联系我们

论文查询结果	返回搜索

论文编号：	14188
作者编号：	2320213753
上传时间：	2023/12/7 20:57:34
中文题目：	Y城投公司融资问题研究
英文题目：	Research on the financing of Y City Investment Company
指导老师：	李姝
中文关键字：	地方政府融资平台；融资问题；融资能力
英文关键字：	Local Government Financing Vehicles；Financing issues；Financing capacity
中文摘要：	地方政府融资平台也称城投公司是我国经济发展过程中的产物。在我国分税制改革前，我国大部分城市建设经费要靠财政拨款，分税制改革后，地方财力吃紧，城市化进程又在加速，城市建设经费非常紧张，如果继续依靠地方财政，大规模高增长的城市建设恐怕遥遥无期，在此背景下，地方政府融资平台便产生了。2008年金融危机期间，我国政府因势而动，出台了“4万亿”经济刺激政策，在此影响之下，各级地方政府借着政策这股春风，大量筹建城投公司，城投业务规模也开始迅速扩大。但随着近年来我国对城投监管政策趋于严格和完善，要求城投与政府逐步划清界限，逐步剥离融资功能并进行市场化转型，加之现阶段我国经济发展承压，许多城投公司出现了融资方面的问题。 本文在参考了国内外城投融资问题相关文献后，以公共产品理论、MM理论、融资优序理论为指导，以Y城投公司融资问题为研究对象，聚焦于解决案例公司融资存在的问题，从分析案例公司基本情况、财务现况、融资现状入手，总结发现了案例公司存在融资结构不合理的问题、融资错配问题、融资渠道集中度高且融资成本高的问题。提出了优化内部融资和外部融资结构、优化股权融资和债权融资结构的建议；提出了调节融资期限和项目期限错配、融资成本和项目收益错配问题的建议；提出了丰富融资渠道并降低融资成本的建议，期望帮助案例公司解决目前面临的融资问题，综合提升融资能力，同时为其他同类型城投公司解决类似融资问题提供参考。
英文摘要：	Local government financing vehicles are also known as urban investment companies as products of China's economic development. Before the reform of China's tax system, most of China's urban construction funds depend on financial allocation, after the reform of the tax system, local financial resources are tight, the urbanization process is accelerating, urban construction funds are very tight, if you continue to rely on local finance, large-scale high-growth urban construction may be far away, in this context, local government financing platform has emerged. During the financial crisis in 2008, the Chinese government moved in response to the situation and introduced the "4 trillion" economic stimulus policy. However, in recent years, China's regulatory policies for urban investment have become stricter and more perfect, requiring urban investment and the government to gradually draw a clear line, gradually strip off the financing function and carry out market-oriented transformation, coupled with the pressure on China's economic development at this stage, many urban investment companies have problems in financing. After referring to the relevant literature on urban investment financing at home and abroad, this paper takes the public goods theory, MM theory and financing priority theory as the guide, takes the financing problem of Y urban investment company as the research object, focuses on solving the financing problems of the case company, and starts from the analysis of the basic situation, financial status and financing status of the case company, and summarizes and finds that the case company has the problems of unreasonable financing structure, financing mismatch, high concentration of financing channels and high financing cost. Suggestions were put forward to optimize the structure of internal financing and external financing, and to optimize the structure of equity financing and debt financing. Suggestions were put forward to adjust the mismatch between the financing term and the project term, and the mismatch between the financing cost and the project income. Suggestions on enriching financing channels and reducing financing costs are put forward, hoping to help the case company solve the financing problems it is currently facing, comprehensively improve its financing capabilities, and provide reference for other similar urban investment companies to solve similar financing problems.
查看全文：	预览  下载(下载需要进行登录)