)權(quán)貸款來(lái)融資建設(shè)的。然而,大規(guī)模的負(fù)債建設(shè)給高速集團(tuán)帶來(lái)了一系列債務(wù)風(fēng)險(xiǎn)隱患,為保持集團(tuán)的可持續(xù)發(fā)展,本文通過(guò)分析和評(píng)價(jià)集團(tuán)綜合財(cái)務(wù)能力(營(yíng)運(yùn)能力、盈利能力、償還能力、發(fā)展能力),識(shí)別和評(píng)價(jià)集團(tuán)債務(wù)風(fēng)險(xiǎn),提出了債務(wù)優(yōu)化方案以及股權(quán)轉(zhuǎn)讓、收費(fèi)收益權(quán)資產(chǎn)證券化、組建財(cái)務(wù)公司、保理融資和回租融資等融資方案,使高速集團(tuán)將被動(dòng)融資的意識(shí)轉(zhuǎn)變?yōu)橹鲃?dòng)融資的戰(zhàn)略意識(shí),積極探索新型籌融資發(fā)展模式,保持高速集團(tuán)的可持續(xù)性發(fā)展,防范潛在債務(wù)風(fēng)險(xiǎn)。論文的主要研究結(jié)論： 1、實(shí)現(xiàn)多元化經(jīng)營(yíng),利用財(cái)務(wù)杠桿增強(qiáng)盈利水平,是集團(tuán)發(fā)展的經(jīng)營(yíng)方針。 2、適度擴(kuò)大債務(wù)融資規(guī)模,調(diào)節(jié)結(jié)構(gòu)性債務(wù)失衡,是集團(tuán)發(fā)展的經(jīng)濟(jì)策略。 3、重點(diǎn)開(kāi)展股權(quán)融資和組建財(cái)務(wù)公司,全面增強(qiáng)融資互補(bǔ)性,是集團(tuán)發(fā)展的戰(zhàn)略部署。 4、積極推進(jìn)政策性債務(wù)重組,為持續(xù)經(jīng)營(yíng)創(chuàng)造有利條件,是集團(tuán)可持續(xù)發(fā)展的外部條件。
[Abstract]:Under the dual pressure of the credit crunch and the reform of the "go to government financing platform", the debt problem of major infrastructure construction enterprises such as highways and railways has been constantly highlighted, and the financing environment has further deteriorated. In particular, most of the highways in the central and western regions are in the period of construction, and the debt problem facing them is even more severe. In recent years, some areas have even seen the phenomenon of freeway construction being stopped. The debt risk of expressway enterprises has become a hot issue in the whole society. Therefore, it is necessary to carry out the research on the financing and debt optimization of Chongqing freeway according to the reality of highway construction in Chongqing. The nearly 2000 km expressway of Chongqing, which has been built and opened to traffic, was basically financed by Chongqing Expressway Group Co., Ltd (hereinafter referred to as "High-Speed Group") through a mortgage loan. However, The large-scale debt construction has brought a series of hidden risks to the high speed group's debt. In order to maintain the group's sustainable development, this paper analyzes and evaluates the group's comprehensive financial ability (operation ability, profitability, repayment ability). Developing capacity, identifying and evaluating group debt risk, proposing debt optimization schemes and equity transfer, securitization of charging income rights assets, formation of financial companies, factoring financing and rent-back financing, etc. The main conclusions of this paper are as follows: (1) to change the consciousness of passive financing into the strategic consciousness of active financing, to actively explore the new financing development model, to maintain the sustainable development of the high-speed group and to guard against potential debt risk. 1, realize diversification, use financial lever to enhance profit level, it is the management policy of group development. 2. Moderate expansion of debt financing scale and adjustment of structural debt imbalance are the economic strategies of group development. Third, focus on equity financing and the formation of financial companies, comprehensive enhancement of financing complementarity, is the strategic deployment of the Group's development. 4. To actively promote the restructuring of policy debt, to create favorable conditions for continuing operation, is the external conditions for the sustainable development of the group.
【學(xué)位授予單位】：重慶交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F542.6

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本文編號(hào)：1585214