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论文编号：	13444
作者编号：	2320200351
上传时间：	2022/12/2 16:54:19
中文题目：	T水务集团融资优化研究
英文题目：	Research on Financing Optimization of T Water Group
指导老师：	郝臣
中文关键字：	水务集团；基础设施建设融资；融资渠道；融资能力
英文关键字：	Water Group; Infrastructure Financing; Financing Channel; Financing Capacity
中文摘要：	水务行业作为关系国计民生的重要行业，在当前中国的水资源不足、城镇化率高、用水需求大、政策支持力度强的背景下，仍然具备较大的增长潜力和空间。总体来看，水务行业属于重资产行业，且随着居民生活水平的提高和国家污水排放标准的提升，水务行业在不断扩张建设，有大量的资金需求。因此融资问题对于发展中的水务行业、对于急需资金的水务基础设施建设来说，是各水务企业重要的研究课题。 本文将研究对象确定为T水务集团，研究方法主要包括文献研究法、比较研究法、案例研究法和数据分析法等。首先从T水务集团的整体情况、经营现状和发展规划出发，重点围绕包括资产负债、收入利润、现金流在内的财务状况，以及包括融资需求、融资方式、融资成本在内的融资现状，介绍了T水务集团的基本情况。然后分析了T水务集团融资存在的主要问题：各项业务的融资能力不足，不能满足业务发展需要；融资渠道单一，较为传统，基本仅为银行贷款；集团融资过度依靠内部往来，T水务集团的子公司独立融资能力不足，对母公司依赖度较高的问题。分析问题形成的内部原因有自身融资意识不强；外部原因主要是政策依赖度高；内外部兼有的原因是市场化程度低，政策性亏损、没有形成商业模式或自身缺乏市场开拓能力。最后，对于存在的问题提出包括分类拓宽渠道、股权与债权融资相结合、积极利用政策支持优化的思路，并提出利用上市公司平台、资产证券化、发行债券的具体优化建议和相应的保障措施，保障建议落实落地。 本文对T水务集团融资提出了三方面的优化建议，具体来说包括：第一利用上市公司平台注入优质资产，第二通过发行基础设施公募REITs、收益权ABS等方式进行资产证券化，第三针对适合的业务板块发行债券等。本文聚焦水务行业，围绕水务行业普遍存在的融资问题，结合理论总结与参考案例，以增强T水务集团融资能力，具备实践意义。希望未来的研究可以从政策方面、行业方面、企业自身方面，通过更加丰富的数据资料和实践资料为水务企业的融资提供更多的参考依据。
英文摘要：	As an important industry related to the national economy and people's livelihood, the water industry still has great growth potential and space under the background of China's insufficient water resources, high urbanization rate, large water demand and strong policy support. Overall, the water industry is an asset-heavy industry, and with the improvement of residents' living standards and the improvement of national sewage discharge standards, the water industry is constantly expanding and building, and there are a large number of capital needs. Therefore, the financing issue is an important research topic for the developing water industry and for the construction of water infrastructure that is in urgent need of funds. Taking T Water Group as the research object, this paper conducts an in-depth study on the financing of T Water Group through literature research method, comparative research method, case study method and data analysis method. First of all, starting from the overall situation, operation status and development plan of T Water Group, the basic situation of T Water Group is introduced around the financial status including assets and liabilities, revenue and profit, cash flow, and the financing status including financing demand, financing methods and financing costs. Secondly, the main problems in the financing of T Water Group are analyzed: the financing capacity of various businesses is insufficient and cannot meet the needs of business development; The financing channel is single, relatively traditional, and basically only bank loans; The Group's financing relies too much on internal transactions, and the independent financing ability of the subsidiaries of T Water Group is insufficient, and the dependence on the parent company is relatively high. Analyze the internal reasons for the formation of problems and have a weak sense of their own financing; External reasons are mainly high policy dependence; the reasons for both internal and external are the low degree of marketization, policy losses, no business model or lack of market development capabilities. Then, for the existing problems, the idea of broadening the channels, combining equity and debt financing, and actively using policy support is put forward, and the specific optimization suggestions and corresponding safeguard measures for the use of listed company platforms, asset securitization, and bond issuance are put forward to ensure the implementation of the recommendations. After research, this paper has specific suggestions for the financing optimization of T Water Group: the use of listed company platforms, asset securitization methods, and the issuance of bonds for suitable business sectors. This paper focuses on the water industry, focusing on the financing problems prevalent in the water industry, combined with theoretical summaries and reference cases, in order to increase the financing ability of T Water Group, which has practical significance. It is hoped that future research can provide more reference for the financing of water enterprises through more and practical data from the aspects of policies, industries, and enterprises themselves.
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